ARES INDUSTRIAL REAL ESTATE INCOME TRUST (ARIR) 10-K 6 Mar 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 27, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Securities Act File Number	000-56032
Entity Registrant Name	Ares Industrial Real Estate Income Trust Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-1592886
Entity Address, Address Line One	One Tabor Center
Entity Address, Address Line Two	1200 Seventeenth Street, Suite 2900
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	228-2200
Title of 12(g) Security	Common Stock, $0.01 Par Value
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Document Financial Statement Error Correction [Flag]	false
Entity Public Float			$ 0
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Denver, Colorado
Entity Central Index Key	0001625941
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Class T-R Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		87,723,752
Class D-R Common Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		18,663,397
Class I-R Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		156,948,382
Class S-PR Common Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,985,976
Class D-PR Common Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		22,587
Class I-PR Common Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,210,721

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Net investment in real estate properties	$ 6,739,818	$ 6,753,978
Investments in unconsolidated joint venture partnerships	23,526	20,511
Investments in real estate debt and securities, at fair value	528,074	184,755
Cash and cash equivalents	25,148	14,322
Restricted cash	3,649	620
Derivative instruments	69,739	83,531
DST Program Loans (includes $13,892 and $2,439 at fair value as of December 31, 2024 and December 31, 2023, respectively)	103,115	202,715
Other assets	87,942	69,072
Total assets	7,581,011	7,329,504
Liabilities
Accounts payable and accrued liabilities	86,762	101,013
Debt, net	4,183,480	3,421,181
Secured financings on investments in real estate debt securities	104,630	42,298
Intangible lease liabilities, net	61,407	75,141
Financing obligations, net (includes $239,982 and $87,145 at fair value as of December 31, 2024 and December 31, 2023, respectively)	875,842	1,658,634
Distribution fees payable to affiliates	110,088	64,517
Other liabilities	61,200	57,176
Total liabilities	5,483,409	5,419,960
Commitments and contingencies (Note 16)
Redeemable noncontrolling interests	105,492	114,310
Stockholders' equity:
Preferred stock, $0.01 par value per share - 200,000 shares authorized, none issued and outstanding
Common stock, $0.01 par value per share (Note 9)	2,710	2,886
Additional paid-in capital	2,950,215	2,850,329
Accumulated deficit and distributions	(1,358,679)	(1,094,009)
Accumulated other comprehensive income	28,773	35,716
Total stockholders' equity	1,623,019	1,794,922
Noncontrolling interests	369,091	312
Total equity	1,992,110	1,795,234
Total liabilities and equity	$ 7,581,011	$ 7,329,504

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
DST Program Loans, fair value	$ 13,892	$ 2,439
Financing obligations	$ 239,982	$ 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
Common stock, par value (usd per share)	$ 0.01	$ 0.01

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Rental revenues	$ 489,164	$ 460,108	$ 391,605
Debt-related income	36,744	9,987	420
Total revenues	525,908	470,095	392,025
Operating expenses:
Rental expenses	123,317	111,579	94,276
Real estate-related depreciation and amortization	291,872	294,111	265,970
General and administrative expenses	17,194	15,313	13,265
Advisory fees	66,048	74,092	67,561
Performance participation allocation	0	0	140,505
Acquisition costs and reimbursements	3,036	10,217	5,322
Total operating expenses	501,467	505,312	586,899
Other income (expenses):
Equity in income (loss) from unconsolidated joint venture partnerships	5,228	(118)	(97)
Interest expense	(259,302)	(190,382)	(150,824)
Unrealized gain on financing obligations	194	179	0
Gain on extinguishment of financing obligations	31,250	0	0
Gain on derivative instruments	2,288	5,124	28,628
Net gain on sale of real estate property	56,923	0	0
Other income and expenses	8,633	10,191	4,252
Total other income (expenses)	(154,786)	(175,006)	(118,041)
Net loss	(130,345)	(210,223)	(312,915)
Net loss attributable to redeemable noncontrolling interests	3,353	5,587	4,874
Net loss (income) attributable to noncontrolling interests	15,934	(38)	(38)
Net loss attributable to common stockholders	$ (111,058)	$ (204,674)	$ (308,079)
Weighted-average shares outstanding-basic (in shares)	276,152	303,660	295,683
Weighted-average shares outstanding-diluted (in shares)	318,856	312,121	300,216
Net loss attributable to common stockholders per common share - basic (in dollars per share)	$ (0.4)	$ (0.67)	$ (1.04)
Net loss attributable to common stockholders per common share - diluted (in dollars per share)	$ (0.4)	$ (0.67)	$ (1.04)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (130,345)	$ (210,223)	$ (312,915)
Change from cash flow hedging activities	(1,616)	(35,625)	68,341
Change from activities related to available-for-sale debt securities	1,209	120	326
Comprehensive loss	(130,752)	(245,728)	(244,248)
Comprehensive loss attributable to redeemable noncontrolling interests	3,353	6,552	3,831
Comprehensive loss attributable to noncontrolling interests	17,171
Comprehensive loss attributable to common stockholders	$ (110,228)	$ (239,176)	$ (240,417)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total
Beginning balance at Dec. 31, 2021	$ 2,571	$ 2,475,715	$ (297,570)	$ 2,631	$ 312	$ 2,183,659
Beginning balance, shares at Dec. 31, 2021	257,169
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes attributable to redeemable noncontrolling interests)			(308,079)		38	(308,041)
Change from cash flow hedging activities and available-for-sale debt securities (excludes attributable to redeemable noncontrolling interests)				67,624		67,624
Issuance of common stock	$ 715	1,036,312				1,037,027
Issuance of common stock, shares	71,518
Share-based compensation, net of cancellations		1,676				1,676
Share-based compensation, net of cancellations (shares)	(34)
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(27,447)				(27,447)
Trailing distribution fees		(33,901)	27,175			(6,726)
Redemptions of common stock	$ (141)	(213,303)				$ (213,444)
Redemptions of common stock, shares	(14,109)					(14,109)
Distributions declared (excludes attributable to redeemable noncontrolling interests)			(161,023)		(38)	$ (161,061)
Redemption value allocation adjustment to redeemable noncontrolling interests		(19,920)				(19,920)
Ending balance at Dec. 31, 2022	$ 3,145	3,219,132	(739,497)	70,255	312	2,553,347
Ending balance, shares at Dec. 31, 2022	314,544
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes attributable to redeemable noncontrolling interests)			(204,674)		38	(204,636)
Change from cash flow hedging activities and available-for-sale debt securities (excludes attributable to redeemable noncontrolling interests)				(34,539)		(34,539)
Issuance of common stock	$ 191	283,044				283,235
Issuance of common stock, shares	19,155
Share-based compensation, net of cancellations		2,657				2,657
Share-based compensation, net of cancellations (shares)	(49)
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(8,498)				(8,498)
Trailing distribution fees		3,770	23,858			27,628
Redemptions of common stock	$ (450)	(652,304)				$ (652,754)
Redemptions of common stock, shares	(45,044)					(45,044)
Distributions declared (excludes attributable to redeemable noncontrolling interests)			(173,696)		(38)	$ (173,734)
Redemption value allocation adjustment to redeemable noncontrolling interests		2,528				2,528
Ending balance at Dec. 31, 2023	$ 2,886	2,850,329	(1,094,009)	35,716	312	1,795,234
Ending balance, shares at Dec. 31, 2023	288,606
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes attributable to redeemable noncontrolling interests)			(111,058)		(15,934)	(126,992)
Change from cash flow hedging activities and available-for-sale debt securities (excludes attributable to redeemable noncontrolling interests)				830	(1,237)	(407)
Issuance of common stock	$ 155	195,353				$ 195,508
Issuance of common stock, shares	15,455					15,200
Share-based compensation, net of cancellations		2,229				$ 2,229
Share-based compensation, net of cancellations (shares)	(78)
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(5,876)				(5,876)
Trailing distribution fees		3,031	12,094		(60,696)	(45,571)
Redemptions of common stock	$ (331)	(420,804)				$ (421,135)
Redemptions of common stock, shares	(33,009)					(33,009)
Issuances of OP Units for DST Interests					786,497	$ 786,497
Distributions declared (excludes attributable to redeemable noncontrolling interests)			(165,706)		(20,658)	(186,364)
Redemption value allocation adjustment to redeemable noncontrolling interests		(1,013)				(1,013)
Reallocation of stockholders' equity and noncontrolling interests		326,966		(7,773)	(319,193)
Ending balance at Dec. 31, 2024	$ 2,710	$ 2,950,215	$ (1,358,679)	$ 28,773	$ 369,091	$ 1,992,110
Ending balance, shares at Dec. 31, 2024	270,974

CONSOLIDATED STATEMENTS OF EQ_2

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

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net loss	$ (130,345)	$ (210,223)	$ (312,915)
Adjustments to reconcile net loss to net cash provided by operating activities:
Real estate-related depreciation and amortization	291,872	294,111	265,970
Amortization of deferred financing costs	13,742	10,900	7,863
(Decrease) increase in financing obligation liability appreciation	(6,664)	(12,303)	26,568
Equity in (income) loss from unconsolidated joint venture partnerships	(5,228)	118	97
Loss on changes in fair value of interest rate caps	15,302	13,677	(25,175)
Amortization of interest rate cap premiums	12,645	2,680	0
Unrealized gain on financing obligations	(194)	(179)	0
Paid-in-kind interest on borrowings	4,408	500	0
Paid-in-kind interest on investments in real estate debt and securities	(7,237)	(326)	0
Origination fee income from debt-related investments	(4,621)	(1,758)	0
Performance participation allocation	0	0	140,505
Straight-line rent and amortization of above- and below-market leases	(32,693)	(36,403)	(34,448)
Gain on extinguishment of financing obligations	(31,250)	0	0
Net gain on sale of real estate property	(56,923)	0	0
Forfeited investment deposit	0	7,689	245
Other	2,974	2,971	2,205
Changes in operating assets and liabilities
Other assets, accounts payable and accrued liabilities and other liabilities	284	8,384	30,658
Cash settlement of accrued performance participation allocation	0	(77,838)	0
Net cash provided by operating activities	66,072	2,000	101,573
Investing activities:
Real estate acquisitions	(359,526)	(109,505)	(1,549,477)
Incremental investment to acquire joint venture partnership portfolio	0	0	(259,526)
Proceeds from disposition of real estate properties	238,698	0	0
Capital expenditures	(120,472)	(220,790)	(199,238)
Investments in debt-related investments	(275,628)	(128,797)	0
Investments in unconsolidated joint venture partnerships	(159)	(961)	(9,022)
Distributions from joint venture partnerships	2,372	0	0
Purchases of available-for-sale debt securities	(94,437)	0	(59,650)
Collection of principal on available-for-sale debt securities	12,513	5,094	0
Collection of principal on debt-related investments	23,326	0	0
Origination fees received on debt-related investments	4,621	1,758
Other	(71)	688	129
Net cash used in investing activities	(568,763)	(452,513)	(2,076,784)
Financing activities:
Proceeds from line of credit	1,130,000	855,000	1,125,000
Repayments of line of credit	(1,127,000)	(375,000)	(1,035,000)
Proceeds from term loan	0	0	135,000
Net proceeds from (repayments of) secured funding agreement	62,332	42,298	0
Proceeds from mortgage note	799,851	107,527	367,830
Repayments of mortgage note	(38,000)	0	0
Debt issuance costs paid	(19,290)	(3,279)	(18,000)
Interest rate cap premiums	(7,205)	(36,180)	(2,963)
Proceeds from issuance of common stock, net	106,224	193,563	937,777
Proceeds from financing obligations, net	141,578	356,571	672,045
Offering costs paid in connection with issuance of common stock and private placements	(5,714)	(6,335)	(5,464)
Cash payout of DST Interests	(1,550)	0	0
Distributions paid to common stockholders, redeemable noncontrolling interest holders and noncontrolling interest holders	(85,416)	(68,232)	(57,872)
Distribution fees paid to affiliates	(15,629)	(24,768)	(26,495)
Redemptions of common stock	(421,135)	(652,754)	(213,444)
Redemptions of redeemable noncontrolling interests	(2,500)	(2,979)	(40,915)
Net cash provided by financing activities	516,546	385,432	1,837,499
Net increase (decrease) in cash, cash equivalents and restricted cash	13,855	(65,081)	(137,712)
Cash, cash equivalents and restricted cash, at beginning of period	14,942	80,023	217,735
Cash, cash equivalents and restricted cash, at end of period	$ 28,797	$ 14,942	$ 80,023

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2024
DESCRIPTION OF BUSINESS [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS Ares Industrial Real Estate Income Trust Inc. is a Maryland corporation formed on August 12, 2014. Unless the context otherwise requires, the “Company”, “we”, “our”, “us” and “AIREIT” refers to Ares Industrial Real Estate Income Trust Inc. and our consolidated subsidiaries, which includes AIREIT Operating Partnership LP (the “Operating Partnership”). We are externally managed by Ares Commercial Real Estate Management LLC (the “Advisor”) and consider Ares real estate to be our sponsor (the “Sponsor”). AIREIT was formed to make equity and debt investments in income-producing real estate assets consisting primarily of high-quality distribution warehouses and other industrial properties that are leased to creditworthy corporate customers throughout the U.S. Creditworthiness does not necessarily mean investment grade and the majority of our customers do not have a public credit rating. Although we intend to focus investment activities primarily on distribution warehouses and other industrial properties, our charter and bylaws do not preclude us from investing in other types of commercial property, real estate debt, or real estate-related equity securities. As of December 31, 2024, we owned and managed a real estate portfolio that included 255 industrial buildings. AIREIT operates as one reportable segment comprised of industrial real estate. We currently operate and have been elected to be treated as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2017, and we intend to continue to operate in accordance with the requirements for qualification as a REIT. We utilize an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) organizational structure to hold all or substantially all of its properties and securities through the Operating Partnership, of which we are the sole general partner and a limited partner. ​

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Global macroeconomic conditions, including heightened inflation, changes to fiscal and monetary policy, higher interest rates and challenges in the supply chain, coupled with the conflicts in Ukraine and in the Middle East, have the potential to negatively impact us. These current macroeconomic conditions may continue or aggravate and could cause the United States to experience an economic slowdown or recession. We anticipate our business and operations could be materially adversely affected by a prolonged recession in the United States. In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Basis of Consolidation The consolidated financial statements include the accounts of AIREIT, the Operating Partnership, and its wholly-owned subsidiaries, as well as amounts related to noncontrolling interests and redeemable noncontrolling interests. See “Noncontrolling Interests” and “Redeemable Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests and redeemable noncontrolling interests. All material intercompany accounts and transactions have been eliminated. We consolidate all entities in which we have a controlling financial interest through majority ownership or voting rights and variable interest entities for which we are the primary beneficiary. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. We are the primary beneficiary of a VIE when we have (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when we control the entity through a majority voting interest or other means. When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments are initially recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions. The Operating Partnership meets the criteria of a VIE as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the agreement of limited partnership of the Operating Partnership (the “Partnership Agreement”), we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary. Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon determination of an asset acquisition, the purchase price of a property is allocated to land, building and improvements, and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. No debt was assumed in connection with our 2024 or 2023 acquisitions. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building, and intangible lease assets on a relative fair value basis. Properties that are probable to be sold are to be designated as “held for sale” on the consolidated balance sheets when certain criteria are met. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. Land, building, building improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest and development fees. Other than the transaction costs associated with the acquisition of a property described above, we do not capitalize any other costs, such as taxes, salaries or other general and administrative expenses. See “Capitalized Interest” below for additional detail. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: ​ ​ ​ ​ Land Not depreciated Building and improvements 5 to 40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options ​ Certain of our investments in real estate are subject to ground leases, for which a lease liability and corresponding right of use asset are recognized. We calculate the amount of the lease liability and right of use asset by taking the present value of the remaining lease payments and adjusting the right of use asset for any existing straight-line ground rent liability and acquired ground lease intangibles. An estimated incremental borrowing rate of a loan with a similar term as the ground lease is used as the discount rate. The lease liability is included as a component of other liabilities, and the related right of use asset is recorded as a component of net investments in real estate properties on our consolidated balance sheets. The amortization of the below-market ground lease is recorded as an adjustment to real estate-related depreciation and amortization on our consolidated statements of operations. Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. Investments in Unconsolidated Joint Venture Partnerships We hold investments in unconsolidated joint venture partnerships that are accounted for under the equity method of accounting, as we have determined that we have the ability to exercise significant influence but do not have control over the joint venture partnerships. Our i When circumstances indicate there may have been a reduction in the value of an equity investment, we evaluate whether the loss is other than temporary. If we conclude it is other than temporary, an impairment charge is recognized to reflect the equity investment at fair value. No impairment losses were recorded related to our investments in unconsolidated joint venture partnerships for the years ended December 31, 2024, 2023 or 2022. We may earn performance-based incentive fees based on a joint venture’s cumulative returns over a certain time period for which we receive a carried interest. The returns are determined by both the operating performance and real estate valuation of the venture, including highly variable inputs such as capitalization rates, market rents and interest rates. When the criteria have been met for recognition at the joint venture partnership, carried interests are recognized as additional equity in income from unconsolidated joint venture partnerships on the consolidated statements of operations. During the year ended December 31, 2024, we recognized $4.5 million of performance-based incentive fees from our investments in unconsolidated joint venture partnerships. We did not recognize any incentive fees during the years ended December 31, 2023 or 2022. See “Note 4” for additional information regarding our investments in unconsolidated joint venture partnerships. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk. Restricted Cash Restricted cash consists of lender, insurance and property-related escrow accounts and utility deposits. Derivative Instruments Our derivative instruments are used to manage exposure to variability in expected future interest payments and are recorded at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. For derivative instruments that are not designated and do not qualify as hedges, we present changes in the fair value as a component of gain (loss) on derivative instruments on the consolidated statements of operations. We do not use derivative instruments for trading or speculative purposes. Debt-Related Investments Our debt-related investments consist of floating-rate senior loans secured by real estate, which we acquire for investment purposes. We elect the fair value option for our debt-related investments and as such, the investments are carried at fair value. These assets are valued on a recurring basis and any unrealized gains and losses will be recorded as a component of other income and expenses on our consolidated statements of operations. Upfront fees and origination costs related to our debt-related investments for which the fair value option is elected are recognized in earnings as incurred and not deferred. Such items are recorded as components of debt-related income on our consolidated statements of operations. Interest income is recorded on an accrual basis and is recorded as a component of debt-related income. Available-for-Sale Debt Securities We acquire debt securities that are collateralized by mortgages on commercial real estate properties primarily for cash management and investment purposes. On the acquisition date, we designate investments in commercial real estate debt securities as available-for-sale. Investments in debt securities that are classified as available-for-sale are carried at fair value. These assets are valued on a recurring basis and any unrealized holding gains and losses other than those associated with a credit loss are recorded each period in other comprehensive income. As applicable, available-for-sale debt securities that are in an unrealized loss position are evaluated quarterly on an individual security basis to determine whether a credit loss exists. In the assessment, we consider the extent of the difference between fair value and amortized cost, changes in credit rating, and any other adverse factors directly impacting the security. If we determine a credit loss exists, the extent of the credit loss is recognized in the consolidated statements of operations and any additional loss not attributable to credit loss is recognized in other comprehensive income. There was no credit loss recognized during the years ended December 31, 2024, 2023 or 2022. Available-for-sale debt securities will be on non-accrual status at the earlier of (i) principal or interest payments becoming 90 days past due or (ii) when management’s determination that there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the debt security is placed on non-accrual status. Interest payments received on non-accrual securities may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the debt security based on the facts and circumstances regarding the payment received. Non-accrual debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. There were no securities on non-accrual status as of December 31, 2024 or 2023. DST Program We have a program to raise capital through private placement offerings by selling beneficial interests (the “DST Interests”) in specific Delaware statutory trusts (each, a “DST” or multiple “DSTs”) 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 (each, a “DST Property” and collectively, the “DST Properties”). DST Properties may be sourced from properties currently owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are leased-back by a wholly owned subsidiary of the Operating Partnership on a long-term basis. These master lease agreements are fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the DSTs from the investors at a later time in exchange for OP Units , cash or a combination of OP Units and cash. This results in a failed sale and leaseback transaction for accounting purposes. Therefore, we record DST Interests as financing obligation liabilities and the associated property and its operations remain fully consolidated. If we exercise our option to reacquire a DST Property by settling in cash or issuing OP units in exchange for DST Interests, we extinguish the financing obligation liability and record the settlement of cash or the issuance of the OP Units as an issuance of equity. Rental payments made to the DSTs pursuant to the master lease agreements are accounted for as interest expense related to the financing obligation liability. For DST Program offerings for which the fair value option has not been elected, increases in the fair value of the repurchase option are recognized as interest expense ratably through the estimated period in which the repurchase option is expected to be exercised, resulting in a corresponding accretion of the financial obligation liability balance. Decreases in fair value of the repurchase option below the initial financing obligation liability balance are not recognized unless the repurchase option is exercised, at which point a gain on extinguishment of debt would be recognized for the difference between the financing obligation liability balance and value of OP Units issued. All upfront costs incurred for services provided by the Advisor and its affiliates related to the DST Program offerings for which the fair value option has not been elected are accounted for as deferred financing costs and are netted against the financing obligation liability. For DST Program offerings commencing on or after September 1, 2023, we have elected the fair value option for the associated financing obligations and as such, they will be carried at fair value. These liabilities are valued on a recurring basis and any unrealized gains and losses will be recorded in unrealized gain (loss) on financing obligations on our consolidated statements of operations. Costs incurred for services provided by the Advisor and its affiliates related to our DST Program offerings for which the fair value option has been elected are recognized in earnings as incurred. 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. We include our investments in DST Program Loans separately on our balance sheets in the DST Program Loans line item and we include income earned from DST Program Loans in other income and expenses on our consolidated statements of operations. For DST Program offerings commencing on or after September 1, 2023, we have elected the fair value option for the associated DST Program Loans and as such, they will be carried at fair value. These assets are valued on a recurring basis and any unrealized gains and losses will be recorded as a component of other income and expenses on our consolidated statements of operations. For all DST Program Loans related to DST Program offerings for which the fair value option has not been elected, these instruments are carried at amortized cost. Credit loss reserves associated with our DST Program Loans for which the fair value option has not been elected were immaterial as of and for the years ended December 31, 2024, 2023 and 2022. Deferred Financing Costs Deferred financing costs include: (i) debt issuance costs incurred to obtain long-term financing and cash flow hedges; and (ii) financing costs associated with financing obligations for DST Program offerings for which we have not elected the fair value option. These costs are amortized to interest expense over the expected terms of the related credit facilities or financing obligations. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. Accumulated amortization of debt issuance costs was approximately $32.1 million and $20.5 million as of December 31, 2024 and 2023, respectively. Our interest expense for the years ended December 31, 2024, 2023 and 2022 included $10.8 million, $8.6 million and $7.1 million, respectively, of amortization of debt issuance costs. Accumulated amortization of financing costs associated with financing obligations was approximately $1.4 million and $2.4 million as of December 31, 2024 and 2023, respectively. Our interest expense for the years ended December 31, 2024, 2023 and 2022 included $2.9 million, $2.2 million, and $0.8 million, respectively, of amortization of financing costs and expensed financing costs associated with financing obligations. Capitalized Interest We capitalize interest as a cost of development on value-add buildings. Capitalization of interest for a particular asset begins when activities necessary to get the asset ready for its intended use are in progress and when interest costs have been incurred. Capitalization of interest ceases when the project is substantially complete and ready for occupancy. For the years ended December 31, 2024, 2023 and 2022, approximately $12.5 million, $20.1 million and $7.3 million of interest was capitalized, respectively. Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T-R shares, Class D-R shares, Class S-PR shares, Class D-PR shares and OP Units. As of the balance sheet date, we accrue for: (i) the monthly amount payable and (ii) the estimated amount of distribution fees that we may pay in future periods. The accrued distribution fees for Class T-R shares, Class D-R shares, Class S-PR shares and Class D-PR shares are reflected in additional paid-in capital in stockholders’ equity and the accrued distribution fees for OP Units are reflected in noncontrolling interests. See “Note 12” for additional information regarding when distribution fees become payable. Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The limited partner interests not owned by us are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. Transactions that change our ownership interest in the Operating Partnership are accounted for as equity transactions if we retain our controlling financial interest in the Operating Partnership. Therefore, we adjust the net equity balances in the Operating Partnership to reflect the changes in ownership of the Operating Partnership between us and the other limited partners. These adjustments are based on the respective ownership at the end of each period and are reflected as a reallocation between additional paid-in capital and accumulated other comprehensive income within stockholders’ equity and noncontrolling interests within our equity section on our consolidated balance sheets and our consolidated statements of equity. Noncontrolling interests also represent the portion of equity in Subsidiary REITs, that we do not own. Such noncontrolling interests are equity instruments presented in the consolidated balance sheet as noncontrolling interests within permanent equity. See “Note 15” for additional information regarding the Subsidiary REITs. Reclassifications Certain items in our consolidated balance sheets as of December 31, 2023 and our consolidated statements of operations, statements of cash flows and Item 15, “Schedule III – Real Estate and Accumulated Depreciation” for the years ended December 31, 2023 and 2022 have been reclassified to conform to the 2024 presentation. Redeemable Noncontrolling Interests The Operating Partnership issued units in the Operating Partnership (“OP Units”) to the Advisor and BCI IV Advisors Group LLC (the “Former Sponsor”) as payment for the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the advisory agreement. The Former Sponsor held, either directly or indirectly, OP Units, and subsequent to the Transaction (as defined in “Note 12”), the Former Sponsor transferred these OP Units to its members or their affiliates. We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the consolidated balance sheets due to the fact that, as defined in the Partnership Agreement, the limited partners who hold these OP Units generally have the ability to request transfer or redeem their OP Units at any time irrespective of the period that they have held such OP Units, and the Operating Partnership is required to satisfy such redemption for cash unless such cash redemption would be prohibited by applicable law or the Partnership Agreement, in which case such OP Units will be redeemed for shares of our common stock of the class corresponding to the class of such OP Units. The redeemable noncontrolling interests are recorded at the greater of the carrying amount, adjusted for the share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. See “Note 10” for additional information regarding redeemable noncontrolling interests. Revenue Recognition When a lease is entered into, we first determine if the collectability from the customer is probable. If the collectability is not probable we recognize revenue when the payment has been received. If the collectability is determined to be probable we record rental revenue on a straight-line basis over the lease term. Revenues associated with operating expense recoveries are recognized in the period in which the expenses are incurred based upon the tenant lease provisions, in accordance with FASB ASC Topic 842, Leases. Certain properties have leases that offer the customer a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, we record receivables from customers for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. Management analyzes accounts receivable by considering customer creditworthiness, current economic trends, customers’ businesses, and customers’ ability to make payments on time and in full when evaluating the adequacy of the allowance for doubtful accounts receivable. We evaluate collectability from our customers on an ongoing basis. If the assessment of collectability changes during the lease term, any difference between the revenue that would have been recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When we acquire a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of each of December 31, 2024 and December 31, 2023, we had a $1.6 million allowance for doubtful accounts. These amounts are included in our other assets on the consolidated balance sheets. In connection with property acquisitions, we may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. Upon disposition of a real estate asset, we will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses. Debt-related income is accrued based on the outstanding principal amount and the contractual terms of each debt-related investment or debt security. For available-for-sale debt securities, premiums or discounts are amortized or accreted into interest income as a yield adjustment using the effective interest method. Organization and Offering Expenses Organization costs are expensed as incurred and offering expenses associated with our securities offerings are recorded as a reduction of gross offering proceeds in additional paid-in capital. See “Note 12” for additional information regarding organization and offering expenses. Income Taxes As a REIT, we generally are not subject to U.S. federal income taxes on net income we distribute to stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate tax rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and U.S. federal income and excise taxes on our undistributed income or from the operations of our taxable REIT subsidiary. Net Income (Loss) Per Share Basic net income (loss) per common share is determined by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of OP Units. See “Note 13” for additional information regarding net income (loss) per share. Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. We believe this risk is mitigated by investing our cash with high-credit quality financial institutions. As our revenues predominantly consist of rental payments, we are dependent on our customers for our source of revenues. Concentration of credit risk arises when our source of revenue is highly concentrated from certain of our customers. As of December 31, 2024, no customers represented more than 10.0% of our total annualized base rent of our properties. Fair Value Measurements Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers f

INVESTMENTS IN REAL ESTATE PROP

INVESTMENTS IN REAL ESTATE PROPERTIES	12 Months Ended
	Dec. 31, 2024
INVESTMENTS IN REAL ESTATE PROPERTIES [Abstract]
INVESTMENTS IN REAL ESTATE PROPERTIES	3. INVESTMENTS IN REAL ESTATE PROPERTIES As of December 31, 2024 and 2023, our consolidated investment in real estate properties consisted of 255 and 256 industrial buildings, respectively. Additionally, investment in real estate properties included one building in the pre-construction phase as of December 31, 2024 and two buildings that were either under construction or in the pre-construction phase as of December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (in thousands) 2024 2023 Land ​ $ 1,346,285 ​ $ 1,300,059 Building and improvements (1) ​ 5,822,340 ​ 5,486,636 Intangible lease assets ​ 535,210 ​ 498,053 Construction in progress ​ 56,747 ​ 219,659 Investment in real estate properties ​ 7,760,582 ​ 7,504,407 Less accumulated depreciation and amortization ​ (1,020,764) ​ (750,429) Net investment in real estate properties ​ $ 6,739,818 ​ $ 6,753,978 (1) Includes site improvements. ​ Acquisitions During the years ended December 31, 2024 and 2023, we acquired 100% of the following properties, which were determined to be asset acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Total Purchase ($ in thousands) ​ Acquisition Date ​ Buildings ​ Price (1) 2024 Acquisitions: ​ Plainfield Distribution Center I&II ​ 4/8/2024 ​ 2 ​ $ 78,087 Baymeadow Commerce Center ​ 5/9/2024 ​ 1 ​ ​ 18,051 Nashville Logistics Center ​ 6/27/2024 ​ 1 ​ ​ 52,811 Miami Midway Park ​ 10/1/2024 ​ 4 ​ ​ 144,831 Coffee Creek Logistics Center ​ 12/16/2024 ​ 1 ​ ​ 21,252 Taunton Distribution Center ​ 12/20/2024 ​ 1 ​ ​ 44,404 Total Acquisitions ​ ​ ​ 10 ​ $ 359,436 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Total Purchase ($ in thousands) Acquisition Date ​ Buildings ​ Price (1) 2023 Acquisitions: ​ ​ ​ ​ ​ ​ ​ Bayport 146 Distribution Center ​ 2/21/2023 ​ 1 ​ $ 49,606 Runway Distribution Center I & II ​ 7/12/2023 ​ 2 ​ ​ 56,992 Brittmoore Industrial Center ​ 8/16/2023 ​ 1 ​ ​ 22,288 Total Acquisitions ​ ​ ​ 4 ​ $ 128,886 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2024 and 2023 acquisitions. During the years ended December 31, 2024 and 2023, we allocated the purchase price of our acquisitions to land, building and improvements, and intangible lease assets and liabilities as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2024 ​ ​ 2023 Land ​ $ 76,011 ​ $ 15,835 Building and improvements (1) ​ 263,587 ​ 113,051 Intangible lease assets ​ 24,983 ​ — Above-market lease assets ​ 460 ​ — Below-market lease liabilities ​ (5,605) ​ — Total purchase price (2) ​ $ 359,436 ​ $ 128,886 (1) Includes site improvements. (2) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2024 and 2023 acquisitions. ​ Intangible and above-market lease assets are amortized over the remaining lease term. Below-market lease liabilities are amortized over the remaining lease term, plus any below-market, fixed-rate renewal option periods. The weighted-average amortization period for the intangible lease assets and liabilities acquired in connection with our acquisitions during the year ended December 31, 2024, as of the respective date of each acquisition, was 3.1 years. There were no intangible lease assets or liabilities acquired in connection with our acquisitions during the year ended December 31, 2023. Dispositions During the year ended December 31, 2024, we sold 12 industrial buildings for aggregate net proceeds of approximately $238.7 million. We recorded a net gain on sale of approximately $56.9 million. We did not sell any buildings during the years ended December 31, 2023 or 2022. Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of December 31, 2024 and 2023 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2024 ​ As of December 31, 2023 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) ​ $ 522,421 ​ $ (307,499) ​ $ 214,922 ​ $ 485,184 ​ $ (243,878) ​ $ 241,306 Above-market lease assets (1) ​ 12,789 ​ (7,353) ​ 5,436 ​ 12,869 ​ (5,916) ​ 6,953 Below-market lease liabilities ​ (134,362) ​ 72,955 ​ (61,407) ​ (129,823) ​ 54,682 ​ (75,141) (1) Included in net investment in real estate properties on the consolidated balance sheets. ​ The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2024, for the next five years and thereafter: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Net Amortization ​ ​ Intangible ​ Above-Market ​ Below-Market (in thousands) Lease Assets Lease Assets Lease Liabilities Year 1 ​ $ 58,130 ​ $ 1,573 ​ $ (14,866) Year 2 ​ ​ 42,997 ​ ​ 1,307 ​ ​ (10,791) Year 3 ​ ​ 31,412 ​ ​ 847 ​ ​ (8,441) Year 4 ​ 22,417 ​ 522 ​ (6,037) Year 5 ​ ​ 16,213 ​ ​ 434 ​ ​ (4,887) Thereafter ​ 43,753 ​ 753 ​ (16,385) Total ​ $ 214,922 ​ $ 5,436 ​ $ (61,407) ​ Future Minimum Rent Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our customers under the terms of non-cancelable operating leases in effect as of December 31, 2024 were as follows for the next five years and thereafter: ​ ​ ​ ​ ​ ​ As of (in thousands) December 31, 2024 Year 1 ​ $ 366,113 Year 2 ​ 326,851 Year 3 ​ 276,410 Year 4 ​ 219,315 Year 5 ​ 161,252 Thereafter ​ 388,341 Total ​ $ 1,738,282 ​ The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases and exclude reimbursements of operating expenses along with rental increases that are not fixed. Rental Revenue Adjustments and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above- and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2024 2023 2022 Increase (Decrease) to Rental Revenue: ​ ​ ​ Straight-line rent adjustments ​ ​ $ 15,583 ​ $ 16,190 ​ $ 16,682 Above-market lease amortization ​ ​ (1,676) ​ (2,044) ​ (2,034) Below-market lease amortization ​ ​ 18,786 ​ 22,257 ​ 19,800 Real Estate-Related Depreciation and Amortization: ​ ​ ​ ​ ​ Depreciation expense ​ ​ $ 221,556 ​ $ 208,991 ​ $ 181,214 Intangible lease asset amortization ​ ​ 70,316 ​ 85,120 ​ 84,756 ​

INVESTMENTS IN UNCONSOLIDATED J

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	12 Months Ended
	Dec. 31, 2024
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS [Abstract]
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS In February 2022, we and our joint venture partners formed the Build-To-Core Industrial Partnership II Tranche B LP (the “BTC II B Partnership”) for purposes of investing in industrial properties located in certain major U.S. distribution markets In June 2024, we formed a new joint venture partnership, Ares QR Industrial Partnership III LP (the “QR III Partnership”) as a limited partner, and upon formation, we owned an 8.0% interest in the partnership. The QR III Partnership was formed to acquire or develop industrial-type properties in the United States. The following table summarizes our investments in unconsolidated joint venture partnerships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ Investments in Unconsolidated ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ Joint Venture Partnerships as of ​ Ownership ​ Number of Ownership ​ Number of ​ December 31, ​ December 31, ($ in thousands) ​ Percentage ​ Buildings (1) ​ Percentage ​ Buildings (1) ​ ​ 2024 ​ ​ 2023 BTC II B Partnership 8.0 % ​ 1 ​ 8.0 % ​ 2 ​ $ 23,433 ​ $ 20,511 QR III Partnership 8.0 % ​ — ​ n/a ​ ​ n/a ​ ​ 93 ​ ​ n/a Total JV Partnerships ​ ​ ​ 1 ​ ​ ​ ​ 2 ​ $ 23,526 ​ $ 20,511 (1) Represents acquired or completed buildings. As of both December 31, 2024 and 2023, the BTC II B Partnership also owned three industrial buildings that were either under construction or in the pre-construction phase.

INVESTMENTS IN REAL ESTATE DEBT

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES	12 Months Ended
	Dec. 31, 2024
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES [Abstract]
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES	5. INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES Debt-Related Investments The following table summarizes our debt-related investments as of December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ As of December 31, 2024 ​ Loan Type ​ Property Type ​ Location ​ Origination Date ​ Total Current Commitment ​ Outstanding Principal ​ Fair Value ​ Interest Rate ​ Maturity Date (1) ​ Senior ​ Industrial ​ TX ​ Jul 2023 ​ $ 60,860 ​ $ 59,736 ​ $ 59,736 ​ ​ 8.18 % ​ Aug 2025 ​ Senior ​ Industrial ​ NY ​ Aug 2023 ​ ​ 113,910 ​ ​ 103,418 ​ ​ 103,418 ​ ​ 7.83 ​ ​ Sep 2026 ​ Senior ​ Industrial ​ TX ​ Jan 2024 ​ ​ 36,404 ​ ​ 27,975 ​ ​ 27,975 ​ ​ 9.08 ​ ​ Feb 2027 ​ Senior ​ Industrial ​ NC ​ Apr 2024 ​ ​ 38,350 ​ ​ 37,000 ​ ​ 37,000 ​ ​ 7.50 ​ ​ Apr 2027 ​ Senior ​ Industrial ​ VA ​ Aug 2024 ​ ​ 113,076 ​ ​ 43,526 ​ ​ 43,526 ​ ​ 9.83 ​ ​ Sep 2028 ​ Senior ​ Industrial ​ TX ​ Sep 2024 ​ ​ 115,100 ​ ​ 71,947 ​ ​ 71,947 ​ ​ 8.13 ​ ​ Oct 2026 ​ Senior ​ Industrial ​ NJ ​ Nov 2024 ​ ​ 135,827 ​ ​ 45,060 ​ ​ 45,060 ​ ​ 8.18 ​ ​ Nov 2027 ​ ​ ​ ​ ​ ​ ​ Total / weighted-average ​ $ 613,527 ​ $ 388,662 ​ $ 388,662 ​ ​ 8.26 % ​ ​ (1) The weighted-average remaining term of our debt-related investments was approximately 2.0 years as of December 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 Current Commitment ​ Outstanding Principal ​ Fair Value ​ Interest Rate ​ Maturity Date (1) Senior ​ Industrial ​ TX ​ Jul 2023 ​ $ 60,860 ​ $ 29,700 ​ $ 29,700 ​ ​ 9.21 % ​ Aug 2025 Senior ​ Industrial ​ NY ​ Aug 2023 ​ ​ 113,910 ​ ​ 99,423 ​ ​ 99,423 ​ ​ 8.86 ​ ​ Sep 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 2.5 years as of December 31, 2023. During the year ended December 31, 2024, we received $23.3 million of principal repayments on one senior loan debt-related investment. There were no principal repayments during the year ended December 31, 2023. Available-for-Sale Debt Securities As of December 31, 2024 and 2023, we had debt security investments designated as available-for-sale debt securities. The weighted-average remaining term of our available-for-sale debt securities, which is based on the fully extended maturity date of the instruments, was approximately 3.5 years and 3.2 years as of December 31, 2024 and 2023, respectively. There were no credit losses associated with our available-for-sale debt securities as of December 31, 2024 or 2023. The following table summarizes our investments in available-for-sale debt securities as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Face Amount (1) ​ Amortized Cost ​ Unamortized Discount ​ Unrealized Gain, Net (2) ​ Fair Value As of December 31, 2024 ​ $ 139,488 ​ $ 137,757 ​ $ 1,731 ​ $ 1,655 ​ $ 139,412 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	12 Months Ended
	Dec. 31, 2024
DEBT [Abstract]
DEBT	6. DEBT Our consolidated indebtedness is currently comprised of borrowings under our line of credit, term loans and mortgage notes. Borrowings under the non-recourse mortgage notes are secured by mortgages or deeds of trust and related assignments and security interests in collateralized and certain cross-collateralized properties, which are generally owned by single purpose entities. A summary of our debt is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average Effective ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate as of ​ ​ ​ Balance as of ​ December 31, December 31, ​ December 31, December 31, ($ in thousands) ​ 2024 ​ 2023 ​ Maturity Date ​ 2024 ​ 2023 Line of credit (1) 5.36 % 6.20 % March 2025 ​ $ 573,000 ​ $ 570,000 Term loan (2) 3.85 3.35 March 2027 ​ 550,000 ​ 550,000 Term loan (3) ​ 3.62 ​ 3.42 ​ May 2026 ​ ​ 600,000 ​ ​ 600,000 Fixed-rate mortgage notes (4) 4.02 3.58 July 2025 - ​ 1,162,720 ​ 996,720 Floating-rate mortgage notes (5) ​ 5.29 ​ 4.48 ​ July 2025 - ​ ​ 1,326,722 ​ ​ 725,605 Total principal amount / weighted-average (6) 4.52 % 4.17 % ​ ​ $ 4,212,442 ​ $ 3,442,325 Less unamortized debt issuance costs ​ ​ ​ ​ ​ ​ ​ (29,040) ​ ​ (21,359) Add unamortized mark-to-market adjustment on assumed debt ​ ​ ​ ​ ​ ​ 78 ​ 215 Total debt, net ​ ​ ​ ​ ​ ​ $ 4,183,480 ​ $ 3,421,181 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ $ 3,868,817 ​ $ 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. The line of credit is available for general corporate purposes including, but not limited to, our acquisition and operation of permitted investments. As of December 31, 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 $427.0 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 $300.0 million of borrowings and interest rate cap agreements on $250.0 million of borrowings under the term loan. As of December 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 December 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 6.09% , including the effect of an interest rate swap agreement that fixes Term SOFR for $367.8 million of borrowings. As of December 31, 2024, borrowings under the $222.3 million mortgage note amounted to $204.0 million. 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, a $129.1 million mortgage note, and a $590.0 million mortgage note. As of December 31, 2024, borrowings under the $129.1 million mortgage note amounted to $119.5 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 interest rate cap agreements. 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. The effective interest rate of the $590.0 million mortgage note is calculated based on Term SOFR plus a margin of 2.33% , including the effects of an interest rate cap agreement. (6) The weighted-average remaining term of our consolidated debt was approximately 1.6 years as of December 31, 2024, excluding any extension options on the line of credit and certain of our mortgage notes. For the years ended December 31, 2024, 2023 and 2022, the amount of interest incurred related to our consolidated indebtedness, excluding debt issuance cost amortization and amounts capitalized, was $203.0 million, $144.7 million and $82.2 million, respectively, including $13.7 million and $2.7 million related to the amortization of our interest rate cap premiums for the years ended December 31, 2024 and 2023, respectively. No amounts were related to the amortization of our interest rate cap premiums for the year ended December 31, 2022. For the years ended December 31, 2024, 2023, and 2022, the amount of interest capitalized was $12.5 million, $20.1 million, and $7.3 million, respectively. See “Note 7” for the amount of interest incurred related to the DST Program (as defined below). As of December 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 2025 $ 573,000 ​ $ — ​ $ 577,080 ​ $ 1,150,080 2026 ​ — ​ 600,000 ​ 1,117,472 ​ 1,717,472 2027 ​ — ​ 550,000 ​ 333,750 ​ 883,750 2028 ​ — ​ — ​ — ​ — 2029 ​ — ​ — ​ ​ 461,140 ​ 461,140 Thereafter ​ — ​ — ​ — ​ — Total principal payments ​ $ 573,000 ​ $ 1,150,000 ​ $ 2,489,442 ​ $ 4,212,442 (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, the term of our $209.3 million mortgage note that matures in July 2025 and the term of our $408.0 million mortgage note that matures in January 2026 may each be extended pursuant to a one-year extension option , subject to certain conditions. Our $367.8 million mortgage note that matures in July 2025 and our $129.1 million mortgage note that matures in October 2026 may each be extended pursuant to two one-year extension options, subject to certain conditions. Our $590.0 million mortgage note that matures in July 2026 may be extended pursuant to three one-year extension options, subject to certain conditions. Additionally, the term of one of our fixed-rate mortgage notes with commitments of $222.3 million that matures in May 2027 may be extended pursuant to two one-year extension options, subject to certain conditions. ​ Debt Covenants Our line of credit, term loans and mortgage note agreements contain various property-level covenants, including customary affirmative and negative covenants. In addition, the line of credit and term loan agreements contain certain corporate level financial covenants, including leverage ratio, fixed charge coverage ratio, and tangible net worth thresholds. We were in compliance with all covenants as of December 31, 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 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. As of December 31, 2024, we had $104.6 million of borrowings outstanding pursuant to the Morgan Stanley MRA, collateralized by our available-for-sale debt securities, which were fair valued at $139.4 million. As of December 31, 2023, we had $42.3 million of borrowings outstanding pursuant to the Morgan Stanley MRA, collateralized by our available-for-sale debt securities, which were fair valued at $55.6 million. Advances under the Morgan Stanley MRA accrue interest at a per annum rate equal to the sum of Term SOFR plus a pricing margin ranging from 0.75% to 1.15% . For the years ended December 31, 2024 and 2023, the amount of interest incurred related to our secured financings under the Morgan Stanley MRA was $4.9 million and $1.4 million, respectively. These amounts are recorded as a component of interest expense on the consolidated statements of operations. Derivative Instruments To manage interest rate risk for certain of our variable-rate debt, we use interest rate derivative instruments as part of our risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by either providing a fixed interest rate or capping the variable interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the interest rate swap agreements without exchange of the underlying notional amount. Interest rate caps involve the receipt of variable amounts from a counterparty at the end of each period in which the interest rate exceeds the agreed fixed price. Certain of our variable rate borrowings are not hedged; 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 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. For interest rate cap derivative instruments that are not designated as cash flow hedges, 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 $17.4 million will be reclassified as a decrease to interest expense related to active effective hedges of existing floating-rate debt. The following table summarizes the location and fair value of the derivative instruments on our consolidated balance sheets as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Current Notional Balance Sheet Fair ($ in thousands) ​ Contracts ​ Amount ​ Location ​ Value As of December 31, 2024 ​ ​ Interest rate swaps designated as cash flow hedges 12 ​ $ 1,192,830 Derivative instruments ​ $ 38,517 Interest rate caps not designated as cash flow hedges ​ 4 ​ ​ 537,110 ​ Derivative instruments ​ ​ 9,796 Interest rate caps designated as cash flow hedges ​ 10 ​ ​ 1,274,250 ​ Derivative instruments ​ ​ 21,426 Total derivative instruments ​ 26 ​ $ 3,004,190 ​ ​ ​ $ 69,739 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 consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2024 2023 ​ 2022 Derivative Instruments Designated as Cash Flow Hedges ​ ​ ​ ​ Gain recognized in AOCI ​ $ 36,713 ​ $ 9,000 ​ $ 73,592 Amount reclassified from AOCI as a decrease into interest expense ​ (38,329) ​ (44,625) ​ (5,251) Total interest expense presented in the consolidated statements of operations in which the effects of the cash flow hedges are recorded ​ (259,302) ​ (190,382) ​ (150,824) Derivative Instruments Not Designated as Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized (loss) gain on derivative instruments recognized in other income (expenses) (1) ​ $ (15,302) ​ $ (13,677) ​ $ 25,176 Realized gain on derivative instruments recognized in other income (expenses) (2) ​ ​ 17,590 ​ ​ 18,801 ​ ​ 3,452 ​ (1) Unrealized (loss) gain on changes in fair value of derivative instruments relates to mark-to-market changes on our derivatives not designated as cash flow hedges. (2) Realized gain on derivative instruments relates to interim settlements for our derivatives not designated as cash flow hedges .

DST PROGRAM

DST PROGRAM	12 Months Ended
	Dec. 31, 2024
DST PROGRAM [Abstract]
DST PROGRAM	7. DST PROGRAM The following table summarizes our DST Program Loans as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ Unrealized ​ ​ ​ ​ Weighted-Average ​ ​ Weighted-Average ($ in thousands) ​ Principal ​ Loss, Net (1) ​ Book Value ​ Interest Rate ​ ​ Remaining Life (Years) As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans, carried at cost ​ $ 89,223 ​ $ N/A ​ $ 89,223 ​ ​ 5.86 % ​ ​ 8.17 DST Program Loans, carried at fair value ​ ​ 13,892 ​ ​ — ​ ​ 13,892 ​ ​ 6.72 ​ ​ ​ 9.29 Total ​ $ 103,115 ​ $ — ​ $ 103,115 ​ ​ 5.98 % ​ ​ 8.32 As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans, carried at cost ​ $ 200,276 ​ $ N/A ​ $ 200,276 ​ ​ 4.98 % ​ ​ 7.42 DST Program Loans, carried at fair value ​ ​ 2,439 ​ ​ — ​ ​ 2,439 ​ ​ 6.27 ​ ​ ​ 10.00 Total ​ $ 202,715 ​ $ 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 December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST ​ Unamortized ​ Total ​ Unrealized ​ ​ ​ ($ in thousands) ​ Interests Sold (1) ​ Program Costs ​ Appreciation (2) ​ Gain, Net (3) ​ ​ Book Value As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations, carried at cost ​ $ 636,450 ​ $ (590) ​ $ — ​ $ N/A ​ ​ $ 635,860 Financing obligations, carried at fair value ​ ​ 240,355 ​ ​ N/A ​ ​ N/A ​ ​ (373) ​ ​ ​ 239,982 Total ​ $ 876,805 ​ $ (590) ​ $ — ​ $ (373) ​ ​ $ 875,842 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 years ended December 31, 2024, 2023, and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2024 ​ 2023 ​ 2022 DST Interests sold ​ $ 156,382 ​ $ 416,507 ​ $ 768,639 DST Interests financed by DST Program Loans ​ ​ 11,453 ​ ​ 52,542 ​ ​ 84,798 Unrealized gain on financing obligations ​ ​ 194 ​ ​ — ​ ​ — Income earned from DST Program Loans (1) ​ ​ 7,818 ​ ​ 8,884 ​ ​ 4,811 Gain on extinguishment of financing obligations ​ ​ 31,250 ​ ​ — ​ ​ — (Decrease) increase in financing obligation liability appreciation (2) ​ ​ (6,664) ​ ​ (12,303) ​ ​ 26,568 Rent obligation incurred under master lease agreements (2) ​ ​ 56,235 ​ ​ 67,324 ​ ​ 41,702 (1) Included in other income and expenses on the consolidated statements of operations. (2) Included in interest expense on the 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 settling in cash or issuing partnership units in the Operating Partnership (“OP Units”), cash, or a combination of OP Units and cash in exchange for DST Interests, we extinguish the related financing obligation liability and DST Program Loans and record the settlement of cash or the issuance of the OP Units as an issuance of equity. During the year ended December 31, 2024, 61.6 million OP Units were issued in exchange for DST Interests for a net investment of $786.5 million in accordance with our UPREIT structure. There were no OP Units issued in exchange for DST Interests and no cash paid in exchange for DST Interests during the years ended December 31, 2023 or 2022.

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2024
FAIR VALUE [Abstract]
FAIR VALUE	8. FAIR VALUE We estimate the fair value of our financial assets and liabilities using available market information and valuation methodologies we believe to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that we would realize upon disposition of our financial assets and liabilities. Fair Value Measurements on a Recurring Basis The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of December 31, 2024 ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 69,739 ​ $ — ​ $ 69,739 Available-for-sale debt securities ​ ​ — ​ ​ 139,412 ​ ​ — ​ ​ 139,412 Debt-related investments ​ ​ — ​ ​ — ​ ​ 388,662 ​ ​ 388,662 DST Program Loans ​ ​ — ​ ​ — ​ ​ 13,892 ​ ​ 13,892 Total assets measured at fair value ​ $ — ​ $ 209,151 ​ $ 402,554 ​ $ 611,705 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations ​ $ — ​ $ — ​ $ 239,982 ​ $ 239,982 Total liabilities measured at fair value ​ $ — ​ $ — ​ $ 239,982 ​ $ 239,982 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. DST Program Loans. Financing Obligations. The following table presents our financial assets measured at fair value on a recurring basis using Level 3 inputs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ DST Program Loans ​ Debt-related investments ​ Total Balance as of December 31, 2022 ​ $ — ​ $ — ​ $ — Purchases and contributions ​ ​ 2,439 ​ ​ 128,797 ​ ​ 131,236 Paid-in-kind interest ​ ​ — ​ ​ 326 ​ ​ 326 Balance as of December 31, 2023 ​ $ 2,439 ​ $ 129,123 ​ $ 131,562 Purchases and contributions ​ ​ 11,453 ​ ​ 275,628 ​ ​ 287,081 Repayments ​ ​ — ​ ​ (23,326) ​ ​ (23,326) Unrealized loss on financial assets ​ ​ — ​ ​ — ​ ​ — Paid-in-kind interest ​ ​ — ​ ​ 7,237 ​ ​ 7,237 Balance as of December 31, 2024 ​ $ 13,892 ​ $ 388,662 ​ $ 402,554 ​ The following table presents our financial liabilities measured at fair value on a recurring basis using Level 3 inputs: ​ ​ ​ ​ (in thousands) ​ Financing Obligations Balance as of December 31, 2022 ​ $ — DST Interests sold, net of upfront fees ​ ​ 87,324 Unrealized gain on financing obligations ​ ​ (179) Balance as of December 31, 2023 ​ $ 87,145 DST Interests sold, net of upfront fees ​ ​ 153,031 Unrealized gain on financing obligations ​ ​ (194) Balance as of December 31, 2024 ​ $ 239,982 ​ 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, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Fair Value ​ Valuation Technique ​ Unobservable Inputs ​ Impact to Valuation from an Increase to Input Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt-related investments ​ $ 388,662 ​ Yield Method ​ Market Yield ​ Decrease DST Program Loans ​ ​ 13,892 ​ Yield Method ​ Market Yield ​ Decrease Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations ​ $ 239,982 ​ 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 December 31, 2024 and 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 December 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 ​ $ 89,223 ​ $ 88,973 ​ $ 200,276 ​ $ 196,715 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line of credit ​ 3 ​ $ 573,000 ​ $ 573,000 ​ $ 570,000 ​ $ 570,000 Term loans ​ 3 ​ 1,150,000 ​ 1,150,000 ​ 1,150,000 ​ 1,150,000 Mortgage notes ​ 3 ​ 2,489,442 ​ 2,419,471 ​ 1,722,325 ​ 1,647,660 Secured financings on investments in real estate debt securities ​ 3 ​ 104,630 ​ 104,630 ​ 42,298 ​ 42,298 (1) The estimate of fair value of DST Program Loans, line of credit, term loans, mortgage notes and secured financings on investments in real estate debt securities takes into consideration various factors including current market rates and conditions and similar agreements with comparable loan-to-value ratios and credit profiles, as applicable. Debt instruments with near-term maturities are generally valued at par. (2) The carrying value reflects the principal amount outstanding. (3) Comprised of instruments for which we have not elected the fair value option and do not record at fair value on the consolidated balance sheets.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2024
EQUITY [Abstract]
EQUITY	9. EQUITY Securities Offerings We may conduct continuous securities offerings 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 effective with respect to our third public offering of up to $5.0 billion of shares of our common stock in any combination of Class T-R shares, Class D-R shares, and Class I-R shares, and the third public offering commenced the same day. We closed the offering of primary shares to new investors pursuant to our third public offering on July 2, 2024. On August 22, 2024, we amended our registration statement on Form S-11 with respect to our third public offering to make it a distribution reinvestment plan (“DRIP”) only registration statement on Form S-3 pursuant to Rule 415(a)(1)(ii) under the Securities Act of 1933, as amended (the “Securities Act”). On August 2, 2024, we initiated a private offering exempt from registration under the Securities Act (the “Private Offering”), which offers Class S-PR shares, Class D-PR shares and Class I-PR shares. The Class T-R shares, Class D-R shares, Class I-R shares, Class S-PR shares, Class D-PR shares, and Class I-PR shares, all of which are collectively referred to herein as shares of common stock, have identical rights and privileges, including identical voting rights, but have differing fees that are payable on a class-specific basis. The per share amount of distributions paid on Class T-R shares, Class D-R shares, Class S-PR shares, and Class D-PR shares will be lower than the per share amount of distributions paid on Class I-R shares and Class I-PR shares because of the distribution fees payable with respect to Class T-R shares, Class D-R shares, Class S-PR shares and Class D-PR shares sold in our securities offerings. Pursuant to our securities offerings, we have offered and continue to offer shares of our common stock at the “transaction price,” plus applicable selling commissions and dealer manager fees. The “transaction price” generally is equal to the net asset value (“NAV”) per share of our common stock most recently disclosed. Our NAV per share is calculated as of the last calendar day of each month for each of our outstanding classes of stock, and will be available generally within 15 calendar days after the end of the applicable month. Shares issued pursuant to our DRIP are offered at the transaction price, as indicated above, in effect on the distribution date. We may update a previously disclosed transaction price in cases where we believe there has been a material change (positive or negative) to our NAV per share relative to the most recently disclosed monthly NAV per share. During the year ended December 31, 2024, we raised gross proceeds of approximately $195.5 million from the sale of approximately 15.2 million shares of our common stock in our securities offerings, including proceeds from our DRIP of approximately $88.1 million. Common Stock The following table describes the number of shares of each class of our common stock authorized and issued and outstanding as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2024 ​ 2023 (in thousands) ​ Shares Authorized ​ Shares Issued and Outstanding ​ Shares Authorized ​ Shares Issued and Outstanding Class T-R, $0.01 par value per share ​ 200,000 ​ 92,626 ​ 1,200,000 ​ 162,838 Class D-R, $0.01 par value per share ​ 75,000 ​ 18,850 ​ 75,000 ​ 20,410 Class I-R, $0.01 par value per share ​ 200,000 ​ 154,731 ​ 225,000 ​ 105,358 Class S-PR, $0.01 par value per share ​ 425,000 ​ 3,451 ​ — ​ — Class D-PR, $0.01 par value per share ​ 175,000 ​ — ​ — ​ — Class I-PR, $0.01 par value per share ​ 425,000 ​ 1,316 ​ — ​ — ​ The following table summarizes the changes in the shares outstanding for each class of common stock for the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T-R Class D-R Class I-R Class S-PR Class D-PR Class I-PR Total (in thousands) ​ Shares ​ Shares ​ Shares (1) ​ Shares ​ Shares ​ Shares ​ Shares Balance as of December 31, 2021 (2) ​ 206,129 13,649 37,391 — ​ — ​ — 257,169 Issuance of common stock: ​ ​ ​ ​ ​ ​ Primary shares ​ 40,034 7,308 18,636 — ​ — ​ — 65,978 DRIP ​ 4,002 355 981 — ​ — ​ — 5,338 Stock grants, net of cancellations ​ — ​ — ​ 193 ​ — ​ — ​ — ​ 193 Redemptions ​ (9,120) (735) (4,254) — ​ — ​ — (14,109) Conversions ​ (13,780) ​ — ​ 13,780 ​ — ​ — ​ — ​ — Forfeitures ​ — — (25) — ​ — ​ — (25) Balance as of December 31, 2022 (2) ​ 227,265 ​ 20,577 ​ 66,702 ​ — ​ — ​ — ​ 314,544 Issuance of common stock: ​ ​ ​ ​ ​ ​ Primary shares ​ 7,990 1,813 3,259 — ​ — ​ — 13,062 DRIP ​ 3,725 445 1,700 — ​ — ​ — 5,870 Stock grants, net of cancellations ​ — — 197 — ​ — ​ — 197 Redemptions ​ (29,182) (2,425) (13,437) — ​ — ​ — (45,044) Conversions ​ (46,960) ​ — ​ 46,960 ​ — ​ — ​ — ​ — Forfeitures ​ — ​ — ​ (23) ​ — ​ — ​ — ​ (23) Balance as of December 31, 2023 (2) ​ 162,838 ​ 20,410 ​ 105,358 ​ — ​ — ​ — ​ 288,606 Issuance of common stock: ​ ​ ​ ​ ​ ​ Primary shares ​ 1,791 509 1,280 3,446 ​ — ​ 1,313 8,339 DRIP ​ 2,771 490 3,627 5 ​ — ​ 3 6,896 Stock grants, net of cancellations ​ — — 166 — ​ — ​ — 166 Redemptions ​ (15,355) (2,281) (15,373) — ​ — ​ — (33,009) Conversions ​ (59,419) ​ (278) ​ 59,697 ​ — ​ — ​ — ​ — Forfeitures ​ — ​ — ​ (24) ​ — ​ — ​ — ​ (24) Balance as of December 31, 2024 (3) ​ 92,626 18,850 154,731 3,451 ​ — ​ 1,316 270,974 (1) Includes 20,000 Class I-R shares sold to the Advisor in November 2014. See “Note 15” for additional information. (2) There is no data presented for Class S-PR shares, Class D-PR shares and Class I-PR shares as of this date because there were no shares of such share classes outstanding. (3) There is no data presented for Class D-PR shares as of this date because there were no Class D-PR shares outstanding. Distributions. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ ​ ​ ​ ​ Common Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declared per ​ Distributions ​ Other Cash ​ Reinvested ​ Distribution ​ Gross (in thousands, except per share data) Common Share (1) Paid in Cash Distributions (2) ​ in Shares Fees (3) Distributions (4) 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ $ 0.15000 ​ $ 16,457 ​ $ 9,505 ​ $ 21,490 ​ $ 2,606 ​ $ 50,058 September 30 ​ ​ 0.15000 ​ ​ 16,045 ​ ​ 7,565 ​ ​ 21,772 ​ ​ 2,810 ​ ​ 48,192 June 30 ​ ​ 0.15000 ​ ​ 16,430 ​ ​ 6,331 ​ ​ 22,114 ​ ​ 3,082 ​ ​ 47,957 March 31 ​ ​ 0.15000 ​ ​ 16,820 ​ ​ 2,235 ​ ​ 22,484 ​ ​ 3,596 ​ ​ 45,135 Total ​ $ 0.60000 ​ $ 65,752 ​ $ 25,636 ​ $ 87,860 ​ $ 12,094 ​ $ 191,342 2023 ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ $ 0.15000 ​ $ 16,483 ​ $ 1,270 ​ $ 22,196 ​ $ 4,987 ​ $ 44,936 September 30 ​ 0.15000 ​ ​ 16,825 ​ ​ 1,296 ​ ​ 22,550 ​ ​ 5,721 ​ ​ 46,392 June 30 ​ 0.13625 ​ ​ 15,490 ​ ​ 1,177 ​ ​ 20,357 ​ ​ 6,344 ​ ​ 43,368 March 31 ​ 0.13625 ​ ​ 15,284 ​ ​ 1,107 ​ ​ 20,653 ​ ​ 6,806 ​ ​ 43,850 Total ​ $ 0.57250 ​ $ 64,082 ​ $ 4,850 ​ $ 85,756 ​ $ 23,858 ​ $ 178,546 2022 ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ $ 0.13625 ​ $ 14,963 ​ $ 618 ​ $ 20,522 ​ $ 7,372 ​ $ 43,475 September 30 ​ 0.13625 ​ ​ 14,593 ​ ​ 618 ​ ​ 19,942 ​ ​ 7,304 ​ ​ 42,457 June 30 ​ 0.13625 ​ ​ 13,674 ​ ​ 618 ​ ​ 18,953 ​ ​ 6,852 ​ ​ 40,097 March 31 ​ 0.13625 ​ ​ 13,043 ​ ​ 639 ​ ​ 18,158 ​ ​ 5,656 ​ ​ 37,496 ​ ​ $ 0.54500 ​ $ 56,273 ​ $ 2,493 ​ $ 77,575 ​ $ 27,184 ​ $ 163,525 (1) Amounts reflect the quarterly distribution rate authorized by our board of directors per Class T-R share, per Class D-R share, per Class I-R share, per Class S-PR share, per Class D-PR share and per Class I-PR 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-R shares, Class D-R shares, Class S-PR shares and Class D-PR shares of common stock are reduced by the respective distribution fees that are payable with respect to such Class T-R shares, Class D-R shares, Class S-PR shares and Class D-PR 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-R shares, Class D-R shares, Class S-PR shares and Class D-PR shares issued in our securities offerings. All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. Refer to “Note 12” for further detail regarding distribution fees. (4) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T-R shares, Class D-R shares, Class S-PR shares and Class D-PR shares issued in our securities offerings. Redemptions Below is a summary of redemptions pursuant to our share redemption program for the years ended December 31, 2024, 2023 and 2022. All eligible redemption requests were fulfilled for the periods presented. Eligible redemption requests are requests submitted in good order by the request submission deadline set forth in the share redemption program. Our board of directors may make exceptions to, modify or suspend our current share redemption programs if it deems such action to be in the best interest of our stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands, except per share data) ​ 2024 ​ 2023 ​ 2022 Number of shares redeemed ​ ​ 33,009 ​ ​ 45,044 ​ ​ 14,109 Aggregate dollar amount of shares redeemed ​ $ 421,135 ​ $ 652,754 ​ $ 213,444 Average redemption price per share ​ $ 12.76 ​ $ 14.49 ​ $ 15.13 ​

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2024
REDEEMABLE NONCONTROLLING INTERESTS [Abstract]
REDEEMABLE NONCONTROLLING INTERESTS	10. REDEEMABLE NONCONTROLLING INTERESTS The Operating Partnership’s net income and loss will generally be allocated to the general partner and the limited partners in accordance with the respective percentage interest in the OP Units issued by the Operating Partnership. The Operating Partnership issued OP Units to the Advisor and BCI IV Advisors Group LLC (the “Former Sponsor”) as payment of the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the advisory agreement. We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the consolidated balance sheets. The redeemable noncontrolling interests are recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. The following table summarizes the redeemable noncontrolling interests activity for the years ended December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2024 ​ For the Year Ended December 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 ​ ​ 4,106 Distributions to redeemable noncontrolling interests ​ (4,978) ​ — ​ ​ (4,850) ​ ​ — Redemptions of redeemable noncontrolling interests ​ (1,500) ​ (119) ​ ​ (3,979) ​ ​ (292) Net loss attributable to redeemable noncontrolling interests ​ (3,353) ​ — ​ ​ (5,587) ​ ​ — Change from cash flow hedging activities and available-for-sale debt securities attributable to redeemable noncontrolling interests ​ — ​ — ​ ​ (966) ​ ​ — Redemption value allocation adjustment to redeemable noncontrolling interests (2) ​ 1,013 ​ — ​ ​ (2,528) ​ ​ — Ending balance $ 105,492 ​ 8,227 ​ $ 114,310 ​ ​ 8,346 (1) The performance hurdle was not met for the years ended December 31, 2024 and 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-R 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, which is equivalent to fair value as of December 31, 2024.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	11. INCOME TAXES We have concluded that there was no impact related to uncertain tax positions from our results of operations for the years ended December 31, 2024, 2023 and 2022. We had a net deferred tax asset of approximately $0.9 million as of December 31, 2024, which was offset by a full valuation allowance, and a net deferred tax asset of approximately $0.3 million as of December 31, 2023. The U.S. is the major tax jurisdiction for us and the earliest tax year subject to examination by the taxing authority is 2021. Distributions Distributions to stockholders are characterized for U.S. federal income tax purposes as: (i) ordinary income; (ii) non-taxable return of capital; or (iii) long-term capital gain. Distributions that exceed our current and accumulated tax earnings and profits constitute a return of capital and reduce the stockholders’ basis in the common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholders’ basis in the common shares, the distributions will generally be treated as a gain from the sale or exchange of such stockholders’ common shares. For taxable years beginning before January 1, 2026, all distributions (other than distributions designated as capital gain distributions and distributions traceable to distributions from a taxable REIT subsidiary) which are received by a pass-through entity or an individual, are eligible for a 20% deduction from gross income. At the beginning of each year, we notify our stockholders of the taxability of the distributions paid during the preceding year. The unaudited preliminary taxability of our 2024, 2023 and 2022 distributions were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (unaudited) 2024 ​ 2023 ​ 2022 Ordinary income ​ — % ​ — % ​ — % Non-taxable return of capital ​ 100.0 ​ 100.0 ​ 100.0 ​ Long-term capital gain ​ — ​ — ​ — ​ Total distribution ​ 100.0 % ​ 100.0 % ​ 100.0 % ​ The taxability of distributions remained unchanged in 2024 as compared to 2023, due to an increase in interest expense, which was partially offset by an increase in income from our investments in real estate debt and securities.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2024
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	12. RELATED PARTY TRANSACTIONS We rely on the Advisor, a related party, to manage our day-to-day operating and acquisition activities and to implement our investment strategy pursuant to the terms of the Second Amended and Restated Advisory Agreement (2024), effective as of August 2, 2024 (the “Advisory Agreement”), by and among us, the Operating Partnership and the Advisor. The current term of the Advisory Agreement ends April 30, 2025, subject to renewals by our board of directors for an unlimited number of successive one-year periods. The Dealer Manager provides dealer manager services in connection with the securities offerings pursuant to the terms of that certain Amended and Restated Dealer Manager Agreement, dated as of December 1, 2024 (the “Dealer Manager Agreement”), by and among us, the Advisor and the Dealer Manager. On July 1, 2021, Ares Management Corporation (“Ares”) closed on the acquisition of Black Creek Group’s U.S. real estate investment advisory and distribution business, including our former advisor, BCI IV Advisors LLC (the “Former Advisor”) (the “Transaction”). On the same date, our Former Advisor assigned the then-current advisory agreement to Ares Commercial Real Estate Management (the “New Advisor”). Ares did not acquire the Former Sponsor, and we now consider Ares real estate (“AREG”) to be our sponsor. Prior to the Transaction, the Former Sponsor, which owned the Former Advisor, was directly or indirectly majority owned by the founders of the Former Sponsor and/or their affiliates and the Former Sponsor and the Former Advisor were jointly controlled by founders of the Former Sponsor and/or their respective affiliates. The Advisor, the Sponsor and the Dealer Manager receive compensation in the form of fees and expense reimbursements for services relating to the securities offerings and for the investment and management of our assets. The following is a description of the fees and expense reimbursements payable to the Advisor, the Sponsor, and the Dealer Manager. This summary does not purport to be a complete summary of the Advisory Agreement, the Dealer Manager Agreement, and the eleventh amended and restated limited partnership agreement of the Operating Partnership. As used below, “Fund Interests” means our outstanding shares of common stock, along with the OP Units, which may be or were held directly or indirectly by the Advisor, our Former Sponsor, members or affiliates or our Former Sponsor, and third parties. Selling Commissions, Dealer Manager Fees and Distribution Fees (Class T-R, Class D-R and Class I-R Shares). e closed our third primary public offering effective July 2, 2024, pursuant to which we had offered Class T-R shares, Class D-R shares and Class I-R shares. retained by, or reallowed to, participating broker dealers. In addition, the Dealer Manager is entitled to receive ongoing distribution fees based on the NAV of Class T-R shares and Class D-R shares sold in our securities offerings. The distribution fees will be payable monthly in arrears and will be paid on a continuous basis from year to year. The Dealer Manager will reallow the distribution fees to broker dealers whose clients own Class T-R shares and/or Class D-R shares. The following table details the selling commissions, dealer manager fees and distribution fees applicable for each share class. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T-R ​ Class D-R ​ Class I-R ​ Selling commissions (as % of offering price) up to 2.0 % ​ — % ​ — % ​ Dealer manager fees (as % of offering price) up to 2.5 % ​ — % ​ — % ​ Distribution fees (as % of NAV per annum) 0.85 % ​ 0.25 % ​ — % ​ ​ We will cease paying the distribution fees with respect to individual Class T-R shares and Class D-R shares when they are no longer outstanding, including as a result of conversion to Class I-R shares. Each Class T-R share or Class D-R share held within a stockholder’s account shall automatically and without any action on the part of the holder thereof convert into a number of Class I-R shares at the applicable conversion rate on the earliest of: (i) a listing of any shares of our common stock on a national securities exchange; (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets; and (iii) the end of the month in which the Dealer Manager, in conjunction with our transfer agent, determines that the total upfront selling commissions, upfront dealer manager fees and ongoing distribution fees paid with respect to all shares of such class held by such stockholder within such account (including shares purchased through the DRIP or received as stock dividends) equals or exceeds 8.5% (or a lower limit, if any, set forth in an agreement between the Dealer Manager and the participating broker dealer that sold the shares) of the aggregate purchase price of all shares of such class held by such stockholder within such account and purchased in the primary portion of the applicable offering. In addition, after termination of a primary offering registered under the Securities Act, each Class T-R or Class D-R share (i) sold in that primary offering, (ii) sold under a distribution reinvestment plan, and (iii) received as a stock dividend, in each case with respect to such Class T-R or Class D-R share sold in such primary offering or distribution reinvestment plan, shall automatically and without any action on the part of the holder thereof convert into a number of Class I-R shares at the applicable conversion rate, at the end of the month in which we, with the assistance of the Dealer Manager, determine that all underwriting compensation paid or incurred with respect to such primary offering from all sources, determined pursuant to applicable rules and guidance, would be in excess of 10% of the aggregate purchase price of all shares sold for our account through that primary offering. Selling Commissions, Dealer Manager Fees and Distribution Fees (Class S-PR, Class D-PR and Class I-PR Shares). On August 2, 2024, we initiated the Private Offering of Class S-PR shares, Class D-PR shares and Class I-PR shares. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class S-PR ​ Class D-PR ​ Class I-PR ​ Selling commissions (as % of offering price) up to 2.0 % ​ up to 1.5 % ​ — % ​ Dealer manager fees (as % of offering price) up to 2.5 % ​ — % ​ — % ​ Distribution fees (as % of NAV per annum) 0.85 % ​ 0.25 % ​ — % ​ ​ We will cease paying the distribution fees with respect to individual Class S-PR and Class D-PR shares when they are no longer outstanding, including as a result of conversion to Class I-PR shares. Each Class S-PR or Class D-PR share held within a stockholder’s account shall automatically and without any action on the part of the holder thereof convert into a number of Class I-PR shares at the applicable conversion rate on the earliest of: (i) a listing of any shares of our common stock on a national securities exchange; (ii) our merger or consolidation with or into another entity in which we are not the surviving entity, or the sale or other disposition of all or substantially all of our assets; and (iii) the end of the month in which the Dealer Manager, in conjunction with our transfer agent, determines that the total upfront selling commissions, upfront dealer manager fees and ongoing distribution fees paid with respect to all shares of such class held by such stockholder within such account (including shares purchased through the DRIP or received as stock dividends) equals or exceeds the limit, if any, set forth in any applicable agreement between the Dealer Manager and the participating broker dealer that sold such shares in the primary portion of an offering, of the aggregate purchase price of all shares of such class held by such stockholder within such account and purchased in the primary portion of such offering. Advisory Fee. th 1.25% The performance participation allocation, which will be paid to the holder of a separate series of partnership interests in the Operating Partnership with special distribution rights (the “Special Units”), is a performance-based amount in the form of an allocation and distribution. This amount will be paid to the holder of the Special Units, so long as the Advisory Agreement has not been terminated, as a performance participation interest with respect to the Special Units or, at the election of the Advisor, all or a portion of this amount will be paid instead to the Special Unit Holder in the form of a cash fee, as described in the Advisory Agreement. The performance participation allocation is calculated as the lesser of: (1) 12.5% of (a) the annual total return amount less (b) any loss carryforward; and (2) the amount equal to (x) the annual total return amount, less (y) any loss carryforward, less (z) the amount needed to achieve an annual total return amount equal to 5.0% of the NAV per Fund Interest at the beginning of such year (the “Hurdle Amount”). The foregoing calculations are calculated on a per Fund Interest basis and multiplied by the weighted average Fund Interests outstanding during the year. In no event will the performance participation allocation be less than zero. Accordingly, if the annual total return amount exceeds the Hurdle Amount plus the amount of any loss carryforward, then the performance participation allocation will be equal to 100.0% of such excess, but limited to 12.5% of the annual total return amount that is in excess of the loss carryforward. The “annual total return amount” referred to above means all distributions paid or accrued per Fund Interest plus any change in NAV per Fund Interest since the end of the prior calendar year, adjusted to exclude the negative impact on annual total return resulting from our payment or obligation to pay, or distribute, as applicable, the performance participation allocation as well as ongoing distribution fees (i.e., our ongoing class-specific fees). If the performance participation allocation is being calculated with respect to a year in which we complete a liquidity event, for purposes of determining the annual total return amount, the change in NAV per Fund Interest will be deemed to equal the difference between the NAV per Fund Interest as of the end of the prior calendar year and the value per Fund Interest determined in connection with such liquidity event, as described in the Advisory Agreement. The “loss carryforward” referred to above tracks any negative annual total return amounts from prior years and offsets the positive annual total return amount for purposes of the calculation of the performance participation allocation. We completed the 2024 calendar year with a cumulative loss carryforward that will apply to future performance participation allocations. The cumulative loss carryforward as of December 31, 2024 is approximately $1.38 per Fund Interest (unaudited), which takes into account a $1.47 per Fund Interest loss carryforward (unaudited) generated in the 2023 calendar year. Realization of the loss carryforward is contingent on future performance. As such, the loss carryforward is not included in the consolidated balance sheet as of December 31, 2024. Even after the offset of the loss carryforward, future performance participation allocations will be subject to the Hurdle Amount. Organization and Offering Expenses. Development Fees. Fees from Other Services. origination, property, title and/or other types of insurance, management consulting and other similar operational matters. Any fees paid to the Advisor’s affiliates for any such services will not reduce the advisory fees. Any such arrangements will be at market rates or reimbursement of costs. Acquisition Expense Reimbursements. Property-Level Accounting Services. DST Program DST Program Dealer Manager Fees. AIREX will pay certain up-front fees and reimburse certain related expenses to the Dealer Manager with respect to capital raised through the DST Program. AIREX is obligated to pay the Dealer Manager a dealer manager fee of up to 1.5% of gross equity proceeds raised and a commission of up to 5.0% of gross equity proceeds raised through the private placements. In addition, with respect to certain classes of interests (or the corresponding classes of OP Units or shares for which they may be exchanged in certain circumstances) we, the Operating Partnership or AIREX will pay the Dealer Manager ongoing fees in amounts up to 1.0% of the equity investment or NAV thereof per year. The Dealer Manager may re-allow such commissions, ongoing fees and a portion of such dealer manager fees to participating broker dealers. In addition, pursuant to the dealer manager agreement for the DST Program, we, or our subsidiaries, are obligated to reimburse the Dealer Manager for (a) customary travel, lodging, meals and reasonable entertainment expenses incurred in connection with the private placements; (b) costs and expenses of conducting educational conferences and seminars, attending broker-dealer sponsored conferences, or educational conferences sponsored by AIREX; (c) customary promotional items; and (d) legal fees of the Dealer Manager. Pursuant to the Advisory Agreement and Operating Partnership Agreement, DST Properties are included when calculating the fixed advisory fee and the performance participation allocation due to the Advisor. Furthermore, because the Advisor funds certain Dealer Manager personnel costs that are not reimbursed under the DST Program dealer manager agreement, we have also agreed to pay the Advisor a fee equal to the fee paid by DST Program investors for these costs, which is up to 1.5% of the total equity amount paid for the interests. DST Manager Fees. deal basis, (ii) a loan fee of up to 1.0% for any financing provided by us in connection with the DST Program (in which case a subsidiary of ours would provide the debt financing and earn interest thereon, as discussed further below), (iii) reimbursement of certain expenses associated with the establishment, maintenance and operation of the trust and DST Properties and the sale of any DST Property to a third party, and (iv) up to 1.0% of the gross equity proceeds as compensation for the development and design of the DST Program and ongoing oversight of the offering and the DST Program. Furthermore, to the extent that the Operating Partnership exercises its fair market value purchase option to acquire the interests from the investors at a later time in exchange for OP Units, cash or a combination of OP Units and cash, and such investors subsequently submit such OP Units for redemption pursuant to the terms of the Operating Partnership, a redemption fee of up to 1.0% of the amount otherwise payable to a limited partner upon redemption will be paid to DST Manager subject to the terms of the applicable DST Program offering documents. In connection with the DST Program, AIREX maintains a loan program and may, upon request, provide DST Program Loans to certain purchasers of the interests in the DST Interests to finance a portion of the purchase price payable upon their acquisition of such DST Interests (the “Purchase Price”). The DST Program Loans are made by a subsidiary of ours (the “DST Lender”). The DST Program Loans may differ in original principal amounts. The original principal amount of the DST Program Loans expressed as a percentage of the total Purchase Price for the applicable DST Interests may also vary, but no DST Program Loan to any purchaser will exceed 50% of the Purchase Price paid by such purchaser for its DST Interest in the Trust, excluding the amount of the Origination Fee, as hereinafter defined. Each purchaser that elects to obtain a DST Program Loan, will pay an origination fee to the DST Manager equal to up to 1.0% of the original principal amount of its DST Program Loan (the “Origination Fee”) upon origination of such DST Program Loan, which Origination Fee will be assigned by the DST Manager to an affiliate of the Advisor. The purchaser will be required to represent, among other things, that no portion of the Purchase Price for its DST Interest and no fee paid in connection with the acquisition of its DST Interest (including, without limitation, the Origination Fee) has been or will be funded with any nonrecourse indebtedness other than the DST Program Loan. The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services the Dealer Manager provided in connection with our securities offerings, and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, Receivable (Payable) as of (in thousands) 2024 2023 ​ 2022 December 31, 2024 December 31, 2023 Selling commissions and dealer manager fees (1) ​ $ 1,176 ​ $ 4,449 ​ $ 22,815 ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ 15,469 ​ 23,858 ​ 27,175 ​ (1,389) ​ (1,549) Advisory fee—fixed component ​ ​ 66,048 ​ ​ 74,092 ​ ​ 67,561 ​ ​ (5,436) ​ ​ (5,813) Performance participation allocation (3) ​ ​ — ​ ​ — ​ 140,505 ​ ​ — ​ ​ — Other expense reimbursements (4)(5) ​ ​ 13,137 ​ ​ 12,116 ​ 12,452 ​ ​ (3,809) ​ ​ (2,799) Property accounting fee (6) ​ ​ 3,497 ​ ​ 3,017 ​ ​ 2,803 ​ ​ (300) ​ ​ 129 DST Program selling commissions, dealer manager fees and distribution fees (1) ​ ​ 4,027 ​ ​ 6,393 ​ ​ 8,584 ​ ​ (488) ​ ​ (852) Other DST Program related costs (5) ​ ​ 2,569 ​ ​ 5,664 ​ ​ 9,974 ​ ​ (123) ​ ​ (215) Development fees (7) ​ ​ 1,071 ​ ​ 1,795 ​ ​ 8,460 ​ ​ (25) ​ ​ (588) Total ​ $ 106,994 ​ $ 131,384 ​ $ 300,329 ​ $ (11,570) ​ $ (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 $110.1 million and $64.5 million as of December 31, 2024 and 2023, respectively. (3) The performance hurdle was not met for the years ended December 31, 2024 and 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-R OP Units in January 2023. (4) Other expense reimbursements include certain expenses incurred for organization and offering, acquisition and general administrative services provided to us under the Advisory Agreement, including, but not limited to, certain expenses described below after footnote 7, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (5) Includes costs reimbursed to the Advisor related to the DST Program. (6) The cost of the property management fee, including the property accounting fee, is generally borne by the tenant or tenants at each real property, either via a direct reimbursement to us or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain limited circumstances, we may pay for a portion of the property management fee, including the property accounting fee, without reimbursement from the tenant or tenants at a real property. (7) Development fees are included in the total development project costs of the respective properties and are capitalized in construction in progress, which is included in net investment in real estate properties on our consolidated balance sheets. Amounts also include development acquisition fees relating to the BTC II B Partnership, which are included in investments in unconsolidated joint venture partnerships on our consolidated balance sheets. ​ Certain of the expense reimbursements described in the table above include a portion of the compensation expenses of officers, including a portion of compensation (whether paid in cash, stock, or other forms), benefits and other overhead costs of certain of our named executive officers, as well as employees of the Advisor or its affiliates related to activities for which the Advisor did not otherwise receive a separate fee. We incurred approximately $12.2 million, $11.2 million and $11.4 million for the years ended December 31, 2024, 2023 and 2022 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-R OP Units or cash, at the election of the Advisor. The performance hurdle was not achieved as of December 31, 2024 or 2023; therefore no performance participation allocation expense was recognized in our consolidated statements of operations for the years ended December 31, 2024 and 2023. As the performance hurdle was achieved as of December 31, 2022, we recognized approximately $140.5 million of performance participation allocation expense in our consolidated statements of operations for the year ended December 31, 2022.

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	12 Months Ended
	Dec. 31, 2024
NET INCOME (LOSS) PER COMMON SHARE [Abstract]
NET INCOME (LOSS) PER COMMON SHARE	13. NET INCOME (LOSS) PER COMMON SHARE The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands, except per share data) ​ 2024 2023 ​ ​ 2022 Net loss attributable to common stockholders—basic ​ ​ $ (111,058) ​ $ (204,674) ​ $ (308,079) Net loss attributable to redeemable noncontrolling interests ​ ​ ​ (3,353) ​ ​ (5,587) ​ ​ (4,874) Net (loss) income attributable to noncontrolling interests ​ ​ ​ (15,934) ​ ​ 38 ​ ​ 38 Net loss attributable to common stockholders—diluted ​ ​ $ (130,345) ​ $ (210,223) ​ $ (312,915) Weighted-average shares outstanding—basic ​ ​ ​ 276,152 ​ ​ 303,660 ​ ​ 295,683 Incremental weighted-average shares outstanding—diluted ​ ​ ​ 42,704 ​ ​ 8,461 ​ ​ 4,533 Weighted-average shares outstanding—diluted ​ ​ ​ 318,856 ​ ​ 312,121 ​ ​ 300,216 Net loss per share attributable to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ $ (0.40) ​ $ (0.67) ​ $ (1.04) Diluted ​ ​ $ (0.40) ​ $ (0.67) ​ $ (1.04) ​

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	14. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2024 2023 2022 Supplemental disclosure of cash activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest paid related to consolidated indebtedness, net of capitalized interest ​ $ 167,668 ​ $ 118,575 ​ $ 70,667 Interest paid related to DST Program ​ ​ 64,979 ​ ​ 62,507 ​ ​ 32,157 Interest paid related to secured financings ​ ​ 4,661 ​ ​ 1,126 ​ ​ — Supplemental disclosure of non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Distributions reinvested in common stock ​ ​ 88,108 ​ ​ 85,224 ​ 76,434 Increase in DST Program Loans receivable through DST Program capital raising ​ ​ 11,453 ​ ​ 52,542 ​ ​ 83,630 Issuances of OP Units for DST Interests ​ ​ 786,497 ​ ​ — ​ ​ — Redeemable noncontrolling interests issued as settlement of performance participation allocation ​ — ​ 62,667 ​ 81,185 Non-cash redemption of minority ownership interest in unconsolidated joint venture partnership ​ ​ — ​ ​ — ​ ​ 91,028 Increase (decrease) in accrued future ongoing distribution fees ​ ​ 45,571 ​ ​ (27,628) ​ ​ 6,726 (Decrease) increase in accrued capital expenditures ​ ​ (25,474) ​ ​ (33,214) ​ ​ 58,902 Non-cash selling commissions and dealer manager fees ​ 1,176 ​ 4,449 ​ 22,815 ​ Restricted Cash Restricted cash consists of lender, insurance and property-related escrow accounts, as well as utility deposits. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2024 2023 ​ 2022 Beginning of period: ​ ​ ​ ​ Cash and cash equivalents ​ $ 14,322 ​ $ 79,524 ​ $ 216,848 Restricted cash ​ 620 ​ 499 ​ 887 Cash, cash equivalents and restricted cash ​ $ 14,942 ​ $ 80,023 ​ $ 217,735 End of period: ​ ​ ​ Cash and cash equivalents ​ $ 25,148 ​ $ 14,322 ​ $ 79,524 Restricted cash ​ 3,649 ​ 620 ​ 499 Cash, cash equivalents and restricted cash ​ $ 28,797 ​ $ 14,942 ​ $ 80,023 ​

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2024
NONCONTROLLING INTERESTS [Abstract]
NONCONTROLLING INTERESTS	15. NONCONTROLLING INTERESTS OP Units As of December 31, 2024, the Operating Partnership had issued OP Units to third-party investors, representing 18.1% of limited partnership interests (excludes interests held by redeemable noncontrolling interest holders). No OP Units had been issued to third-party investors as of December 31, 2023. 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 Year Ended December 31, (in thousands) ​ ​ 2024 ​ ​ 2023 Balance at beginning of the period ​ ​ — ​ ​ — Issuance of units ​ ​ 61,558 ​ ​ — Balance at end of the period ​ ​ 61,558 ​ ​ — ​ 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 (unaudited) as of December 31, 2024 was $781.0 million. There were no OP unit redemptions during the year ended December 31, 2024. No OP Units issued were issued to third-party investors during the years ended December 31, 2023 or 2022. Special Units In November 2014, the Operating Partnership issued 100 Special Units to the parent of the Former Advisor for consideration of $1,000. On July 1, 2021, the 100 Special Units were assigned to the Advisor. In December 2021, the Special Units were assigned by the Advisor to the Special Unit Holder. The holder of the Special Units does not participate in the profits and losses of the Operating Partnership. The holder of the Special Units will be paid a performance participation allocation. Refer to “Note 12” for details regarding the performance participation allocation and Class I OP Units issued as payment for the performance participation allocation. This amount will be paid to the Special Unit Holder, so long as the Advisory Agreement has not been terminated, as a performance participation interest with respect to the Special Units or, at the election of the Advisor, will be paid instead to the Advisor in the form of a cash fee, as described in the Advisory Agreement. The limited partner interests not owned by us are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. Subsidiary REITs As of December 31, 2024, we indirectly own and control the managing member of three Subsidiary REITs. Noncontrolling interests represent the portion of equity in the Subsidiary REIT that we do not own. Such noncontrolling interests are equity instruments presented in the consolidated balance sheet as of December 31, 2024 as noncontrolling interests within permanent equity. Such noncontrolling interests were issued by the Subsidiary REITS in the form of preferred shares, which are non-voting and have no rights to income or loss. The preferred shares are redeemable by the respective Subsidiary REIT at our discretion, through our ownership and control of the managing member. The following table includes details for each Subsidiary REIT: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annual ​ ​ Dividend Payable as of December 31, Subsidiary REIT Acquisition ​ Date Acquired ​ Number of Shares ​ ​ Par Value ​ Preferred Dividend ​ ​ 2024 (1) ​ ​ 2023 (1) Executive Airport II ​ 9/3/2020 ​ 125 ​ $ 1,000 ​ 12.5% ​ $ 7,812 ​ $ 7,812 Build-To-Core Logistics Portfolio ​ 6/15/2021 ​ 122 ​ $ 500 ​ 12.0% ​ $ — ​ $ — Hainesport Commerce Center ​ 12/21/2021 ​ 125 ​ $ 1,000 ​ 12.0% ​ $ — ​ $ — (1) Recorded in accounts payable and accrued expenses on our consolidated balance sheets.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2024
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	16. COMMITMENTS AND CONTINGENCIES Litigation From time to time, we and our subsidiaries may be involved in various claims and legal actions arising in the ordinary course of business. As of December 31, 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 unmitigated environmental liabilities that we believe would have a material adverse effect on our business, financial condition, or results of operations as of December 31, 2024.

SEGMENT FINANCIAL INFORMATION

SEGMENT FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2024
SEGMENT FINANCIAL INFORMATION
SEGMENT FINANCIAL INFORMATION	17. SEGMENT FINANCIAL INFORMATION As described in Note 1, we operate as one reportable segment: industrial real estate. Factors used to determine our reportable segment include the physical and economic characteristics of our properties and/or investments and the related operating activities. Our Chief Operating Decision Maker (“CODM”) is David M. Fazekas, Partner and Co-President. Our CODM relies on net operating income, among other factors, to make decisions about allocating resources and assessing segment performance. Net operating income is the key performance metric that captures the unique operating characteristics of the segment. Net investment in real estate properties, investments in real estate debt and securities, restricted cash, tenant receivables, straight-line rent receivables and other assets directly assignable to a property or investment are allocated to the industrial real estate segment. Corporate items that are not directly assignable to a property, such as investments in unconsolidated joint venture partnerships and DST Program Loans, are not allocated to the industrial real estate segment, but are reflected as reconciling items. The following table reflects our total consolidated assets by segment as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2024 2023 Assets: ​ ​ ​ ​ ​ ​ Industrial real estate ​ $ 7,355,177 ​ $ 7,003,435 Total segment assets ​ ​ 7,355,177 ​ ​ 7,003,435 Corporate ​ ​ 225,834 ​ ​ 326,069 Total assets ​ $ 7,581,011 ​ $ 7,329,504 ​ We consider net operating income, a non-GAAP financial measure, to be an appropriate supplemental performance measure and believe net operating income provides useful information regarding our financial condition and results of operations because net operating income reflects the operating performance of our investments and excludes certain items that are not considered to be controllable in connection with the management of the investments, such as real estate-related depreciation and amortization, general and administrative expenses, advisory fees, impairment charges, interest expense, gains on sale of properties, other income and expenses, gains and losses on the extinguishment of debt and noncontrolling interests. However, net operating income should not be viewed as an alternative measure of our financial performance since it excludes such items, which could materially impact our results of operations. Further, our net operating income may not be comparable to that of other real estate companies, as they may use different methodologies for calculating net operating income. Therefore, we believe net income, as defined by GAAP, to be the most appropriate measure to evaluate our overall financial performance. The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the years ended December 31, 2024, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2024 2023 2022 Net loss attributable to common stockholders ​ $ (111,058) ​ $ (204,674) ​ $ (308,079) Real estate-related depreciation and amortization ​ 291,872 ​ 294,111 ​ 265,970 General and administrative expenses ​ 17,194 ​ 15,313 ​ 13,265 Advisory fees ​ 66,048 ​ 74,092 ​ 67,561 Performance participation allocation ​ — ​ — ​ 140,505 Acquisition costs and reimbursements ​ 3,036 ​ 10,217 ​ 5,322 Equity in (income) loss from unconsolidated joint venture partnerships ​ ​ (5,228) ​ ​ 118 ​ ​ 97 Interest expense ​ 259,302 ​ 190,382 ​ 150,824 Unrealized (gain) on financing obligations ​ ​ (194) ​ ​ (179) ​ ​ — Gain on extinguishment of financing obligations, net ​ (31,250) ​ — ​ — Gain on derivative instruments ​ ​ (2,288) ​ ​ (5,124) ​ ​ (28,628) Net gain on sale of real estate property ​ ​ (56,923) ​ ​ — ​ ​ — Other income and expenses ​ ​ (8,633) ​ ​ (10,191) ​ ​ (4,252) Net loss attributable to redeemable noncontrolling interests ​ ​ (3,353) ​ ​ (5,587) ​ ​ (4,874) Net loss attributable to noncontrolling interests ​ (15,934) ​ 38 ​ 38 Net operating income ​ $ 402,591 ​ $ 358,516 ​ $ 297,749 ​ The following table sets forth consolidated financial results for the industrial real estate segment for the years ended December 31, 2024, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2024 2023 2022 Rental revenues ​ $ 489,164 ​ $ 460,108 ​ $ 391,605 Debt-related income ​ 36,744 ​ ​ 9,987 ​ ​ 420 Rental expenses ​ (123,317) ​ ​ (111,579) ​ ​ (94,276) Net operating income ​ $ 402,591 ​ $ 358,516 ​ $ 297,749 ​

SCHEDULE III-REAL ESTATE AND AC

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	ARES INDUSTRIAL REAL ESTATE INCOME TRUST INC. SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized or ​ Gross Amount Carried as of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ Adjustments ​ December 31, 2024 ​ Accumulated ​ Acquisition / ​ ​ # of ​ ​ ​ ​ ​ ​ ​ Buildings and ​ Total ​ Subsequent to ​ ​ ​ ​ Buildings and ​ Total ​ Depreciation and ​ Completion ($ in thousands) ​ Buildings ​ Debt ​ Land ​ Improvements (2) ​ Costs ​ Acquisition ​ Land ​ Improvements (2) ​ Costs (3), (5) ​ Amortization (4),(5) ​ Date Consolidated Industrial Properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ontario Industrial Center in Ontario, CA 1 $ (1) ​ $ 5,225 $ 5,826 $ 11,051 ​ $ 1,280 $ 5,225 $ 7,106 $ 12,331 $ (2,690) 2/26/18 Medley Industrial Center in Medley, FL ​ 1 ​ ​ — ​ 2,864 ​ ​ 4,559 ​ ​ 7,423 ​ ​ 624 ​ ​ 2,864 ​ ​ 5,183 ​ ​ 8,047 ​ ​ (1,702) ​ 4/11/18 Ontario Distribution Center in Ontario, CA ​ 1 ​ ​ (1) ​ 14,657 ​ ​ 17,396 ​ ​ 32,053 ​ ​ 1,566 ​ ​ 14,657 ​ ​ 18,962 ​ ​ 33,619 ​ ​ (7,663) ​ 5/17/18 Park 429 Logistics Center in Ocoee, FL ​ 2 ​ ​ (1) ​ 7,963 ​ ​ 37,052 ​ ​ 45,015 ​ ​ 568 ​ ​ 7,963 ​ ​ 37,620 ​ ​ 45,583 ​ ​ (8,257) ​ 6/7/18 Pescadero Distribution Center in Tracy, CA ​ 1 ​ ​ (1) ​ 5,602 ​ ​ 40,021 ​ ​ 45,623 ​ ​ 1,378 ​ ​ 5,602 ​ ​ 41,399 ​ ​ 47,001 ​ ​ (9,798) ​ 6/20/18 Gothard Industrial Center in Huntington Beach, CA ​ 1 ​ ​ (1) ​ 5,325 ​ ​ 4,771 ​ ​ 10,096 ​ ​ 428 ​ ​ 5,325 ​ ​ 5,199 ​ ​ 10,524 ​ ​ (2,036) ​ 6/25/18 Midway Industrial Center in Odenton, MD ​ 1 ​ ​ (1) ​ 4,579 ​ ​ 3,852 ​ ​ 8,431 ​ ​ 446 ​ ​ 4,579 ​ ​ 4,298 ​ ​ 8,877 ​ ​ (1,949) ​ 10/22/18 Executive Airport Distribution Center I in Henderson, NV ​ 1 ​ ​ (1) ​ 10,360 ​ ​ 41,262 ​ ​ 51,622 ​ ​ 663 ​ ​ 10,360 ​ ​ 41,925 ​ ​ 52,285 ​ ​ (10,735) ​ 11/20/18 Iron Run Distribution Center in Allentown, PA ​ 1 ​ ​ (1) ​ 5,483 ​ ​ 10,394 ​ ​ 15,877 ​ ​ 957 ​ ​ 5,483 ​ ​ 11,351 ​ ​ 16,834 ​ ​ (4,057) ​ 12/4/18 Elgin Distribution Center in Elgin, IL ​ 1 ​ ​ (1) ​ 4,032 ​ ​ 17,191 ​ ​ 21,223 ​ ​ 156 ​ ​ 4,032 ​ ​ 17,347 ​ ​ 21,379 ​ ​ (3,339) ​ 12/11/18 Addison Distribution Center II in Addison, IL ​ 1 ​ ​ — ​ 4,439 ​ ​ 8,009 ​ ​ 12,448 ​ ​ 879 ​ ​ 4,439 ​ ​ 8,888 ​ ​ 13,327 ​ ​ (2,814) ​ 12/21/18 Fontana Distribution Center in Fontana, CA ​ 1 ​ ​ (1) ​ 20,558 ​ ​ 22,649 ​ ​ 43,207 ​ ​ 958 ​ ​ 20,558 ​ ​ 23,607 ​ ​ 44,165 ​ ​ (9,552) ​ 12/28/18 Airport Industrial Center in Ontario, CA ​ 1 ​ ​ (1) ​ 4,085 ​ ​ 4,238 ​ ​ 8,323 ​ ​ 813 ​ ​ 4,085 ​ ​ 5,051 ​ ​ 9,136 ​ ​ (1,985) ​ 1/8/19 Kelly Trade Center in Austin, TX ​ 1 ​ ​ — ​ 2,686 ​ ​ 12,980 ​ ​ 15,666 ​ ​ 2,255 ​ ​ 2,686 ​ ​ 15,235 ​ ​ 17,921 ​ ​ (4,372) ​ 1/31/19 7A Distribution Center in Robbinsville, NJ ​ 1 ​ ​ — ​ 8,002 ​ ​ 4,498 ​ ​ 12,500 ​ ​ 523 ​ ​ 3,385 ​ ​ 9,638 ​ ​ 13,023 ​ ​ (3,584) ​ 2/11/19 Quakerbridge Distribution Center in Hamilton, NJ ​ 1 ​ ​ (1) ​ 3,434 ​ ​ 5,160 ​ ​ 8,594 ​ ​ 982 ​ ​ 2,334 ​ ​ 7,242 ​ ​ 9,576 ​ ​ (2,538) ​ 3/11/19 Hebron Airpark Logistics Center in Hebron, KY ​ 1 ​ ​ — ​ 2,228 ​ ​ 9,645 ​ ​ 11,873 ​ ​ 603 ​ ​ 2,228 ​ ​ 10,248 ​ ​ 12,476 ​ ​ (2,311) ​ 5/30/19 Las Vegas Light Industrial Portfolio in Las Vegas, NV ​ 4 ​ ​ — ​ 19,872 ​ ​ 40,594 ​ ​ 60,466 ​ ​ 1,852 ​ ​ 19,872 ​ ​ 42,446 ​ ​ 62,318 ​ ​ (12,597) ​ 5/30/19 Monte Vista Industrial Center in Chino, CA ​ 1 ​ ​ (1) ​ 7,947 ​ ​ 7,592 ​ ​ 15,539 ​ ​ 886 ​ ​ 7,947 ​ ​ 8,478 ​ ​ 16,425 ​ ​ (3,077) ​ 6/7/19 King of Prussia Core Infill Portfolio in King of Prussia, PA ​ 5 ​ ​ (1) ​ 14,791 ​ ​ 17,378 ​ ​ 32,169 ​ ​ 2,364 ​ ​ 14,791 ​ ​ 19,742 ​ ​ 34,533 ​ ​ (7,940) ​ 6/21/19 Dallas Infill Industrial Portfolio in Arlington, TX ​ 3 ​ ​ — ​ 17,159 ​ ​ 77,010 ​ ​ 94,169 ​ ​ 6,903 ​ ​ 17,159 ​ ​ 83,913 ​ ​ 101,072 ​ ​ (21,568) ​ 6/28/19 Dallas Infill Industrial Portfolio in Garland, TX ​ 2 ​ ​ 11,250 ​ 3,545 ​ ​ 20,624 ​ ​ 24,169 ​ ​ 1,058 ​ ​ 3,545 ​ ​ 21,682 ​ ​ 25,227 ​ ​ (4,806) ​ 6/28/19 Edison Distribution Center in Edison, NJ ​ 1 ​ ​ (1) ​ 11,519 ​ ​ 16,079 ​ ​ 27,598 ​ ​ 278 ​ ​ 11,519 ​ ​ 16,357 ​ ​ 27,876 ​ ​ (6,084) ​ 6/28/19 395 Distribution Center in Reno, NV ​ 2 ​ ​ (1) ​ 8,904 ​ ​ 46,370 ​ ​ 55,274 ​ ​ 1,175 ​ ​ 8,904 ​ ​ 47,545 ​ ​ 56,449 ​ ​ (10,102) ​ 8/5/19 I-80 Distribution Center in Reno, NV ​ 4 ​ ​ (1) ​ 11,645 ​ ​ 61,932 ​ ​ 73,577 ​ ​ 2,233 ​ ​ 11,645 ​ ​ 64,165 ​ ​ 75,810 ​ ​ (15,426) ​ 9/4/19 485 Distribution Center in Shiremanstown, PA ​ 1 ​ ​ (1) ​ 6,145 ​ ​ 36,985 ​ ​ 43,130 ​ ​ 1,141 ​ ​ 6,145 ​ ​ 38,126 ​ ​ 44,271 ​ ​ (8,400) ​ 9/13/19 Weston Business Center in Weston, FL ​ 1 ​ ​ — ​ 14,627 ​ ​ 18,710 ​ ​ 33,337 ​ ​ 777 ​ ​ 14,627 ​ ​ 19,487 ​ ​ 34,114 ​ ​ (5,872) ​ 12/10/19 Marigold Distribution Center in Redlands, CA ​ 1 ​ ​ (1) ​ 15,660 ​ ​ 24,564 ​ ​ 40,224 ​ ​ 2,639 ​ ​ 15,660 ​ ​ 27,203 ​ ​ 42,863 ​ ​ (7,925) ​ 12/20/19 Bishops Gate Distribution Center in Mount Laurel, NJ ​ 1 ​ ​ (1) ​ 6,018 ​ ​ 26,414 ​ ​ 32,432 ​ ​ 629 ​ ​ 6,018 ​ ​ 27,043 ​ ​ 33,061 ​ ​ (9,269) ​ 12/31/19 Norcross Industrial Center in Peachtree Corner, GA ​ 1 ​ ​ — ​ ​ 3,220 ​ ​ 6,285 ​ ​ 9,505 ​ ​ 6,081 ​ ​ 3,220 ​ ​ 12,366 ​ ​ 15,586 ​ ​ (3,887) ​ 3/23/20 Lima Distribution Center in Denver, CO ​ 1 ​ ​ — ​ ​ 1,853 ​ ​ 9,872 ​ ​ 11,725 ​ ​ 641 ​ ​ 1,853 ​ ​ 10,513 ​ ​ 12,366 ​ ​ (3,395) ​ 4/15/20 Valwood Crossroads in Carrollton, TX ​ 2 ​ ​ (1) ​ ​ 12,457 ​ ​ 58,567 ​ ​ 71,024 ​ ​ 194 ​ ​ 12,457 ​ ​ 58,761 ​ ​ 71,218 ​ ​ (12,669) ​ 5/11/20 Eaglepoint LC in Brownsburg, IN ​ 1 ​ ​ (1) ​ ​ 3,598 ​ ​ 37,329 ​ ​ 40,927 ​ ​ 846 ​ ​ 3,598 ​ ​ 38,175 ​ ​ 41,773 ​ ​ (8,983) ​ 5/26/20 7A DC II in Robbinsville Township, NJ ​ 1 ​ ​ (1) ​ ​ 6,235 ​ ​ 17,501 ​ ​ 23,736 ​ ​ 775 ​ ​ 6,235 ​ ​ 18,276 ​ ​ 24,511 ​ ​ (5,030) ​ 5/27/20 Legacy Logistics Center in Salt Lake City, UT ​ 1 ​ ​ (1) ​ ​ 5,590 ​ ​ 34,128 ​ ​ 39,718 ​ ​ 1,995 ​ ​ 5,590 ​ ​ 36,123 ​ ​ 41,713 ​ ​ (7,921) ​ 6/3/20 Logistics Center at 33 in Easton, PA ​ 1 ​ ​ (1) ​ ​ 8,983 ​ ​ 54,781 ​ ​ 63,764 ​ ​ 553 ​ ​ 8,983 ​ ​ 55,334 ​ ​ 64,317 ​ ​ (12,449) ​ 6/4/20 Intermodal Logistics Center in Fort Worth, TX ​ 1 ​ ​ — ​ ​ 5,191 ​ ​ 23,511 ​ ​ 28,702 ​ ​ 238 ​ ​ 5,191 ​ ​ 23,749 ​ ​ 28,940 ​ ​ (4,497) ​ 6/29/20 Executive Airport Distribution Center II, III in Henderson, NV ​ 2 ​ ​ — ​ ​ 7,852 ​ ​ 25,348 ​ ​ 33,200 ​ ​ 4,511 ​ ​ 7,852 ​ ​ 29,859 ​ ​ 37,711 ​ ​ (4,088) ​ 9/3/20 Carlstadt Industrial Center in Carlstadt, NJ ​ 2 ​ ​ (1) ​ ​ 16,989 ​ ​ 21,174 ​ ​ 38,163 ​ ​ 1,824 ​ ​ 16,989 ​ ​ 22,998 ​ ​ 39,987 ​ ​ (6,662) ​ 11/10/20 Nelson Industrial Center in La Puente, CA ​ 1 ​ ​ (1) ​ ​ 3,943 ​ ​ 5,233 ​ ​ 9,176 ​ ​ 147 ​ ​ 3,943 ​ ​ 5,380 ​ ​ 9,323 ​ ​ (1,279) ​ 12/7/20 Miraloma Industrial Center in Placentia, CA ​ 1 ​ ​ (1) ​ ​ 4,843 ​ ​ 4,776 ​ ​ 9,619 ​ ​ 250 ​ ​ 4,843 ​ ​ 5,026 ​ ​ 9,869 ​ ​ (1,572) ​ 12/10/20 Pennsy Logistics Center in Landover, MD ​ 2 ​ ​ (1) ​ ​ 8,273 ​ ​ 52,261 ​ ​ 60,534 ​ ​ 191 ​ ​ 8,273 ​ ​ 52,452 ​ ​ 60,725 ​ ​ (10,599) ​ 12/18/20 Gerwig Distribution Center in Columbia, MD ​ 1 ​ ​ (1) ​ ​ 8,069 ​ ​ 11,454 ​ ​ 19,523 ​ ​ 485 ​ ​ 8,069 ​ ​ 11,939 ​ ​ 20,008 ​ ​ (3,055) ​ 1/8/21 Harvill Business Center in Perris, CA ​ 1 ​ ​ (1) ​ ​ 14,098 ​ ​ 47,402 ​ ​ 61,500 ​ ​ 41 ​ ​ 14,098 ​ ​ 47,443 ​ ​ 61,541 ​ ​ (7,893) ​ 3/10/21 Princess Logistics Center in Lawrenceville, NJ ​ 1 ​ ​ (1) ​ ​ 10,883 ​ ​ 65,248 ​ ​ 76,131 ​ ​ 1,232 ​ ​ 10,883 ​ ​ 66,480 ​ ​ 77,363 ​ ​ (8,402) ​ 4/12/21 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized or ​ Gross Amount Carried as of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ Adjustments ​ December 31, 2024 ​ Accumulated ​ Acquisition / ​ ​ # of ​ ​ ​ ​ ​ ​ ​ Buildings and ​ Total ​ Subsequent to ​ ​ ​ ​ Buildings and ​ Total ​ Depreciation and ​ Completion ($ in thousands) ​ Buildings ​ Debt ​ Land ​ Improvements (2) ​ Costs ​ Acquisition ​ Land ​ Improvements (2) ​ Costs (3), (5) ​ Amortization (4),(5) ​ Date Rancho Cucamonga Business Center in Rancho Cucamonga, CA ​ 1 ​ ​ (1) ​ ​ 8,185 ​ ​ 16,870 ​ ​ 25,055 ​ ​ 636 ​ ​ 8,185 ​ ​ 17,506 ​ ​ 25,691 ​ ​ (3,349) ​ 5/28/21 Norton Distribution Center in Norton, MA ​ 1 ​ ​ (1) ​ ​ 4,350 ​ ​ 29,396 ​ ​ 33,746 ​ ​ 253 ​ ​ 4,350 ​ ​ 29,649 ​ ​ 33,999 ​ ​ (6,655) ​ 6/1/21 Build-To-Core Logistics Portfolio in Austin, TX ​ 5 ​ ​ (1) ​ ​ 11,918 ​ ​ 42,685 ​ ​ 54,603 ​ ​ 2,606 ​ ​ 11,918 ​ ​ 45,291 ​ ​ 57,209 ​ ​ (10,351) ​ 6/15/21 Build-To-Core Logistics Portfolio in Hayward, CA ​ 1 ​ ​ (1) ​ ​ 39,357 ​ ​ 91,117 ​ ​ 130,474 ​ ​ 3,649 ​ ​ 39,357 ​ ​ 94,766 ​ ​ 134,123 ​ ​ (11,625) ​ 6/15/21 Build-To-Core Logistics Portfolio in Lehigh Valley, PA ​ 1 ​ ​ (1) ​ ​ 14,522 ​ ​ 49,076 ​ ​ 63,598 ​ ​ 2,884 ​ ​ 14,522 ​ ​ 51,960 ​ ​ 66,482 ​ ​ (7,277) ​ 6/15/21 Build-To-Core Logistics Portfolio in Lodi, NJ ​ 2 ​ ​ (1) ​ ​ 18,545 ​ ​ 80,295 ​ ​ 98,840 ​ ​ 409 ​ ​ 18,545 ​ ​ 80,704 ​ ​ 99,249 ​ ​ (9,175) ​ 6/15/21 Build-To-Core Logistics Portfolio in Rancho Cucamonga, CA ​ 1 ​ ​ (1) ​ ​ 26,126 ​ ​ 72,626 ​ ​ 98,752 ​ ​ 10,071 ​ ​ 26,126 ​ ​ 82,697 ​ ​ 108,823 ​ ​ (11,397) ​ 6/15/21 Build-To-Core Logistics Portfolio in Richmond, CA ​ 1 ​ ​ (1) ​ ​ 6,954 ​ ​ 34,529 ​ ​ 41,483 ​ ​ 1,300 ​ ​ 7,045 ​ ​ 35,738 ​ ​ 42,783 ​ ​ (4,283) ​ 6/15/21 Build-To-Core Logistics Portfolio in San Jose, CA ​ 1 ​ ​ (1) ​ ​ 9,799 ​ ​ 23,467 ​ ​ 33,266 ​ ​ 360 ​ ​ 9,799 ​ ​ 23,827 ​ ​ 33,626 ​ ​ (3,097) ​ 6/15/21 Build-To-Core Logistics Portfolio in Suwanee, GA ​ 4 ​ ​ (1) ​ ​ 5,612 ​ ​ 65,710 ​ ​ 71,322 ​ ​ 4,517 ​ ​ 5,612 ​ ​ 70,227 ​ ​ 75,839 ​ ​ (16,889) ​ 6/15/21 Build-To-Core Logistics Portfolio in Tacoma, WA ​ 2 ​ ​ (1) ​ ​ 29,942 ​ ​ 146,619 ​ ​ 176,561 ​ ​ 1,492 ​ ​ 29,942 ​ ​ 148,111 ​ ​ 178,053 ​ ​ (20,036) ​ 6/15/21 Build-To-Core Logistics Portfolio in Tracy, CA ​ 1 ​ ​ (1) ​ ​ 3,564 ​ ​ 51,464 ​ ​ 55,028 ​ ​ (9) ​ ​ 3,564 ​ ​ 51,455 ​ ​ 55,019 ​ ​ (6,526) ​ 6/15/21 Benchmark Distribution Center in Houston, TX ​ 1 ​ ​ (1) ​ ​ 4,809 ​ ​ 14,881 ​ ​ 19,690 ​ ​ 81 ​ ​ 4,809 ​ ​ 14,962 ​ ​ 19,771 ​ ​ (2,589) ​ 6/18/21 Key Logistics Portfolio in Allentown, PA ​ 1 ​ ​ — ​ ​ 2,876 ​ ​ 15,208 ​ ​ 18,084 ​ ​ 1,080 ​ ​ 2,876 ​ ​ 16,288 ​ ​ 19,164 ​ ​ (3,326) ​ 7/14/21 Key Logistics Portfolio in Auburn, WA ​ 3 ​ ​ — ​ ​ 7,822 ​ ​ 34,802 ​ ​ 42,624 ​ ​ 1,715 ​ ​ 7,822 ​ ​ 36,517 ​ ​ 44,339 ​ ​ (5,955) ​ 7/14/21 Key Logistics Portfolio in Aurora, CO ​ 1 ​ ​ — ​ ​ 1,818 ​ ​ 9,230 ​ ​ 11,048 ​ ​ 159 ​ ​ 1,818 ​ ​ 9,389 ​ ​ 11,207 ​ ​ (2,142) ​ 7/14/21 Key Logistics Portfolio in Boca Raton, FL ​ 1 ​ ​ — ​ ​ 4,959 ​ ​ 8,684 ​ ​ 13,643 ​ ​ 227 ​ ​ 4,959 ​ ​ 8,911 ​ ​ 13,870 ​ ​ (2,435) ​ 7/14/21 Key Logistics Portfolio in Glen Burnie, MD ​ 1 ​ ​ (1) ​ ​ 2,545 ​ ​ 18,163 ​ ​ 20,708 ​ ​ 1,790 ​ ​ 2,545 ​ ​ 19,953 ​ ​ 22,498 ​ ​ (4,382) ​ 7/14/21 Key Logistics Portfolio in Kent, WA ​ 4 ​ ​ — ​ ​ 11,478 ​ ​ 27,898 ​ ​ 39,376 ​ ​ 1,230 ​ ​ 11,478 ​ ​ 29,128 ​ ​ 40,606 ​ ​ (6,495) ​ 7/14/21 Key Logistics Portfolio in King of Prussia, PA ​ 2 ​ ​ (1) ​ ​ 4,120 ​ ​ 18,173 ​ ​ 22,293 ​ ​ 639 ​ ​ 4,120 ​ ​ 18,812 ​ ​ 22,932 ​ ​ (4,570) ​ 7/14/21 Key Logistics Portfolio in Lanham, MD ​ 1 ​ ​ (1) ​ ​ 3,979 ​ ​ 18,540 ​ ​ 22,519 ​ ​ 799 ​ ​ 3,979 ​ ​ 19,339 ​ ​ 23,318 ​ ​ (3,338) ​ 7/14/21 Key Logistics Portfolio in Lincolnshire, IL ​ 1 ​ ​ — ​ ​ 1,695 ​ ​ 12,016 ​ ​ 13,711 ​ ​ 262 ​ ​ 1,695 ​ ​ 12,278 ​ ​ 13,973 ​ ​ (2,070) ​ 7/14/21 Key Logistics Portfolio in Louisville, KY ​ 5 ​ ​ — ​ ​ 8,248 ​ ​ 118,497 ​ ​ 126,745 ​ ​ 6,026 ​ ​ 8,248 ​ ​ 124,523 ​ ​ 132,771 ​ ​ (25,926) ​ 7/14/21 Key Logistics Portfolio in Memphis, TN ​ 6 ​ ​ (1) ​ ​ 6,873 ​ ​ 104,576 ​ ​ 111,449 ​ ​ 4,276 ​ ​ 6,873 ​ ​ 108,852 ​ ​ 115,725 ​ ​ (26,902) ​ 7/14/21 Key Logistics Portfolio in Olive Branch, MS ​ 1 ​ ​ (1) ​ ​ 2,656 ​ ​ 29,884 ​ ​ 32,540 ​ ​ 160 ​ ​ 2,656 ​ ​ 30,044 ​ ​ 32,700 ​ ​ (5,200) ​ 7/14/21 Key Logistics Portfolio in Ontario, CA ​ 3 ​ ​ — ​ ​ 13,418 ​ ​ 39,832 ​ ​ 53,250 ​ ​ 1,616 ​ ​ 13,418 ​ ​ 41,448 ​ ​ 54,866 ​ ​ (8,668) ​ 7/14/21 Key Logistics Portfolio in Renton, WA ​ 1 ​ ​ — ​ ​ 4,745 ​ ​ 14,591 ​ ​ 19,336 ​ ​ 72 ​ ​ 4,745 ​ ​ 14,663 ​ ​ 19,408 ​ ​ (3,188) ​ 7/14/21 Key Logistics Portfolio in Salt Lake City, UT ​ 2 ​ ​ — ​ ​ 5,966 ​ ​ 55,054 ​ ​ 61,020 ​ ​ 568 ​ ​ 5,966 ​ ​ 55,622 ​ ​ 61,588 ​ ​ (12,056) ​ 7/14/21 Key Logistics Portfolio in Stockton, CA ​ 4 ​ ​ (1) ​ ​ 15,700 ​ ​ 73,310 ​ ​ 89,010 ​ ​ 1,948 ​ ​ 15,700 ​ ​ 75,258 ​ ​ 90,958 ​ ​ (17,070) ​ 7/14/21 Key Logistics Portfolio in Tacoma, WA ​ 1 ​ ​ — ​ ​ 3,844 ​ ​ 6,382 ​ ​ 10,226 ​ ​ 294 ​ ​ 3,844 ​ ​ 6,676 ​ ​ 10,520 ​ ​ (1,415) ​ 7/14/21 Key Logistics Portfolio in Totowa, NJ ​ 1 ​ ​ (1) ​ ​ 11,530 ​ ​ 46,672 ​ ​ 58,202 ​ ​ 1,251 ​ ​ 11,530 ​ ​ 47,923 ​ ​ 59,453 ​ ​ (10,183) ​ 7/14/21 Key Logistics Portfolio in Tracy, CA ​ 2 ​ ​ — ​ ​ 11,240 ​ ​ 47,788 ​ ​ 59,028 ​ ​ 1,434 ​ ​ 11,240 ​ ​ 49,222 ​ ​ 60,462 ​ ​ (10,364) ​ 7/14/21 Key Logistics Portfolio in Upper Marlboro, MD ​ 1 ​ ​ — ​ ​ 2,206 ​ ​ 4,926 ​ ​ 7,132 ​ ​ 1,514 ​ ​ 2,206 ​ ​ 6,440 ​ ​ 8,646 ​ ​ (1,046) ​ 7/14/21 Key Logistics Portfolio in Valencia, CA ​ 1 ​ ​ — ​ ​ 6,555 ​ ​ 13,730 ​ ​ 20,285 ​ ​ 75 ​ ​ 6,555 ​ ​ 13,805 ​ ​ 20,360 ​ ​ (1,846) ​ 7/14/21 Key Logistics Portfolio in Wayne, NJ ​ 1 ​ ​ (1) ​ ​ 5,800 ​ ​ 14,199 ​ ​ 19,999 ​ ​ 1,600 ​ ​ 5,800 ​ ​ 15,799 ​ ​ 21,599 ​ ​ (2,947) ​ 7/14/21 Key Logistics Portfolio in York, PA ​ 1 ​ ​ (1) ​ ​ 4,645 ​ ​ 21,387 ​ ​ 26,032 ​ ​ 1,747 ​ ​ 4,645 ​ ​ 23,134 ​ ​ 27,779 ​ ​ (5,396) ​ 7/14/21 Stonewood Logistics Center in York, PA ​ 1 ​ ​ — ​ ​ 1,193 ​ ​ 18,150 ​ ​ 19,343 ​ ​ 1,471 ​ ​ 1,193 ​ ​ 19,621 ​ ​ 20,814 ​ ​ (2,361) ​ 7/16/21 Heron Industrial Center in Swedesboro, NJ ​ 1 ​ ​ (1) ​ ​ 5,622 ​ ​ 21,358 ​ ​ 26,980 ​ ​ 792 ​ ​ 5,622 ​ ​ 22,150 ​ ​ 27,772 ​ ​ (6,002) ​ 7/21/21 Colony Crossing Logistics Portfolio in Houston, TX ​ 2 ​ ​ — ​ ​ 5,258 ​ ​ 16,335 ​ ​ 21,593 ​ ​ 1,039 ​ ​ 5,258 ​ ​ 17,374 ​ ​ 22,632 ​ ​ (3,550) ​ 8/17/21 Harvill Industrial Center in Riverside, CA ​ 1 ​ ​ — ​ ​ 7,532 ​ ​ — ​ ​ 7,532 ​ ​ 19,556 ​ ​ 7,782 ​ ​ 19,306 ​ ​ 27,088 ​ ​ — ​ 8/23/21; 12/18/24 Commerce Farms Logistics Center in Lebanon, TN ​ 1 ​ ​ — ​ ​ 3,117 ​ ​ 61,073 ​ ​ 64,190 ​ ​ 1,233 ​ ​ 3,117 ​ ​ 62,306 ​ ​ 65,423 ​ ​ (9,142) ​ 8/25/21 North County Commerce Center in Vista, CA ​ 5 ​ ​ (1) ​ ​ 42,171 ​ ​ 110,525 ​ ​ 152,696 ​ ​ 1,128 ​ ​ 42,171 ​ ​ 111,653 ​ ​ 153,824 ​ ​ (23,624) ​ 8/30/21 Performance Distribution Center in Stockton, CA ​ 1 ​ ​ (1) ​ ​ 9,733 ​ ​ 20,422 ​ ​ 30,155 ​ ​ 120 ​ ​ 9,733 ​ ​ 20,542 ​ ​ 30,275 ​ ​ (3,029) ​ 9/7/21 Madison Distribution Center in Tampa, FL ​ 1 ​ ​ — ​ ​ 766 ​ ​ 12,441 ​ ​ 13,207 ​ ​ 227 ​ ​ 766 ​ ​ 12,668 ​ ​ 13,434 ​ ​ (1,926) ​ 9/17/21 355 Logistics Center in Lockport, IL ​ 2 ​ ​ — ​ ​ 3,360 ​ ​ 62,087 ​ ​ 65,447 ​ ​ 2,589 ​ ​ 3,360 ​ ​ 64,676 ​ ​ 68,036 ​ ​ (9,222) ​ 10/1/21 1 Stanley Drive in Aston, PA ​ 1 ​ ​ (1) ​ ​ 1,265 ​ ​ 21,549 ​ ​ 22,814 ​ ​ 99 ​ ​ 1,265 ​ ​ 21,648 ​ ​ 22,913 ​ ​ (3,079) ​ 10/6/21 Gilbert Gateway Commerce Park in Gilbert, AZ ​ 3 ​ ​ (1) ​ ​ 8,129 ​ ​ 83,984 ​ ​ 92,113 ​ ​ 3,038 ​ ​ 8,129 ​ ​ 87,022 ​ ​ 95,151 ​ ​ (11,307) ​ 10/6/21 California Business Center in Salt Lake City, UT ​ 2 ​ ​ — ​ ​ 4,780 ​ ​ 27,075 ​ ​ 31,855 ​ ​ 976 ​ ​ 4,780 ​ ​ 28,051 ​ ​ 32,831 ​ ​ (6,324) ​ 10/21/21 Molto Portfolio in Aurora, IL ​ 1 ​ ​ — ​ ​ 5,169 ​ ​ 32,978 ​ ​ 38,147 ​ ​ 853 ​ ​ 5,169 ​ ​ 33,831 ​ ​ 39,000 ​ ​ (4,102) ​ 11/17/21 Molto Portfolio in Houston, TX ​ 2 ​ ​ — ​ ​ 7,370 ​ ​ 71,037 ​ ​ 78,407 ​ ​ 1,746 ​ ​ 7,370 ​ ​ 72,783 ​ ​ 80,153 ​ ​ (9,350) ​ 11/17/21 Molto Portfolio in La Vergne, TN ​ 1 ​ ​ — ​ ​ 3,696 ​ ​ 24,198 ​ ​ 27,894 ​ ​ 35 ​ ​ 3,696 ​ ​ 24,233 ​ ​ 27,929 ​ ​ (3,083) ​ 11/17/21 Walker Mill Industrial Center in Capitol Heights, MD ​ 1 ​ ​ (1) ​ ​ 2,908 ​ ​ 14,916 ​ ​ 17,824 ​ ​ 119 ​ ​ 2,908 ​ ​ 15,035 ​ ​ 17,943 ​ ​ (2,687) ​ 11/18/21 Greater Boston Portfolio in Danvers, MA ​ 1 ​ ​ — ​ ​ 4,176 ​ ​ 20,452 ​ ​ 24,628 ​ ​ 250 ​ ​ 4,176 ​ ​ 20,702 ​ ​ 24,878 ​ ​ (3,795) ​ 11/22/21 Greater Boston Portfolio in Franklin, MA ​ 1 ​ ​ — ​ ​ 2,646 ​ ​ 14,745 ​ ​ 17,391 ​ ​ 1,318 ​ ​ 2,646 ​ ​ 16,063 ​ ​ 18,709 ​ ​ (2,914) ​ 11/22/21 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized or ​ Gross Amount Carried as of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ Adjustments ​ December 31, 2024 ​ Accumulated ​ Acquisition / ​ ​ # of ​ ​ ​ ​ ​ ​ ​ Buildings and ​ Total ​ Subsequent to ​ ​ ​ ​ Buildings and ​ Total ​ Depreciation and ​ Completion ($ in thousands) ​ Buildings ​ Debt ​ Land ​ Improvements (2) ​ Costs ​ Acquisition ​ Land ​ Improvements (2) ​ Costs (3), (5) ​ Amortization (4),(5) ​ Date McDonald Portfolio in Alpharetta, GA ​ 4 ​ ​ — ​ ​ 4,228 ​ ​ 51,135 ​ ​ 55,363 ​ ​ 4,423 ​ ​ 4,228 ​ ​ 55,558 ​ ​ 59,786 ​ ​ (10,120) ​ 12/16/21 McDonald Portfolio in Atlanta, GA ​ 6 ​ ​ — ​ ​ 10,312 ​ ​ 198,390 ​ ​ 208,702 ​ ​ 3,980 ​ ​ 10,312 ​ ​ 202,370 ​ ​ 212,682 ​ ​ (34,639) ​ 12/16/21 McDonald Portfolio in Ellenwood, GA ​ 2 ​ ​ — ​ ​ 4,808 ​ ​ 78,906 ​ ​ 83,714 ​ ​ 1,196 ​ ​ 4,808 ​ ​ 80,102 ​ ​ 84,910 ​ ​ (13,159) ​ 12/16/21 McDonald Portfolio in Savannah, GA ​ 2 ​ ​ — ​ ​ 5,862 ​ ​ 58,807 ​ ​ 64,669 ​ ​ 1,021 ​ ​ 5,467 ​ ​ 60,223 ​ ​ 65,690 ​ ​ (8,896) ​ 12/16/21 Riggs Hill Industrial Center in Jessup, MD ​ 1 ​ ​ — ​ ​ 827 ​ ​ 5,116 ​ ​ 5,943 ​ ​ 94 ​ ​ 827 ​ ​ 5,210 ​ ​ 6,037 ​ ​ (1,293) ​ 12/17/21 Valwood Industrial Center in Carrollton, TX ​ 4 ​ ​ — ​ ​ 12,755 ​ ​ 32,171 ​ ​ 44,926 ​ ​ 1,106 ​ ​ 12,755 ​ ​ 33,277 ​ ​ 46,032 ​ ​ (6,491) ​ 12/17/21 Port Crossing Logistics Center in LaPorte, TX ​ 1 ​ ​ — ​ ​ 2,518 ​ ​ 31,186 ​ ​ 33,704 ​ ​ 163 ​ ​ 2,518 ​ ​ 31,349 ​ ​ 33,867 ​ ​ (3,803) ​ 12/21/21 Hainesport Commerce Center in Hainesport, NJ ​ 1 ​ ​ — ​ ​ 19,042 ​ ​ 116,609 ​ ​ 135,651 ​ ​ 1,127 ​ ​ 19,042 ​ ​ 117,736 ​ ​ 136,778 ​ ​ (12,193) ​ 12/21/21 Beltway Logistics Center in Charlotte, NC ​ 1 ​ ​ — ​ ​ 4,726 ​ ​ 24,550 ​ ​ 29,276 ​ ​ 110 ​ ​ 4,726 ​ ​ 24,660 ​ ​ 29,386 ​ ​ (2,452) ​ 12/22/21 Clackamas Industrial Center in Clackamas, OR ​ 1 ​ ​ — ​ ​ 9,623 ​ ​ 43,864 ​ ​ 53,487 ​ ​ 2,575 ​ ​ 9,623 ​ ​ 46,439 ​ ​ 56,062 ​ ​ (10,942) ​ 12/23/21 Build-to-Core II Logistics Portfolio in Aurora, IL ​ 1 ​ ​ — ​ ​ 3,187 ​ ​ 21,479 ​ ​ 24,666 ​ ​ 374 ​ ​ 3,187 ​ ​ 21,853 ​ ​ 25,040 ​ ​ (2,742) ​ 2/15/22 Build-to-Core II Logistics Portfolio in Avenel, NJ ​ 1 ​ ​ (1) ​ ​ 20,489 ​ ​ 22,727 ​ ​ 43,216 ​ ​ 61 ​ ​ 20,489 ​ ​ 22,788 ​ ​ 43,277 ​ ​ (2,442) ​ 2/15/22 Build-to-Core II Logistics Portfolio in Lakewood, WA ​ 3 ​ ​ (1) ​ ​ 30,833 ​ ​ 155,862 ​ ​ 186,695 ​ ​ 3,079 ​ ​ 30,838 ​ ​ 158,936 ​ ​ 189,774 ​ ​ (17,332) ​ 2/15/22 Build-to-Core II Logistics Portfolio in Mount Prospect, IL ​ 1 ​ ​ — ​ ​ 3,725 ​ ​ 20,688 ​ ​ 24,413 ​ ​ 141 ​ ​ 3,725 ​ ​ 20,829 ​ ​ 24,554 ​ ​ (2,356) ​ 2/15/22 Build-to-Core II Logistics Portfolio in Naperville, IL ​ 1 ​ ​ — ​ ​ 1,951 ​ ​ 16,624 ​ ​ 18,575 ​ ​ 689 ​ ​ 1,951 ​ ​ 17,313 ​ ​ 19,264 ​ ​ (2,122) ​ 2/15/22 Build-to-Core II Logistics Portfolio in Newark, NJ ​ 1 ​ ​ (1) ​ ​ 25,879 ​ ​ 1,634 ​ ​ 27,513 ​ ​ 23,299 ​ ​ 25,879 ​ ​ 24,933 ​ ​ 50,812 ​ ​ (232) ​ 2/15/22, 9/28/23 Build-to-Core II Logistics Portfolio in Schertz, TX ​ 1 ​ ​ — ​ ​ 503 ​ ​ 9,177 ​ ​ 9,680 ​ ​ 608 ​ ​ 503 ​ ​ 9,785 ​ ​ 10,288 ​ ​ (1,427) ​ 2/15/22 Build-to-Core II Logistics Portfolio in Tualatin, OR ​ 1 ​ ​ — ​ ​ 4,231 ​ ​ 27,735 ​ ​ 31,966 ​ ​ (56) ​ ​ 4,102 ​ ​ 27,808 ​ ​ 31,910 ​ ​ (3,291) ​ 2/15/22 Northlake Logistics Crossing in Northlake, TX ​ 2 ​ ​ — ​ ​ 21,569 ​ ​ — ​ ​ 21,569 ​ ​ 123,216 ​ ​ 20,863 ​ ​ 123,922 ​ ​ 144,785 ​ ​ (4,025) ​ 2/17/22, 4/12/23 Tampa Commerce Center in Temple Terrace, FL ​ 1 ​ ​ — ​ ​ 6,270 ​ ​ — ​ ​ 6,270 ​ ​ 25,925 ​ ​ 6,270 ​ ​ 25,925 ​ ​ 32,195 ​ ​ (552) ​ 4/1/22 & 5/25/22, Medley 104 Industrial Center in Medley, FL ​ 1 ​ ​ — ​ ​ 13,436 ​ ​ 42,959 ​ ​ 56,395 ​ ​ 442 ​ ​ 13,436 ​ ​ 43,401 ​ ​ 56,837 ​ ​ (7,629) ​ 4/18/22 IDI U.S. Logistics Portfolio in Buford, GA ​ 1 ​ ​ — ​ ​ 2,962 ​ ​ 18,699 ​ ​ 21,661 ​ ​ 26 ​ ​ 2,962 ​ ​ 18,725 ​ ​ 21,687 ​ ​ (1,692) ​ 4/28/22 IDI U.S. Logistics Portfolio in Channahon, IL ​ 1 ​ ​ — ​ ​ 8,940 ​ ​ 93,938 ​ ​ 102,878 ​ ​ 411 ​ ​ 8,940 ​ ​ 94,349 ​ ​ 103,289 ​ ​ (8,448) ​ 7/6/22 IDI U.S. Logistics Portfolio in Jefferson, GA ​ 1 ​ ​ — ​ ​ 6,798 ​ ​ 84,038 ​ ​ 90,836 ​ ​ 2,384 ​ ​ 6,798 ​ ​ 86,422 ​ ​ 93,220 ​ ​ (10,432) ​ 4/28/22 IDI U.S. Logistics Portfolio in Fort Worth, TX ​ 1 ​ ​ — ​ ​ 4,254 ​ ​ 43,828 ​ ​ 48,082 ​ ​ 36 ​ ​ 4,254 ​ ​ 43,864 ​ ​ 48,118 ​ ​ (4,518) ​ 4/28/22 IDI U.S. Logistics Portfolio in Garland, TX ​ 1 ​ ​ — ​ ​ 4,711 ​ ​ 59,768 ​ ​ 64,479 ​ ​ 11 ​ ​ 4,711 ​ ​ 59,779 ​ ​ 64,490 ​ ​ (6,446) ​ 4/28/22 IDI U.S. Logistics Portfolio in Indianapolis, IN ​ 1 ​ ​ — ​ ​ 5,104 ​ ​ 64,463 ​ ​ 69,567 ​ ​ 1,992 ​ ​ 5,104 ​ ​ 66,455 ​ ​ 71,559 ​ ​ (7,612) ​ 4/28/22 IDI U.S. Logistics Portfolio in Southaven, MS ​ 1 ​ ​ — ​ ​ 2,082 ​ ​ 24,091 ​ ​ 26,173 ​ ​ 110 ​ ​ 2,082 ​ ​ 24,201 ​ ​ 26,283 ​ ​ (2,685) ​ 4/28/22 Chicago Growth Portfolio in Bolingbrook, IL ​ 2 ​ ​ — ​ ​ 2,354 ​ ​ 23,047 ​ ​ 25,401 ​ ​ 225 ​ ​ 2,354 ​ ​ 23,272 ​ ​ 25,626 ​ ​ (4,137) ​ 5/9/22 Chicago Growth Portfolio in Chicago, IL ​ 1 ​ ​ — ​ ​ 3,326 ​ ​ 28,916 ​ ​ 32,242 ​ ​ 938 ​ ​ 3,326 ​ ​ 29,854 ​ ​ 33,180 ​ ​ (5,888) ​ 5/9/22 Chicago Growth Portfolio in Elgin, IL ​ 4 ​ ​ — ​ ​ 4,911 ​ ​ 34,528 ​ ​ 39,439 ​ ​ 1,171 ​ ​ 4,911 ​ ​ 35,699 ​ ​ 40,610 ​ ​ (6,938) ​ 5/9/22 Chicago Growth Portfolio in Lemont, IL ​ 2 ​ ​ — ​ ​ 2,387 ​ ​ 20,750 ​ ​ 23,137 ​ ​ 610 ​ ​ 2,387 ​ ​ 21,360 ​ ​ 23,747 ​ ​ (4,217) ​ 5/9/22 Chicago Growth Portfolio in Libertyville, IL ​ 4 ​ ​ — ​ ​ 4,732 ​ ​ 46,387 ​ ​ 51,119 ​ ​ 1,619 ​ ​ 4,732 ​ ​ 48,006 ​ ​ 52,738 ​ ​ (8,170) ​ 5/9/22 Chicago Growth Portfolio in Romeoville, IL ​ 1 ​ ​ — ​ ​ 1,049 ​ ​ 10,444 ​ ​ 11,493 ​ ​ 230 ​ ​ 1,049 ​ ​ 10,674 ​ ​ 11,723 ​ ​ (2,154) ​ 5/9/22 4 Studebaker Commerce Center in Irvine, CA ​ 1 ​ ​ — ​ ​ 9,334 ​ ​ 24,792 ​ ​ 34,126 ​ ​ 85 ​ ​ 9,334 ​ ​ 24,877 ​ ​ 34,211 ​ ​ (5,020) ​ 5/12/22 Southeast Orlando Portfolio in Kissimmee, FL ​ 1 ​ ​ — ​ ​ — ​ ​ 19,060 ​ ​ 19,060 ​ ​ 1,731 ​ ​ — ​ ​ 20,791 ​ ​ 20,791 ​ ​ (3,557) ​ 5/19/22 Southeast Orlando Portfolio in Orlando, FL ​ 4 ​ ​ — ​ ​ 23,658 ​ ​ 95,988 ​ ​ 119,646 ​ ​ 1,354 ​ ​ 23,658 ​ ​ 97,342 ​ ​ 121,000 ​ ​ (17,518) ​ 5/19/22 I-465 East Logistics Center in Indianapolis, IN ​ 1 ​ ​ — ​ ​ 2,097 ​ ​ 16,826 ​ ​ 18,923 ​ ​ 103 ​ ​ 2,097 ​ ​ 16,929 ​ ​ 19,026 ​ ​ (2,039) ​ 5/26/22 Industry Commerce Center in City of Industry, CA ​ 1 ​ ​ (1) ​ ​ 12,157 ​ ​ 42,597 ​ ​ 54,754 ​ ​ 667 ​ ​ 12,157 ​ ​ 43,264 ​ ​ 55,421 ​ ​ (7,759) ​ 6/2/22 County Line Corporate Park in Hialeah, FL ​ 2 ​ ​ (1) ​ ​ 34,850 ​ ​ 32,993 ​ ​ 67,843 ​ ​ 101,417 ​ ​ 34,850 ​ ​ 134,410 ​ ​ 169,260 ​ ​ (7,342) ​ 6/8/22, 11/7/23 Robbinsville Distribution Center in Robbinsville, NJ ​ - ​ ​ — ​ ​ 364 ​ ​ — ​ ​ 364 ​ ​ 3,714 ​ ​ 1,853 ​ ​ 2,225 ​ ​ 4,078 ​ ​ — ​ 6/10/22 Innovation Corporate Park I & II in New Albany, OH ​ 2 ​ ​ — ​ ​ 5,807 ​ ​ 59,385 ​ ​ 65,192 ​ ​ 252 ​ ​ 5,807 ​ ​ 59,637 ​ ​ 65,444 ​ ​ (6,760) ​ 6/17/22 IDI 2022 National Portfolio in Bolingbrook, IL ​ 2 ​ ​ — ​ ​ 13,054 ​ ​ 95,442 ​ ​ 108,496 ​ ​ 93 ​ ​ 13,054 ​ ​ 95,535 ​ ​ 108,589 ​ ​ (10,465) ​ 6/22/22 IDI 2022 National Portfolio in Mesquite, TX ​ 1 ​ ​ — ​ ​ 2,930 ​ ​ 25,589 ​ ​ 28,519 ​ ​ 760 ​ ​ 2,930 ​ ​ 26,349 ​ ​ 29,279 ​ ​ (2,734) ​ 6/22/22 IDI 2022 National Portfolio in Monroe, OH ​ 1 ​ ​ — ​ ​ 7,309 ​ ​ 42,386 ​ ​ 49,695 ​ ​ 560 ​ ​ 7,309 ​ ​ 42,946 ​ ​ 50,255 ​ ​ (7,562) ​ 6/22/22 IDI 2022 National Portfolio in Olive Branch, MS ​ 2 ​ ​ — ​ ​ 6,983 ​ ​ 55,897 ​ ​ 62,880 ​ ​ 1,626 ​ ​ 6,983 ​ ​ 57,523 ​ ​ 64,506 ​ ​ (7,175) ​ 6/22/22 I-80 Logistics Park in Wayne, NJ ​ 1 ​ ​ — ​ ​ 16,924 ​ ​ 126,636 ​ ​ 143,560 ​ ​ 1,759 ​ ​ 16,924 ​ ​ 128,395 ​ ​ 145,319 ​ ​ (22,324) ​ 6/29/22 Commonwealth Logistics Center in Jacksonville, FL ​ 2 ​ ​ — ​ ​ 8,927 ​ ​ — ​ ​ 8,927 ​ ​ 63,179 ​ ​ 8,927 ​ ​ 63,179 ​ ​ 72,106 ​ ​ (616) ​ 6/30/22, 10/20/23 County Line Corporate Park II in Hileah, FL ​ 3 ​ ​ (1) ​ ​ 36,050 ​ ​ 52,446 ​ ​ 88,496 ​ ​ 26,341 ​ ​ 36,050 ​ ​ 78,787 ​ ​ 114,837 ​ ​ (7,334) ​ 12/28/22, 5/19/23 Bayport 146 Distribution Center in Seabrook, TX ​ 1 ​ ​ (1) ​ ​ 6,289 ​ ​ 43,317 ​ ​ 49,606 ​ ​ 8,131 ​ ​ 6,289 ​ ​ 51,448 ​ ​ 57,737 ​ ​ (2,884) ​ 2/21/23 Runway Distribution Center I and II in San Diego, CA ​ 2 ​ ​ (1) ​ ​ 8,143 ​ ​ 48,849 ​ ​ 56,992 ​ ​ 5,702 ​ ​ 8,143 ​ ​ 54,551 ​ ​ 62,694 ​ ​ (1,069) ​ 7/12/23 Brittmoore Industrial Center in Houston, TX ​ 1 ​ ​ (1) ​ ​ 1,403 ​ ​ 20,885 ​ ​ 22,288 ​ ​ 5,123 ​ ​ 1,403 ​ ​ 26,008 ​ ​ 27,411 ​ ​ (283) ​ 8/16/23 Plainfield Distirbution Center I in Indianapolis, IN ​ 1 ​ ​ — ​ ​ 2,853 ​ ​ 19,539 ​ ​ 22,392 ​ ​ 26 ​ ​ 2,853 ​ ​ 19,565 ​ ​ 22,418 ​ ​ (986) ​ 4/8/24 Plainfield Distribution Center II in Hendricks, IN ​ 1 ​ ​ — ​ ​ 6,864 ​ ​ 51,297 ​ ​ 58,161 ​ ​ 556 ​ ​ 6,864 ​ ​ 51,853 ​ ​ 58,717 ​ ​ (2,216) ​ 4/8/24 Baymeadow Commerce Center in Glen Burnie, MD ​ 1 ​ ​ — ​ ​ 5,113 ​ ​ 13,353 ​ ​ 18,466 ​ ​ 46 ​ ​ 5,113 ​ ​ 13,399 ​ ​ 18,512 ​ ​ (649) ​ 5/9/24 Nashville Logistics Center in Mt. Juliet, TN ​ 1 ​ ​ — ​ ​ 9,383 ​ ​ 44,221 ​ ​ 53,604 ​ ​ 205 ​ ​ 9,383 ​ ​ 44,426 ​ ​ 53,809 ​ ​ (1,729) ​ 6/27/24 Miami Midway Park in Hialeah, FL ​ 4 ​ ​ — ​ ​ 40,889 ​ ​ 105,333 ​ ​ 146,222 ​ ​ 1,220 ​ ​ 40,889 ​ ​ 106,553 ​ ​ 147,442 ​ ​ (669) ​ 10/1/24 Coffee Creek Logistics Center in Sherwood, OR ​ 1 ​ ​ — ​ ​ 3,138 ​ ​ 18,655 ​ ​ 21,793 ​ ​ — ​ ​ 3,138 ​ ​ 18,655 ​ ​ 21,793 ​ ​ (48) ​ 12/16/24 Taunton Distribution Center in Taunton, MA ​ 1 ​ ​ — ​ ​ 7,771 ​ ​ 36,632 ​ ​ 44,403 ​ ​ — ​ ​ 7,771 ​ ​ 36,632 ​ ​ 44,403 ​ ​ (56) ​ 12/20/24 Total ​ 255 ​ $ 2,489,442 ​ $ 1,351,397 ​ $ 5,828,861 ​ $ 7,180,258 ​ $ 580,324 ​ $ 1,346,285 ​ $ 6,414,297 ​ $ 7,760,582 ​ $ (1,020,764) ​ (1) These properties are encumbered by mortgage notes not allocable to specific properties. See “Note 6 to the Consolidated Financial Statements” in Item 8, “Financial Statements and Supplementary Data” for more detail regarding our borrowings. (2) Includes site improvements as well as gross intangible lease assets of $535.2 million. Excludes intangible lease liabilities. (3) As of December 31, 2024, the aggregate cost for U.S. federal income tax purposes of investments in property was $5.7 billion (unaudited). (4) See “Note 2 to the Consolidated Financial Statements” in Item 8, “Financial Statements and Supplementary Data” for details of depreciable lives. (5) A summary of activity for investment in real estate properties is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2024 2023 2022 Investment in real estate properties: ​ ​ ​ Balance at beginning of period ​ $ 7,504,407 ​ $ 7,188,151 ​ $ 5,007,161 Acquisition of properties ​ 365,041 ​ 128,886 ​ 1,929,411 Improvements ​ 97,273 ​ 187,370 ​ 251,579 Disposition of properties ​ ​ (206,139) ​ ​ — ​ ​ — Balance at end of period ​ $ 7,760,582 ​ $ 7,504,407 ​ $ 7,188,151 Accumulated depreciation and amortization: ​ ​ ​ Balance at beginning of period ​ $ (750,429) ​ $ (454,273) ​ $ (186,269) Additions charged to costs and expenses ​ ​ (293,548) ​ ​ (296,156) ​ ​ (268,004) Disposition of properties ​ 23,213 ​ — ​ — Balance at end of period ​ $ (1,020,764) ​ $ (750,429) ​ $ (454,273) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (111,058)	$ (204,674)	$ (308,079)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Assessment, Identification and Management of Material Risks from Cybersecurity Threats We rely on the cybersecurity strategy and policies implemented by Ares, the parent company of our Advisor. Ares’ cybersecurity strategy prioritizes the detection and analysis of and response to known, anticipated or unexpected threats, effective management of security risks and resilience against cyber incidents. Ares’ enterprise-wide cybersecurity program is aligned to the National Institute of Standards and Technology Cybersecurity Framework. Ares’ cybersecurity risk management processes include technical security controls, policy enforcement mechanisms, monitoring systems, tools and related services, which include tools and services from third-party providers, and management oversight to assess, identify and manage risks from cybersecurity threats. Ares has implemented and continues to implement risk-based controls designed to prevent, detect and respond to information security threats and we rely on those controls to help us protect our information, our information systems, and the information of our investors, and other third parties who entrust us with their sensitive information. Ares’ cybersecurity program includes physical, administrative and technical safeguards, as well as plans and procedures designed to help Ares prevent and timely and effectively respond to cybersecurity threats and incidents, including threats or incidents that may impact us, our Advisor or Ares. Ares’ cybersecurity risk management process seeks to monitor cybersecurity vulnerabilities and potential attack vectors, evaluate the potential operational and financial effects of any threat and mitigate such threats. The assessment of cybersecurity threats, including those which may impact us, our Advisor or Ares, is integrated into Ares’ Enterprise Risk Management program, which is overseen by the Ares Enterprise Risk Committee (the “Ares ERC”), as discussed below. In addition, Ares periodically engages with third-party consultants and key vendors to assist it in assessing, enhancing, implementing, and monitoring its cybersecurity risk management programs and responding to incidents. The Ares cybersecurity risk management and awareness programs include periodic identification and testing of vulnerabilities, regular phishing simulations and annual general cybersecurity awareness and data protection training, including for all of the employees of Ares. Ares’ cybersecurity training programs also include annual certification requirements for employees of Ares with respect to certain policies supporting the cybersecurity program including the Information Security and Electronic Communications policy, Data Protection policy and Privacy Policy. Ares undertakes periodic internal security reviews of its information systems and related controls, including systems affecting personal data and the cybersecurity risks of Ares’ and our critical third-party service providers and other partners. Ares also completes periodic external reviews of its cybersecurity program and practices, which include assessments of relevant data protection practices and targeted attack simulations. In the event of a cybersecurity incident impacting us, our Advisor or Ares, Ares has developed an incident response plan that provides guidelines for responding to such an incident and facilitates coordination across multiple operational functions of Ares, including coordinating with the relevant members of our Advisor. The incident response plan includes notification to the applicable members of cybersecurity leadership, including Ares’ Chief Information Security Officer (“CISO”), and, as appropriate, escalation to the full Ares ERC and/or an internal ad-hoc group of senior employees, tasked with helping to manage the cybersecurity incident. Depending on their nature, incidents may also be reported to the audit committee or full board of directors of Ares, as well as to the audit committee of our board of directors and to our full board of directors, if appropriate. Material Impact of Risks from Cybersecurity Threats In the last three fiscal years, we have not experienced a material information security breach incident that has materially affected our business strategy, results of operations or financial conditions. The expenses we have incurred from information security breach incidents have been immaterial, and we are not aware of any cybersecurity risks that are reasonably likely to materially affect our business. However, future incidents could have a material impact on our business strategy, results of operations, or financial condition. For additional discussion of the risks posed by cybersecurity threats, see “Item 1A. Risk Factors—General Risk Factors—Security incidents or cyber-attacks could adversely affect our business by causing a disruption to our operations or the operations of the Advisor, the Dealer Manager, our transfer agent or any other party that provides us with services essential to our operations… which could negatively impact our business, financial condition and operating results.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Ares’ cybersecurity program includes physical, administrative and technical safeguards, as well as plans and procedures designed to help Ares prevent and timely and effectively respond to cybersecurity threats and incidents, including threats or incidents that may impact us, our Advisor or Ares. Ares’ cybersecurity risk management process seeks to monitor cybersecurity vulnerabilities and potential attack vectors, evaluate the potential operational and financial effects of any threat and mitigate such threats. The assessment of cybersecurity threats, including those which may impact us, our Advisor or Ares, is integrated into Ares’ Enterprise Risk Management program, which is overseen by the Ares Enterprise Risk Committee (the “Ares ERC”), as discussed below. In addition, Ares periodically engages with third-party consultants and key vendors to assist it in assessing, enhancing, implementing, and monitoring its cybersecurity risk management programs and responding to incidents. The Ares cybersecurity risk management and awareness programs include periodic identification and testing of vulnerabilities, regular phishing simulations and annual general cybersecurity awareness and data protection training, including for all of the employees of Ares. Ares’ cybersecurity training programs also include annual certification requirements for employees of Ares with respect to certain policies supporting the cybersecurity program including the Information Security and Electronic Communications policy, Data Protection policy and Privacy Policy. Ares undertakes periodic internal security reviews of its information systems and related controls, including systems affecting personal data and the cybersecurity risks of Ares’ and our critical third-party service providers and other partners. Ares also completes periodic external reviews of its cybersecurity program and practices, which include assessments of relevant data protection practices and targeted attack simulations.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Oversight of Cybersecurity Risks Our cybersecurity program is managed by Ares’ dedicated internal cybersecurity team, which is responsible for enterprise-wide cybersecurity strategy, policies, standards, engineering, architecture and processes. The team is led by Ares’ CISO, who has a Master’s degree in Cybersecurity from Brown University and over 25 years of experience advising on and managing risks from cybersecurity threats as well as developing and implementing cybersecurity policies and procedures. The Ares CISO reports cybersecurity updates to the Ares ERC. The Ares ERC is a committee that governs and oversees the Ares Enterprise Risk Program, including cybersecurity. The Ares ERC includes members of Ares’ senior executive management, including its CEO, Co-Presidents, CFO, General Counsel, Global Chief Compliance Officer and Head of Enterprise Risk, who acts as chairperson of the Ares ERC. The Ares ERC, through regular consultation with the Ares internal cybersecurity team and representatives from our Advisor, assesses, discusses, and prioritizes Ares’ approach to high-level risks, mitigating controls, and ongoing cybersecurity efforts. Our audit committee has primary responsibility for oversight and review of guidelines and policies with respect to risk assessment and risk management, including cybersecurity. Periodically, reports are provided to our audit committee as well as our full board of directors, as appropriate, on cybersecurity matters, primarily through presentations by the CISO and the Ares Head of Enterprise Risk. Such reporting includes updates on Ares’ cybersecurity program as it impacts us, the external threat environment, and Ares’ programs to address and mitigate the risks associated with the evolving cybersecurity threat environment. These reports also include updates on our and Ares’ preparedness, prevention, detection, responsiveness, and recovery with respect to cyber incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	audit committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our audit committee has primary responsibility for oversight and review of guidelines and policies with respect to risk assessment and risk management, including cybersecurity. Periodically, reports are provided to our audit committee as well as our full board of directors, as appropriate, on cybersecurity matters, primarily through presentations by the CISO and the Ares Head of Enterprise Risk. Such reporting includes updates on Ares’ cybersecurity program as it impacts us, the external threat environment, and Ares’ programs to address and mitigate the risks associated with the evolving cybersecurity threat environment. These reports also include updates on our and Ares’ preparedness, prevention, detection, responsiveness, and recovery with respect to cyber incidents.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity program is managed by Ares’ dedicated internal cybersecurity team, which is responsible for enterprise-wide cybersecurity strategy, policies, standards, engineering, architecture and processes. The team is led by Ares’ CISO, who has a Master’s degree in Cybersecurity from Brown University and over 25 years of experience advising on and managing risks from cybersecurity threats as well as developing and implementing cybersecurity policies and procedures. The Ares CISO reports cybersecurity updates to the Ares ERC. The Ares ERC is a committee that governs and oversees the Ares Enterprise Risk Program, including cybersecurity. The Ares ERC includes members of Ares’ senior executive management, including its CEO, Co-Presidents, CFO, General Counsel, Global Chief Compliance Officer and Head of Enterprise Risk, who acts as chairperson of the Ares ERC. The Ares ERC, through regular consultation with the Ares internal cybersecurity team and representatives from our Advisor, assesses, discusses, and prioritizes Ares’ approach to high-level risks, mitigating controls, and ongoing cybersecurity efforts.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Ares ERC
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The team is led by Ares’ CISO, who has a Master’s degree in Cybersecurity from Brown University and over 25 years of experience advising on and managing risks from cybersecurity threats as well as developing and implementing cybersecurity policies and procedures.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Ares ERC, through regular consultation with the Ares internal cybersecurity team and representatives from our Advisor, assesses, discusses, and prioritizes Ares’ approach to high-level risks, mitigating controls, and ongoing cybersecurity efforts.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Global macroeconomic conditions, including heightened inflation, changes to fiscal and monetary policy, higher interest rates and challenges in the supply chain, coupled with the conflicts in Ukraine and in the Middle East, have the potential to negatively impact us. These current macroeconomic conditions may continue or aggravate and could cause the United States to experience an economic slowdown or recession. We anticipate our business and operations could be materially adversely affected by a prolonged recession in the United States. In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of AIREIT, the Operating Partnership, and its wholly-owned subsidiaries, as well as amounts related to noncontrolling interests and redeemable noncontrolling interests. See “Noncontrolling Interests” and “Redeemable Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests and redeemable noncontrolling interests. All material intercompany accounts and transactions have been eliminated. We consolidate all entities in which we have a controlling financial interest through majority ownership or voting rights and variable interest entities for which we are the primary beneficiary. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. We are the primary beneficiary of a VIE when we have (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when we control the entity through a majority voting interest or other means. When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments are initially recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions. The Operating Partnership meets the criteria of a VIE as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the agreement of limited partnership of the Operating Partnership (the “Partnership Agreement”), we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements.
Use of Estimates	Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary.
Investment in Real Estate Properties	Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon determination of an asset acquisition, the purchase price of a property is allocated to land, building and improvements, and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. No debt was assumed in connection with our 2024 or 2023 acquisitions. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building, and intangible lease assets on a relative fair value basis. Properties that are probable to be sold are to be designated as “held for sale” on the consolidated balance sheets when certain criteria are met. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. Land, building, building improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest and development fees. Other than the transaction costs associated with the acquisition of a property described above, we do not capitalize any other costs, such as taxes, salaries or other general and administrative expenses. See “Capitalized Interest” below for additional detail. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: ​ ​ ​ ​ Land Not depreciated Building and improvements 5 to 40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options ​ Certain of our investments in real estate are subject to ground leases, for which a lease liability and corresponding right of use asset are recognized. We calculate the amount of the lease liability and right of use asset by taking the present value of the remaining lease payments and adjusting the right of use asset for any existing straight-line ground rent liability and acquired ground lease intangibles. An estimated incremental borrowing rate of a loan with a similar term as the ground lease is used as the discount rate. The lease liability is included as a component of other liabilities, and the related right of use asset is recorded as a component of net investments in real estate properties on our consolidated balance sheets. The amortization of the below-market ground lease is recorded as an adjustment to real estate-related depreciation and amortization on our consolidated statements of operations. Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value.
Investments in Unconsolidated Joint Venture Partnerships	Investments in Unconsolidated Joint Venture Partnerships We hold investments in unconsolidated joint venture partnerships that are accounted for under the equity method of accounting, as we have determined that we have the ability to exercise significant influence but do not have control over the joint venture partnerships. Our i When circumstances indicate there may have been a reduction in the value of an equity investment, we evaluate whether the loss is other than temporary. If we conclude it is other than temporary, an impairment charge is recognized to reflect the equity investment at fair value. No impairment losses were recorded related to our investments in unconsolidated joint venture partnerships for the years ended December 31, 2024, 2023 or 2022. We may earn performance-based incentive fees based on a joint venture’s cumulative returns over a certain time period for which we receive a carried interest. The returns are determined by both the operating performance and real estate valuation of the venture, including highly variable inputs such as capitalization rates, market rents and interest rates. When the criteria have been met for recognition at the joint venture partnership, carried interests are recognized as additional equity in income from unconsolidated joint venture partnerships on the consolidated statements of operations. During the year ended December 31, 2024, we recognized $4.5 million of performance-based incentive fees from our investments in unconsolidated joint venture partnerships. We did not recognize any incentive fees during the years ended December 31, 2023 or 2022. See “Note 4” for additional information regarding our investments in unconsolidated joint venture partnerships.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk.
Restricted Cash	Restricted Cash Restricted cash consists of lender, insurance and property-related escrow accounts and utility deposits.
Derivative Instruments	Derivative Instruments Our derivative instruments are used to manage exposure to variability in expected future interest payments and are recorded at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. For derivative instruments that are not designated and do not qualify as hedges, we present changes in the fair value as a component of gain (loss) on derivative instruments on the consolidated statements of operations. We do not use derivative instruments for trading or speculative purposes.
Debt-Related Investments	Debt-Related Investments Our debt-related investments consist of floating-rate senior loans secured by real estate, which we acquire for investment purposes. We elect the fair value option for our debt-related investments and as such, the investments are carried at fair value. These assets are valued on a recurring basis and any unrealized gains and losses will be recorded as a component of other income and expenses on our consolidated statements of operations. Upfront fees and origination costs related to our debt-related investments for which the fair value option is elected are recognized in earnings as incurred and not deferred. Such items are recorded as components of debt-related income on our consolidated statements of operations. Interest income is recorded on an accrual basis and is recorded as a component of debt-related income.
Available-for-Sale Debt Securities	Available-for-Sale Debt Securities We acquire debt securities that are collateralized by mortgages on commercial real estate properties primarily for cash management and investment purposes. On the acquisition date, we designate investments in commercial real estate debt securities as available-for-sale. Investments in debt securities that are classified as available-for-sale are carried at fair value. These assets are valued on a recurring basis and any unrealized holding gains and losses other than those associated with a credit loss are recorded each period in other comprehensive income. As applicable, available-for-sale debt securities that are in an unrealized loss position are evaluated quarterly on an individual security basis to determine whether a credit loss exists. In the assessment, we consider the extent of the difference between fair value and amortized cost, changes in credit rating, and any other adverse factors directly impacting the security. If we determine a credit loss exists, the extent of the credit loss is recognized in the consolidated statements of operations and any additional loss not attributable to credit loss is recognized in other comprehensive income. There was no credit loss recognized during the years ended December 31, 2024, 2023 or 2022. Available-for-sale debt securities will be on non-accrual status at the earlier of (i) principal or interest payments becoming 90 days past due or (ii) when management’s determination that there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the debt security is placed on non-accrual status. Interest payments received on non-accrual securities may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the debt security based on the facts and circumstances regarding the payment received. Non-accrual debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. There were no securities on non-accrual status as of December 31, 2024 or 2023.
DST Program	DST Program We have a program to raise capital through private placement offerings by selling beneficial interests (the “DST Interests”) in specific Delaware statutory trusts (each, a “DST” or multiple “DSTs”) 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 (each, a “DST Property” and collectively, the “DST Properties”). DST Properties may be sourced from properties currently owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are leased-back by a wholly owned subsidiary of the Operating Partnership on a long-term basis. These master lease agreements are fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the DSTs from the investors at a later time in exchange for OP Units , cash or a combination of OP Units and cash. This results in a failed sale and leaseback transaction for accounting purposes. Therefore, we record DST Interests as financing obligation liabilities and the associated property and its operations remain fully consolidated. If we exercise our option to reacquire a DST Property by settling in cash or issuing OP units in exchange for DST Interests, we extinguish the financing obligation liability and record the settlement of cash or the issuance of the OP Units as an issuance of equity. Rental payments made to the DSTs pursuant to the master lease agreements are accounted for as interest expense related to the financing obligation liability. For DST Program offerings for which the fair value option has not been elected, increases in the fair value of the repurchase option are recognized as interest expense ratably through the estimated period in which the repurchase option is expected to be exercised, resulting in a corresponding accretion of the financial obligation liability balance. Decreases in fair value of the repurchase option below the initial financing obligation liability balance are not recognized unless the repurchase option is exercised, at which point a gain on extinguishment of debt would be recognized for the difference between the financing obligation liability balance and value of OP Units issued. All upfront costs incurred for services provided by the Advisor and its affiliates related to the DST Program offerings for which the fair value option has not been elected are accounted for as deferred financing costs and are netted against the financing obligation liability. For DST Program offerings commencing on or after September 1, 2023, we have elected the fair value option for the associated financing obligations and as such, they will be carried at fair value. These liabilities are valued on a recurring basis and any unrealized gains and losses will be recorded in unrealized gain (loss) on financing obligations on our consolidated statements of operations. Costs incurred for services provided by the Advisor and its affiliates related to our DST Program offerings for which the fair value option has been elected are recognized in earnings as incurred. 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. We include our investments in DST Program Loans separately on our balance sheets in the DST Program Loans line item and we include income earned from DST Program Loans in other income and expenses on our consolidated statements of operations. For DST Program offerings commencing on or after September 1, 2023, we have elected the fair value option for the associated DST Program Loans and as such, they will be carried at fair value. These assets are valued on a recurring basis and any unrealized gains and losses will be recorded as a component of other income and expenses on our consolidated statements of operations. For all DST Program Loans related to DST Program offerings for which the fair value option has not been elected, these instruments are carried at amortized cost. Credit loss reserves associated with our DST Program Loans for which the fair value option has not been elected were immaterial as of and for the years ended December 31, 2024, 2023 and 2022.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs include: (i) debt issuance costs incurred to obtain long-term financing and cash flow hedges; and (ii) financing costs associated with financing obligations for DST Program offerings for which we have not elected the fair value option. These costs are amortized to interest expense over the expected terms of the related credit facilities or financing obligations. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. Accumulated amortization of debt issuance costs was approximately $32.1 million and $20.5 million as of December 31, 2024 and 2023, respectively. Our interest expense for the years ended December 31, 2024, 2023 and 2022 included $10.8 million, $8.6 million and $7.1 million, respectively, of amortization of debt issuance costs. Accumulated amortization of financing costs associated with financing obligations was approximately $1.4 million and $2.4 million as of December 31, 2024 and 2023, respectively. Our interest expense for the years ended December 31, 2024, 2023 and 2022 included $2.9 million, $2.2 million, and $0.8 million, respectively, of amortization of financing costs and expensed financing costs associated with financing obligations.
Capitalized Interest	Capitalized Interest We capitalize interest as a cost of development on value-add buildings. Capitalization of interest for a particular asset begins when activities necessary to get the asset ready for its intended use are in progress and when interest costs have been incurred. Capitalization of interest ceases when the project is substantially complete and ready for occupancy. For the years ended December 31, 2024, 2023 and 2022, approximately $12.5 million, $20.1 million and $7.3 million of interest was capitalized, respectively.
Distribution Fees	Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T-R shares, Class D-R shares, Class S-PR shares, Class D-PR shares and OP Units. As of the balance sheet date, we accrue for: (i) the monthly amount payable and (ii) the estimated amount of distribution fees that we may pay in future periods. The accrued distribution fees for Class T-R shares, Class D-R shares, Class S-PR shares and Class D-PR shares are reflected in additional paid-in capital in stockholders’ equity and the accrued distribution fees for OP Units are reflected in noncontrolling interests. See “Note 12” for additional information regarding when distribution fees become payable.
Noncontrolling Interests	Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The limited partner interests not owned by us are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. Transactions that change our ownership interest in the Operating Partnership are accounted for as equity transactions if we retain our controlling financial interest in the Operating Partnership. Therefore, we adjust the net equity balances in the Operating Partnership to reflect the changes in ownership of the Operating Partnership between us and the other limited partners. These adjustments are based on the respective ownership at the end of each period and are reflected as a reallocation between additional paid-in capital and accumulated other comprehensive income within stockholders’ equity and noncontrolling interests within our equity section on our consolidated balance sheets and our consolidated statements of equity. Noncontrolling interests also represent the portion of equity in Subsidiary REITs, that we do not own. Such noncontrolling interests are equity instruments presented in the consolidated balance sheet as noncontrolling interests within permanent equity. See “Note 15” for additional information regarding the Subsidiary REITs.
Reclassifications	Reclassifications Certain items in our consolidated balance sheets as of December 31, 2023 and our consolidated statements of operations, statements of cash flows and Item 15, “Schedule III – Real Estate and Accumulated Depreciation” for the years ended December 31, 2023 and 2022 have been reclassified to conform to the 2024 presentation.
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interests The Operating Partnership issued units in the Operating Partnership (“OP Units”) to the Advisor and BCI IV Advisors Group LLC (the “Former Sponsor”) as payment for the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the advisory agreement. The Former Sponsor held, either directly or indirectly, OP Units, and subsequent to the Transaction (as defined in “Note 12”), the Former Sponsor transferred these OP Units to its members or their affiliates. We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the consolidated balance sheets due to the fact that, as defined in the Partnership Agreement, the limited partners who hold these OP Units generally have the ability to request transfer or redeem their OP Units at any time irrespective of the period that they have held such OP Units, and the Operating Partnership is required to satisfy such redemption for cash unless such cash redemption would be prohibited by applicable law or the Partnership Agreement, in which case such OP Units will be redeemed for shares of our common stock of the class corresponding to the class of such OP Units. The redeemable noncontrolling interests are recorded at the greater of the carrying amount, adjusted for the share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. See “Note 10” for additional information regarding redeemable noncontrolling interests.
Revenue Recognition	Revenue Recognition When a lease is entered into, we first determine if the collectability from the customer is probable. If the collectability is not probable we recognize revenue when the payment has been received. If the collectability is determined to be probable we record rental revenue on a straight-line basis over the lease term. Revenues associated with operating expense recoveries are recognized in the period in which the expenses are incurred based upon the tenant lease provisions, in accordance with FASB ASC Topic 842, Leases. Certain properties have leases that offer the customer a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, we record receivables from customers for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. Management analyzes accounts receivable by considering customer creditworthiness, current economic trends, customers’ businesses, and customers’ ability to make payments on time and in full when evaluating the adequacy of the allowance for doubtful accounts receivable. We evaluate collectability from our customers on an ongoing basis. If the assessment of collectability changes during the lease term, any difference between the revenue that would have been recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When we acquire a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of each of December 31, 2024 and December 31, 2023, we had a $1.6 million allowance for doubtful accounts. These amounts are included in our other assets on the consolidated balance sheets. In connection with property acquisitions, we may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. Upon disposition of a real estate asset, we will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses. Debt-related income is accrued based on the outstanding principal amount and the contractual terms of each debt-related investment or debt security. For available-for-sale debt securities, premiums or discounts are amortized or accreted into interest income as a yield adjustment using the effective interest method.
Organization and Offering Expenses	Organization and Offering Expenses Organization costs are expensed as incurred and offering expenses associated with our securities offerings are recorded as a reduction of gross offering proceeds in additional paid-in capital. See “Note 12” for additional information regarding organization and offering expenses.
Income Taxes	Income Taxes As a REIT, we generally are not subject to U.S. federal income taxes on net income we distribute to stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate tax rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and U.S. federal income and excise taxes on our undistributed income or from the operations of our taxable REIT subsidiary.
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic net income (loss) per common share is determined by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of OP Units. See “Note 13” for additional information regarding net income (loss) per share.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. We believe this risk is mitigated by investing our cash with high-credit quality financial institutions. As our revenues predominantly consist of rental payments, we are dependent on our customers for our source of revenues. Concentration of credit risk arises when our source of revenue is highly concentrated from certain of our customers. As of December 31, 2024, no customers represented more than 10.0% of our total annualized base rent of our properties.
Fair Value Measurements	Fair Value Measurements Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: ● Quoted prices for similar assets/liabilities in active markets; ● Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); ● Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and ● Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards Effective November 27, 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances disclosure requirements to segment reporting. ASU No. 2023-07 will improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis to develop more useful financial analysis and includes the following changes: (i) single segment entities must follow segment guidance, (ii) must name the title and position of the chief operating decision maker and (iii) the ability to elect more than one performance measure. ASU No. 2023-07 does not change how a public entity identifies its operating segments, aggregates those operating segments, or applies quantitative thresholds to determine its reportable segments. ASU No. 2023-07 is effective beginning in annual periods after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We adopted this standard as of the annual reporting period beginning January 1, 2024. See “Note 17” for more information. Recently Issued Accounting Standards In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses, which is intended to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion) included in expense captions on the statements of operations. ASU No. 2024-03 is effective on a prospective basis, with the option for retrospective application, for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently assessing this guidance and determining the impact on our consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Property, Plant and Equipment	Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: ​ ​ ​ ​ Land Not depreciated Building and improvements 5 to 40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options

INVESTMENTS IN REAL ESTATE PR_2

INVESTMENTS IN REAL ESTATE PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2024
INVESTMENTS IN REAL ESTATE PROPERTIES [Abstract]
Schedule of Consolidated Investments in Real Estate Properties	As of December 31, 2024 and 2023, our consolidated investment in real estate properties consisted of 255 and 256 industrial buildings, respectively. Additionally, investment in real estate properties included one building in the pre-construction phase as of December 31, 2024 and two buildings that were either under construction or in the pre-construction phase as of December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (in thousands) 2024 2023 Land ​ $ 1,346,285 ​ $ 1,300,059 Building and improvements (1) ​ 5,822,340 ​ 5,486,636 Intangible lease assets ​ 535,210 ​ 498,053 Construction in progress ​ 56,747 ​ 219,659 Investment in real estate properties ​ 7,760,582 ​ 7,504,407 Less accumulated depreciation and amortization ​ (1,020,764) ​ (750,429) Net investment in real estate properties ​ $ 6,739,818 ​ $ 6,753,978 (1) Includes site improvements. ​
Schedule of Asset Acquisitions	During the years ended December 31, 2024 and 2023, we acquired 100% of the following properties, which were determined to be asset acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Total Purchase ($ in thousands) ​ Acquisition Date ​ Buildings ​ Price (1) 2024 Acquisitions: ​ Plainfield Distribution Center I&II ​ 4/8/2024 ​ 2 ​ $ 78,087 Baymeadow Commerce Center ​ 5/9/2024 ​ 1 ​ ​ 18,051 Nashville Logistics Center ​ 6/27/2024 ​ 1 ​ ​ 52,811 Miami Midway Park ​ 10/1/2024 ​ 4 ​ ​ 144,831 Coffee Creek Logistics Center ​ 12/16/2024 ​ 1 ​ ​ 21,252 Taunton Distribution Center ​ 12/20/2024 ​ 1 ​ ​ 44,404 Total Acquisitions ​ ​ ​ 10 ​ $ 359,436 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Total Purchase ($ in thousands) Acquisition Date ​ Buildings ​ Price (1) 2023 Acquisitions: ​ ​ ​ ​ ​ ​ ​ Bayport 146 Distribution Center ​ 2/21/2023 ​ 1 ​ $ 49,606 Runway Distribution Center I & II ​ 7/12/2023 ​ 2 ​ ​ 56,992 Brittmoore Industrial Center ​ 8/16/2023 ​ 1 ​ ​ 22,288 Total Acquisitions ​ ​ ​ 4 ​ $ 128,886 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2024 and 2023 acquisitions.
Allocation of Purchase Price of Acquisitions	During the years ended December 31, 2024 and 2023, we allocated the purchase price of our acquisitions to land, building and improvements, and intangible lease assets and liabilities as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2024 ​ ​ 2023 Land ​ $ 76,011 ​ $ 15,835 Building and improvements (1) ​ 263,587 ​ 113,051 Intangible lease assets ​ 24,983 ​ — Above-market lease assets ​ 460 ​ — Below-market lease liabilities ​ (5,605) ​ — Total purchase price (2) ​ $ 359,436 ​ $ 128,886 (1) Includes site improvements. (2) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2024 and 2023 acquisitions.
Schedule of Intangible Lease Assets and Liabilities	Intangible lease assets and liabilities as of December 31, 2024 and 2023 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2024 ​ As of December 31, 2023 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) ​ $ 522,421 ​ $ (307,499) ​ $ 214,922 ​ $ 485,184 ​ $ (243,878) ​ $ 241,306 Above-market lease assets (1) ​ 12,789 ​ (7,353) ​ 5,436 ​ 12,869 ​ (5,916) ​ 6,953 Below-market lease liabilities ​ (134,362) ​ 72,955 ​ (61,407) ​ (129,823) ​ 54,682 ​ (75,141) (1) Included in net investment in real estate properties on the consolidated balance sheets.
Estimated Net Amortization of Intangible Lease Assets and Liabilities	The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2024, for the next five years and thereafter: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Net Amortization ​ ​ Intangible ​ Above-Market ​ Below-Market (in thousands) Lease Assets Lease Assets Lease Liabilities Year 1 ​ $ 58,130 ​ $ 1,573 ​ $ (14,866) Year 2 ​ ​ 42,997 ​ ​ 1,307 ​ ​ (10,791) Year 3 ​ ​ 31,412 ​ ​ 847 ​ ​ (8,441) Year 4 ​ 22,417 ​ 522 ​ (6,037) Year 5 ​ ​ 16,213 ​ ​ 434 ​ ​ (4,887) Thereafter ​ 43,753 ​ 753 ​ (16,385) Total ​ $ 214,922 ​ $ 5,436 ​ $ (61,407)
Future Minimum Rent	Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our customers under the terms of non-cancelable operating leases in effect as of December 31, 2024 were as follows for the next five years and thereafter: ​ ​ ​ ​ ​ ​ As of (in thousands) December 31, 2024 Year 1 ​ $ 366,113 Year 2 ​ 326,851 Year 3 ​ 276,410 Year 4 ​ 219,315 Year 5 ​ 161,252 Thereafter ​ 388,341 Total ​ $ 1,738,282
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 Year Ended December 31, (in thousands) 2024 2023 2022 Increase (Decrease) to Rental Revenue: ​ ​ ​ Straight-line rent adjustments ​ ​ $ 15,583 ​ $ 16,190 ​ $ 16,682 Above-market lease amortization ​ ​ (1,676) ​ (2,044) ​ (2,034) Below-market lease amortization ​ ​ 18,786 ​ 22,257 ​ 19,800 Real Estate-Related Depreciation and Amortization: ​ ​ ​ ​ ​ Depreciation expense ​ ​ $ 221,556 ​ $ 208,991 ​ $ 181,214 Intangible lease asset amortization ​ ​ 70,316 ​ 85,120 ​ 84,756 ​

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Tables)	12 Months Ended
	Dec. 31, 2024
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS [Abstract]
Schedule of Investments in Unconsolidated Joint Venture Partnerships	The following table summarizes our investments in unconsolidated joint venture partnerships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ Investments in Unconsolidated ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ Joint Venture Partnerships as of ​ Ownership ​ Number of Ownership ​ Number of ​ December 31, ​ December 31, ($ in thousands) ​ Percentage ​ Buildings (1) ​ Percentage ​ Buildings (1) ​ ​ 2024 ​ ​ 2023 BTC II B Partnership 8.0 % ​ 1 ​ 8.0 % ​ 2 ​ $ 23,433 ​ $ 20,511 QR III Partnership 8.0 % ​ — ​ n/a ​ ​ n/a ​ ​ 93 ​ ​ n/a Total JV Partnerships ​ ​ ​ 1 ​ ​ ​ ​ 2 ​ $ 23,526 ​ $ 20,511 (1) Represents acquired or completed buildings. As of both December 31, 2024 and 2023, the BTC II B Partnership also owned three industrial buildings that were either under construction or in the pre-construction phase.

INVESTMENTS IN REAL ESTATE DE_2

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2024
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES [Abstract]
Summary of Debt Related Investments	The following table summarizes our debt-related investments as of December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ As of December 31, 2024 ​ Loan Type ​ Property Type ​ Location ​ Origination Date ​ Total Current Commitment ​ Outstanding Principal ​ Fair Value ​ Interest Rate ​ Maturity Date (1) ​ Senior ​ Industrial ​ TX ​ Jul 2023 ​ $ 60,860 ​ $ 59,736 ​ $ 59,736 ​ ​ 8.18 % ​ Aug 2025 ​ Senior ​ Industrial ​ NY ​ Aug 2023 ​ ​ 113,910 ​ ​ 103,418 ​ ​ 103,418 ​ ​ 7.83 ​ ​ Sep 2026 ​ Senior ​ Industrial ​ TX ​ Jan 2024 ​ ​ 36,404 ​ ​ 27,975 ​ ​ 27,975 ​ ​ 9.08 ​ ​ Feb 2027 ​ Senior ​ Industrial ​ NC ​ Apr 2024 ​ ​ 38,350 ​ ​ 37,000 ​ ​ 37,000 ​ ​ 7.50 ​ ​ Apr 2027 ​ Senior ​ Industrial ​ VA ​ Aug 2024 ​ ​ 113,076 ​ ​ 43,526 ​ ​ 43,526 ​ ​ 9.83 ​ ​ Sep 2028 ​ Senior ​ Industrial ​ TX ​ Sep 2024 ​ ​ 115,100 ​ ​ 71,947 ​ ​ 71,947 ​ ​ 8.13 ​ ​ Oct 2026 ​ Senior ​ Industrial ​ NJ ​ Nov 2024 ​ ​ 135,827 ​ ​ 45,060 ​ ​ 45,060 ​ ​ 8.18 ​ ​ Nov 2027 ​ ​ ​ ​ ​ ​ ​ Total / weighted-average ​ $ 613,527 ​ $ 388,662 ​ $ 388,662 ​ ​ 8.26 % ​ ​ (1) The weighted-average remaining term of our debt-related investments was approximately 2.0 years as of December 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 Current Commitment ​ Outstanding Principal ​ Fair Value ​ Interest Rate ​ Maturity Date (1) Senior ​ Industrial ​ TX ​ Jul 2023 ​ $ 60,860 ​ $ 29,700 ​ $ 29,700 ​ ​ 9.21 % ​ Aug 2025 Senior ​ Industrial ​ NY ​ Aug 2023 ​ ​ 113,910 ​ ​ 99,423 ​ ​ 99,423 ​ ​ 8.86 ​ ​ Sep 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 2.5 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 December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Face Amount (1) ​ Amortized Cost ​ Unamortized Discount ​ Unrealized Gain, Net (2) ​ Fair Value As of December 31, 2024 ​ $ 139,488 ​ $ 137,757 ​ $ 1,731 ​ $ 1,655 ​ $ 139,412 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)	12 Months Ended
	Dec. 31, 2024
DEBT [Abstract]
Schedule of Debt	A summary of our debt is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average Effective ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate as of ​ ​ ​ Balance as of ​ December 31, December 31, ​ December 31, December 31, ($ in thousands) ​ 2024 ​ 2023 ​ Maturity Date ​ 2024 ​ 2023 Line of credit (1) 5.36 % 6.20 % March 2025 ​ $ 573,000 ​ $ 570,000 Term loan (2) 3.85 3.35 March 2027 ​ 550,000 ​ 550,000 Term loan (3) ​ 3.62 ​ 3.42 ​ May 2026 ​ ​ 600,000 ​ ​ 600,000 Fixed-rate mortgage notes (4) 4.02 3.58 July 2025 - ​ 1,162,720 ​ 996,720 Floating-rate mortgage notes (5) ​ 5.29 ​ 4.48 ​ July 2025 - ​ ​ 1,326,722 ​ ​ 725,605 Total principal amount / weighted-average (6) 4.52 % 4.17 % ​ ​ $ 4,212,442 ​ $ 3,442,325 Less unamortized debt issuance costs ​ ​ ​ ​ ​ ​ ​ (29,040) ​ ​ (21,359) Add unamortized mark-to-market adjustment on assumed debt ​ ​ ​ ​ ​ ​ 78 ​ 215 Total debt, net ​ ​ ​ ​ ​ ​ $ 4,183,480 ​ $ 3,421,181 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ $ 3,868,817 ​ $ 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. The line of credit is available for general corporate purposes including, but not limited to, our acquisition and operation of permitted investments. As of December 31, 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 $427.0 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 $300.0 million of borrowings and interest rate cap agreements on $250.0 million of borrowings under the term loan. As of December 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 December 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 6.09% , including the effect of an interest rate swap agreement that fixes Term SOFR for $367.8 million of borrowings. As of December 31, 2024, borrowings under the $222.3 million mortgage note amounted to $204.0 million. 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, a $129.1 million mortgage note, and a $590.0 million mortgage note. As of December 31, 2024, borrowings under the $129.1 million mortgage note amounted to $119.5 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 interest rate cap agreements. 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. The effective interest rate of the $590.0 million mortgage note is calculated based on Term SOFR plus a margin of 2.33% , including the effects of an interest rate cap agreement. (6) The weighted-average remaining term of our consolidated debt was approximately 1.6 years as of December 31, 2024, excluding any extension options on the line of credit and certain of our mortgage notes.
Schedule of Maturities of Long-term Debt	As of December 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 2025 $ 573,000 ​ $ — ​ $ 577,080 ​ $ 1,150,080 2026 ​ — ​ 600,000 ​ 1,117,472 ​ 1,717,472 2027 ​ — ​ 550,000 ​ 333,750 ​ 883,750 2028 ​ — ​ — ​ — ​ — 2029 ​ — ​ — ​ ​ 461,140 ​ 461,140 Thereafter ​ — ​ — ​ — ​ — Total principal payments ​ $ 573,000 ​ $ 1,150,000 ​ $ 2,489,442 ​ $ 4,212,442 (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, the term of our $209.3 million mortgage note that matures in July 2025 and the term of our $408.0 million mortgage note that matures in January 2026 may each be extended pursuant to a one-year extension option , subject to certain conditions. Our $367.8 million mortgage note that matures in July 2025 and our $129.1 million mortgage note that matures in October 2026 may each be extended pursuant to two one-year extension options, subject to certain conditions. Our $590.0 million mortgage note that matures in July 2026 may be extended pursuant to three one-year extension options, subject to certain conditions. Additionally, the term of one of our fixed-rate mortgage notes with commitments of $222.3 million that matures in May 2027 may be extended pursuant to two one-year extension options, subject to certain conditions.
Schedule of Derivative Instruments	The following table summarizes the location and fair value of the derivative instruments on our consolidated balance sheets as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Current Notional Balance Sheet Fair ($ in thousands) ​ Contracts ​ Amount ​ Location ​ Value As of December 31, 2024 ​ ​ Interest rate swaps designated as cash flow hedges 12 ​ $ 1,192,830 Derivative instruments ​ $ 38,517 Interest rate caps not designated as cash flow hedges ​ 4 ​ ​ 537,110 ​ Derivative instruments ​ ​ 9,796 Interest rate caps designated as cash flow hedges ​ 10 ​ ​ 1,274,250 ​ Derivative instruments ​ ​ 21,426 Total derivative instruments ​ 26 ​ $ 3,004,190 ​ ​ ​ $ 69,739 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 consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2024 2023 ​ 2022 Derivative Instruments Designated as Cash Flow Hedges ​ ​ ​ ​ Gain recognized in AOCI ​ $ 36,713 ​ $ 9,000 ​ $ 73,592 Amount reclassified from AOCI as a decrease into interest expense ​ (38,329) ​ (44,625) ​ (5,251) Total interest expense presented in the consolidated statements of operations in which the effects of the cash flow hedges are recorded ​ (259,302) ​ (190,382) ​ (150,824) Derivative Instruments Not Designated as Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized (loss) gain on derivative instruments recognized in other income (expenses) (1) ​ $ (15,302) ​ $ (13,677) ​ $ 25,176 Realized gain on derivative instruments recognized in other income (expenses) (2) ​ ​ 17,590 ​ ​ 18,801 ​ ​ 3,452 ​ (1) Unrealized (loss) gain on changes in fair value of derivative instruments relates to mark-to-market changes on our derivatives not designated as cash flow hedges. (2) Realized gain on derivative instruments relates to interim settlements for our derivatives not designated as cash flow hedges .

DST PROGRAM (Tables)

DST PROGRAM (Tables)	12 Months Ended
	Dec. 31, 2024
DST PROGRAM [Abstract]
Schedule of DST Program Loans	The following table summarizes our DST Program Loans as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ Unrealized ​ ​ ​ ​ Weighted-Average ​ ​ Weighted-Average ($ in thousands) ​ Principal ​ Loss, Net (1) ​ Book Value ​ Interest Rate ​ ​ Remaining Life (Years) As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans, carried at cost ​ $ 89,223 ​ $ N/A ​ $ 89,223 ​ ​ 5.86 % ​ ​ 8.17 DST Program Loans, carried at fair value ​ ​ 13,892 ​ ​ — ​ ​ 13,892 ​ ​ 6.72 ​ ​ ​ 9.29 Total ​ $ 103,115 ​ $ — ​ $ 103,115 ​ ​ 5.98 % ​ ​ 8.32 As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans, carried at cost ​ $ 200,276 ​ $ N/A ​ $ 200,276 ​ ​ 4.98 % ​ ​ 7.42 DST Program Loans, carried at fair value ​ ​ 2,439 ​ ​ — ​ ​ 2,439 ​ ​ 6.27 ​ ​ ​ 10.00 Total ​ $ 202,715 ​ $ 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 December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST ​ Unamortized ​ Total ​ Unrealized ​ ​ ​ ($ in thousands) ​ Interests Sold (1) ​ Program Costs ​ Appreciation (2) ​ Gain, Net (3) ​ ​ Book Value As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations, carried at cost ​ $ 636,450 ​ $ (590) ​ $ — ​ $ N/A ​ ​ $ 635,860 Financing obligations, carried at fair value ​ ​ 240,355 ​ ​ N/A ​ ​ N/A ​ ​ (373) ​ ​ ​ 239,982 Total ​ $ 876,805 ​ $ (590) ​ $ — ​ $ (373) ​ ​ $ 875,842 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 years ended December 31, 2024, 2023, and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2024 ​ 2023 ​ 2022 DST Interests sold ​ $ 156,382 ​ $ 416,507 ​ $ 768,639 DST Interests financed by DST Program Loans ​ ​ 11,453 ​ ​ 52,542 ​ ​ 84,798 Unrealized gain on financing obligations ​ ​ 194 ​ ​ — ​ ​ — Income earned from DST Program Loans (1) ​ ​ 7,818 ​ ​ 8,884 ​ ​ 4,811 Gain on extinguishment of financing obligations ​ ​ 31,250 ​ ​ — ​ ​ — (Decrease) increase in financing obligation liability appreciation (2) ​ ​ (6,664) ​ ​ (12,303) ​ ​ 26,568 Rent obligation incurred under master lease agreements (2) ​ ​ 56,235 ​ ​ 67,324 ​ ​ 41,702 (1) Included in other income and expenses on the consolidated statements of operations. (2) Included in interest expense on the consolidated statements of operations.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2024
FAIR VALUE [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 December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of December 31, 2024 ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 69,739 ​ $ — ​ $ 69,739 Available-for-sale debt securities ​ ​ — ​ ​ 139,412 ​ ​ — ​ ​ 139,412 Debt-related investments ​ ​ — ​ ​ — ​ ​ 388,662 ​ ​ 388,662 DST Program Loans ​ ​ — ​ ​ — ​ ​ 13,892 ​ ​ 13,892 Total assets measured at fair value ​ $ — ​ $ 209,151 ​ $ 402,554 ​ $ 611,705 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations ​ $ — ​ $ — ​ $ 239,982 ​ $ 239,982 Total liabilities measured at fair value ​ $ — ​ $ — ​ $ 239,982 ​ $ 239,982 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, 2022 ​ $ — ​ $ — ​ $ — Purchases and contributions ​ ​ 2,439 ​ ​ 128,797 ​ ​ 131,236 Paid-in-kind interest ​ ​ — ​ ​ 326 ​ ​ 326 Balance as of December 31, 2023 ​ $ 2,439 ​ $ 129,123 ​ $ 131,562 Purchases and contributions ​ ​ 11,453 ​ ​ 275,628 ​ ​ 287,081 Repayments ​ ​ — ​ ​ (23,326) ​ ​ (23,326) Unrealized loss on financial assets ​ ​ — ​ ​ — ​ ​ — Paid-in-kind interest ​ ​ — ​ ​ 7,237 ​ ​ 7,237 Balance as of December 31, 2024 ​ $ 13,892 ​ $ 388,662 ​ $ 402,554
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, 2022 ​ $ — DST Interests sold, net of upfront fees ​ ​ 87,324 Unrealized gain on financing obligations ​ ​ (179) Balance as of December 31, 2023 ​ $ 87,145 DST Interests sold, net of upfront fees ​ ​ 153,031 Unrealized gain on financing obligations ​ ​ (194) Balance as of December 31, 2024 ​ $ 239,982
Schedule of Quantitative Inputs and Assumptions	The following table presents the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Fair Value ​ Valuation Technique ​ Unobservable Inputs ​ Impact to Valuation from an Increase to Input Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt-related investments ​ $ 388,662 ​ Yield Method ​ Market Yield ​ Decrease DST Program Loans ​ ​ 13,892 ​ Yield Method ​ Market Yield ​ Decrease Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations ​ $ 239,982 ​ 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	The carrying values and fair values of these financial instruments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 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 ​ $ 89,223 ​ $ 88,973 ​ $ 200,276 ​ $ 196,715 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line of credit ​ 3 ​ $ 573,000 ​ $ 573,000 ​ $ 570,000 ​ $ 570,000 Term loans ​ 3 ​ 1,150,000 ​ 1,150,000 ​ 1,150,000 ​ 1,150,000 Mortgage notes ​ 3 ​ 2,489,442 ​ 2,419,471 ​ 1,722,325 ​ 1,647,660 Secured financings on investments in real estate debt securities ​ 3 ​ 104,630 ​ 104,630 ​ 42,298 ​ 42,298 (1) The estimate of fair value of DST Program Loans, line of credit, term loans, mortgage notes and secured financings on investments in real estate debt securities takes into consideration various factors including current market rates and conditions and similar agreements with comparable loan-to-value ratios and credit profiles, as applicable. Debt instruments with near-term maturities are generally valued at par. (2) The carrying value reflects the principal amount outstanding. (3) Comprised of instruments for which we have not elected the fair value option and do not record at fair value on the consolidated balance sheets.

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2024
EQUITY [Abstract]
Summary of Common Stock Authorized, Issued and Outstanding	The following table describes the number of shares of each class of our common stock authorized and issued and outstanding as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2024 ​ 2023 (in thousands) ​ Shares Authorized ​ Shares Issued and Outstanding ​ Shares Authorized ​ Shares Issued and Outstanding Class T-R, $0.01 par value per share ​ 200,000 ​ 92,626 ​ 1,200,000 ​ 162,838 Class D-R, $0.01 par value per share ​ 75,000 ​ 18,850 ​ 75,000 ​ 20,410 Class I-R, $0.01 par value per share ​ 200,000 ​ 154,731 ​ 225,000 ​ 105,358 Class S-PR, $0.01 par value per share ​ 425,000 ​ 3,451 ​ — ​ — Class D-PR, $0.01 par value per share ​ 175,000 ​ — ​ — ​ — Class I-PR, $0.01 par value per share ​ 425,000 ​ 1,316 ​ — ​ —
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-R Class D-R Class I-R Class S-PR Class D-PR Class I-PR Total (in thousands) ​ Shares ​ Shares ​ Shares (1) ​ Shares ​ Shares ​ Shares ​ Shares Balance as of December 31, 2021 (2) ​ 206,129 13,649 37,391 — ​ — ​ — 257,169 Issuance of common stock: ​ ​ ​ ​ ​ ​ Primary shares ​ 40,034 7,308 18,636 — ​ — ​ — 65,978 DRIP ​ 4,002 355 981 — ​ — ​ — 5,338 Stock grants, net of cancellations ​ — ​ — ​ 193 ​ — ​ — ​ — ​ 193 Redemptions ​ (9,120) (735) (4,254) — ​ — ​ — (14,109) Conversions ​ (13,780) ​ — ​ 13,780 ​ — ​ — ​ — ​ — Forfeitures ​ — — (25) — ​ — ​ — (25) Balance as of December 31, 2022 (2) ​ 227,265 ​ 20,577 ​ 66,702 ​ — ​ — ​ — ​ 314,544 Issuance of common stock: ​ ​ ​ ​ ​ ​ Primary shares ​ 7,990 1,813 3,259 — ​ — ​ — 13,062 DRIP ​ 3,725 445 1,700 — ​ — ​ — 5,870 Stock grants, net of cancellations ​ — — 197 — ​ — ​ — 197 Redemptions ​ (29,182) (2,425) (13,437) — ​ — ​ — (45,044) Conversions ​ (46,960) ​ — ​ 46,960 ​ — ​ — ​ — ​ — Forfeitures ​ — ​ — ​ (23) ​ — ​ — ​ — ​ (23) Balance as of December 31, 2023 (2) ​ 162,838 ​ 20,410 ​ 105,358 ​ — ​ — ​ — ​ 288,606 Issuance of common stock: ​ ​ ​ ​ ​ ​ Primary shares ​ 1,791 509 1,280 3,446 ​ — ​ 1,313 8,339 DRIP ​ 2,771 490 3,627 5 ​ — ​ 3 6,896 Stock grants, net of cancellations ​ — — 166 — ​ — ​ — 166 Redemptions ​ (15,355) (2,281) (15,373) — ​ — ​ — (33,009) Conversions ​ (59,419) ​ (278) ​ 59,697 ​ — ​ — ​ — ​ — Forfeitures ​ — ​ — ​ (24) ​ — ​ — ​ — ​ (24) Balance as of December 31, 2024 (3) ​ 92,626 18,850 154,731 3,451 ​ — ​ 1,316 270,974 (1) Includes 20,000 Class I-R shares sold to the Advisor in November 2014. See “Note 15” for additional information. (2) There is no data presented for Class S-PR shares, Class D-PR shares and Class I-PR shares as of this date because there were no shares of such share classes outstanding. (3) There is no data presented for Class D-PR shares as of this date because there were no Class D-PR shares outstanding.
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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ $ 0.15000 ​ $ 16,457 ​ $ 9,505 ​ $ 21,490 ​ $ 2,606 ​ $ 50,058 September 30 ​ ​ 0.15000 ​ ​ 16,045 ​ ​ 7,565 ​ ​ 21,772 ​ ​ 2,810 ​ ​ 48,192 June 30 ​ ​ 0.15000 ​ ​ 16,430 ​ ​ 6,331 ​ ​ 22,114 ​ ​ 3,082 ​ ​ 47,957 March 31 ​ ​ 0.15000 ​ ​ 16,820 ​ ​ 2,235 ​ ​ 22,484 ​ ​ 3,596 ​ ​ 45,135 Total ​ $ 0.60000 ​ $ 65,752 ​ $ 25,636 ​ $ 87,860 ​ $ 12,094 ​ $ 191,342 2023 ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ $ 0.15000 ​ $ 16,483 ​ $ 1,270 ​ $ 22,196 ​ $ 4,987 ​ $ 44,936 September 30 ​ 0.15000 ​ ​ 16,825 ​ ​ 1,296 ​ ​ 22,550 ​ ​ 5,721 ​ ​ 46,392 June 30 ​ 0.13625 ​ ​ 15,490 ​ ​ 1,177 ​ ​ 20,357 ​ ​ 6,344 ​ ​ 43,368 March 31 ​ 0.13625 ​ ​ 15,284 ​ ​ 1,107 ​ ​ 20,653 ​ ​ 6,806 ​ ​ 43,850 Total ​ $ 0.57250 ​ $ 64,082 ​ $ 4,850 ​ $ 85,756 ​ $ 23,858 ​ $ 178,546 2022 ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ $ 0.13625 ​ $ 14,963 ​ $ 618 ​ $ 20,522 ​ $ 7,372 ​ $ 43,475 September 30 ​ 0.13625 ​ ​ 14,593 ​ ​ 618 ​ ​ 19,942 ​ ​ 7,304 ​ ​ 42,457 June 30 ​ 0.13625 ​ ​ 13,674 ​ ​ 618 ​ ​ 18,953 ​ ​ 6,852 ​ ​ 40,097 March 31 ​ 0.13625 ​ ​ 13,043 ​ ​ 639 ​ ​ 18,158 ​ ​ 5,656 ​ ​ 37,496 ​ ​ $ 0.54500 ​ $ 56,273 ​ $ 2,493 ​ $ 77,575 ​ $ 27,184 ​ $ 163,525 (1) Amounts reflect the quarterly distribution rate authorized by our board of directors per Class T-R share, per Class D-R share, per Class I-R share, per Class S-PR share, per Class D-PR share and per Class I-PR 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-R shares, Class D-R shares, Class S-PR shares and Class D-PR shares of common stock are reduced by the respective distribution fees that are payable with respect to such Class T-R shares, Class D-R shares, Class S-PR shares and Class D-PR 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-R shares, Class D-R shares, Class S-PR shares and Class D-PR shares issued in our securities offerings. All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. Refer to “Note 12” for further detail regarding distribution fees. (4) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T-R shares, Class D-R shares, Class S-PR shares and Class D-PR shares issued in our securities offerings.
Summary of Share Redemption Activity	Below is a summary of redemptions pursuant to our share redemption program for the years ended December 31, 2024, 2023 and 2022. All eligible redemption requests were fulfilled for the periods presented. Eligible redemption requests are requests submitted in good order by the request submission deadline set forth in the share redemption program. Our board of directors may make exceptions to, modify or suspend our current share redemption programs if it deems such action to be in the best interest of our stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands, except per share data) ​ 2024 ​ 2023 ​ 2022 Number of shares redeemed ​ ​ 33,009 ​ ​ 45,044 ​ ​ 14,109 Aggregate dollar amount of shares redeemed ​ $ 421,135 ​ $ 652,754 ​ $ 213,444 Average redemption price per share ​ $ 12.76 ​ $ 14.49 ​ $ 15.13 ​

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2024
REDEEMABLE NONCONTROLLING INTERESTS [Abstract]
Schedule of Redeemable Noncontrolling Interest Activity	The following table summarizes the redeemable noncontrolling interests activity for the years ended December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2024 ​ For the Year Ended December 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 ​ ​ 4,106 Distributions to redeemable noncontrolling interests ​ (4,978) ​ — ​ ​ (4,850) ​ ​ — Redemptions of redeemable noncontrolling interests ​ (1,500) ​ (119) ​ ​ (3,979) ​ ​ (292) Net loss attributable to redeemable noncontrolling interests ​ (3,353) ​ — ​ ​ (5,587) ​ ​ — Change from cash flow hedging activities and available-for-sale debt securities attributable to redeemable noncontrolling interests ​ — ​ — ​ ​ (966) ​ ​ — Redemption value allocation adjustment to redeemable noncontrolling interests (2) ​ 1,013 ​ — ​ ​ (2,528) ​ ​ — Ending balance $ 105,492 ​ 8,227 ​ $ 114,310 ​ ​ 8,346 (1) The performance hurdle was not met for the years ended December 31, 2024 and 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-R 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, which is equivalent to fair value as of December 31, 2024.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Preliminary Taxability of Distributions on Common Shares	The unaudited preliminary taxability of our 2024, 2023 and 2022 distributions were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (unaudited) 2024 ​ 2023 ​ 2022 Ordinary income ​ — % ​ — % ​ — % Non-taxable return of capital ​ 100.0 ​ 100.0 ​ 100.0 ​ Long-term capital gain ​ — ​ — ​ — ​ Total distribution ​ 100.0 % ​ 100.0 % ​ 100.0 %

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2024
RELATED PARTY TRANSACTIONS [Abstract]
Schedule of Related Party Dealer Manager Fees	The following table details the selling commissions, dealer manager fees and distribution fees applicable for each share class. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T-R ​ Class D-R ​ Class I-R ​ Selling commissions (as % of offering price) up to 2.0 % ​ — % ​ — % ​ Dealer manager fees (as % of offering price) up to 2.5 % ​ — % ​ — % ​ Distribution fees (as % of NAV per annum) 0.85 % ​ 0.25 % ​ — % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class S-PR ​ Class D-PR ​ Class I-PR ​ Selling commissions (as % of offering price) up to 2.0 % ​ up to 1.5 % ​ — % ​ Dealer manager fees (as % of offering price) up to 2.5 % ​ — % ​ — % ​ Distribution fees (as % of NAV per annum) 0.85 % ​ 0.25 % ​ — % ​
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 Year Ended December 31, Receivable (Payable) as of (in thousands) 2024 2023 ​ 2022 December 31, 2024 December 31, 2023 Selling commissions and dealer manager fees (1) ​ $ 1,176 ​ $ 4,449 ​ $ 22,815 ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ 15,469 ​ 23,858 ​ 27,175 ​ (1,389) ​ (1,549) Advisory fee—fixed component ​ ​ 66,048 ​ ​ 74,092 ​ ​ 67,561 ​ ​ (5,436) ​ ​ (5,813) Performance participation allocation (3) ​ ​ — ​ ​ — ​ 140,505 ​ ​ — ​ ​ — Other expense reimbursements (4)(5) ​ ​ 13,137 ​ ​ 12,116 ​ 12,452 ​ ​ (3,809) ​ ​ (2,799) Property accounting fee (6) ​ ​ 3,497 ​ ​ 3,017 ​ ​ 2,803 ​ ​ (300) ​ ​ 129 DST Program selling commissions, dealer manager fees and distribution fees (1) ​ ​ 4,027 ​ ​ 6,393 ​ ​ 8,584 ​ ​ (488) ​ ​ (852) Other DST Program related costs (5) ​ ​ 2,569 ​ ​ 5,664 ​ ​ 9,974 ​ ​ (123) ​ ​ (215) Development fees (7) ​ ​ 1,071 ​ ​ 1,795 ​ ​ 8,460 ​ ​ (25) ​ ​ (588) Total ​ $ 106,994 ​ $ 131,384 ​ $ 300,329 ​ $ (11,570) ​ $ (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 $110.1 million and $64.5 million as of December 31, 2024 and 2023, respectively. (3) The performance hurdle was not met for the years ended December 31, 2024 and 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-R OP Units in January 2023. (4) Other expense reimbursements include certain expenses incurred for organization and offering, acquisition and general administrative services provided to us under the Advisory Agreement, including, but not limited to, certain expenses described below after footnote 7, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (5) Includes costs reimbursed to the Advisor related to the DST Program. (6) The cost of the property management fee, including the property accounting fee, is generally borne by the tenant or tenants at each real property, either via a direct reimbursement to us or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain limited circumstances, we may pay for a portion of the property management fee, including the property accounting fee, without reimbursement from the tenant or tenants at a real property. (7) Development fees are included in the total development project costs of the respective properties and are capitalized in construction in progress, which is included in net investment in real estate properties on our consolidated balance sheets. Amounts also include development acquisition fees relating to the BTC II B Partnership, which are included in investments in unconsolidated joint venture partnerships on our consolidated balance sheets.

NET INCOME (LOSS) PER COMMON _2

NET INCOME (LOSS) PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 2024
NET INCOME (LOSS) PER COMMON SHARE [Abstract]
Schedule of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders	The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands, except per share data) ​ 2024 2023 ​ ​ 2022 Net loss attributable to common stockholders—basic ​ ​ $ (111,058) ​ $ (204,674) ​ $ (308,079) Net loss attributable to redeemable noncontrolling interests ​ ​ ​ (3,353) ​ ​ (5,587) ​ ​ (4,874) Net (loss) income attributable to noncontrolling interests ​ ​ ​ (15,934) ​ ​ 38 ​ ​ 38 Net loss attributable to common stockholders—diluted ​ ​ $ (130,345) ​ $ (210,223) ​ $ (312,915) Weighted-average shares outstanding—basic ​ ​ ​ 276,152 ​ ​ 303,660 ​ ​ 295,683 Incremental weighted-average shares outstanding—diluted ​ ​ ​ 42,704 ​ ​ 8,461 ​ ​ 4,533 Weighted-average shares outstanding—diluted ​ ​ ​ 318,856 ​ ​ 312,121 ​ ​ 300,216 Net loss per share attributable to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ $ (0.40) ​ $ (0.67) ​ $ (1.04) Diluted ​ ​ $ (0.40) ​ $ (0.67) ​ $ (1.04) ​

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 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 Year Ended December 31, (in thousands) 2024 2023 2022 Supplemental disclosure of cash activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest paid related to consolidated indebtedness, net of capitalized interest ​ $ 167,668 ​ $ 118,575 ​ $ 70,667 Interest paid related to DST Program ​ ​ 64,979 ​ ​ 62,507 ​ ​ 32,157 Interest paid related to secured financings ​ ​ 4,661 ​ ​ 1,126 ​ ​ — Supplemental disclosure of non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Distributions reinvested in common stock ​ ​ 88,108 ​ ​ 85,224 ​ 76,434 Increase in DST Program Loans receivable through DST Program capital raising ​ ​ 11,453 ​ ​ 52,542 ​ ​ 83,630 Issuances of OP Units for DST Interests ​ ​ 786,497 ​ ​ — ​ ​ — Redeemable noncontrolling interests issued as settlement of performance participation allocation ​ — ​ 62,667 ​ 81,185 Non-cash redemption of minority ownership interest in unconsolidated joint venture partnership ​ ​ — ​ ​ — ​ ​ 91,028 Increase (decrease) in accrued future ongoing distribution fees ​ ​ 45,571 ​ ​ (27,628) ​ ​ 6,726 (Decrease) increase in accrued capital expenditures ​ ​ (25,474) ​ ​ (33,214) ​ ​ 58,902 Non-cash selling commissions and dealer manager fees ​ 1,176 ​ 4,449 ​ 22,815
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 consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2024 2023 ​ 2022 Beginning of period: ​ ​ ​ ​ Cash and cash equivalents ​ $ 14,322 ​ $ 79,524 ​ $ 216,848 Restricted cash ​ 620 ​ 499 ​ 887 Cash, cash equivalents and restricted cash ​ $ 14,942 ​ $ 80,023 ​ $ 217,735 End of period: ​ ​ ​ Cash and cash equivalents ​ $ 25,148 ​ $ 14,322 ​ $ 79,524 Restricted cash ​ 3,649 ​ 620 ​ 499 Cash, cash equivalents and restricted cash ​ $ 28,797 ​ $ 14,942 ​ $ 80,023 ​

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2024
NONCONTROLLING INTERESTS [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 Year Ended December 31, (in thousands) ​ ​ 2024 ​ ​ 2023 Balance at beginning of the period ​ ​ — ​ ​ — Issuance of units ​ ​ 61,558 ​ ​ — Balance at end of the period ​ ​ 61,558 ​ ​ —
Schedule of Subsidiaries REIT owned by the company	The following table includes details for each Subsidiary REIT: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annual ​ ​ Dividend Payable as of December 31, Subsidiary REIT Acquisition ​ Date Acquired ​ Number of Shares ​ ​ Par Value ​ Preferred Dividend ​ ​ 2024 (1) ​ ​ 2023 (1) Executive Airport II ​ 9/3/2020 ​ 125 ​ $ 1,000 ​ 12.5% ​ $ 7,812 ​ $ 7,812 Build-To-Core Logistics Portfolio ​ 6/15/2021 ​ 122 ​ $ 500 ​ 12.0% ​ $ — ​ $ — Hainesport Commerce Center ​ 12/21/2021 ​ 125 ​ $ 1,000 ​ 12.0% ​ $ — ​ $ — (1) Recorded in accounts payable and accrued expenses on our consolidated balance sheets.

SEGMENT FINANCIAL INFORMATION (

SEGMENT FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2024
SEGMENT FINANCIAL INFORMATION
Summary of Total Assets by Business Segment	The following table reflects our total consolidated assets by segment as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2024 2023 Assets: ​ ​ ​ ​ ​ ​ Industrial real estate ​ $ 7,355,177 ​ $ 7,003,435 Total segment assets ​ ​ 7,355,177 ​ ​ 7,003,435 Corporate ​ ​ 225,834 ​ ​ 326,069 Total assets ​ $ 7,581,011 ​ $ 7,329,504
Schedule of Reconciliation of Net Income (Loss) Attributable to Common Stockholders to Net Operating Income	The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the years ended December 31, 2024, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2024 2023 2022 Net loss attributable to common stockholders ​ $ (111,058) ​ $ (204,674) ​ $ (308,079) Real estate-related depreciation and amortization ​ 291,872 ​ 294,111 ​ 265,970 General and administrative expenses ​ 17,194 ​ 15,313 ​ 13,265 Advisory fees ​ 66,048 ​ 74,092 ​ 67,561 Performance participation allocation ​ — ​ — ​ 140,505 Acquisition costs and reimbursements ​ 3,036 ​ 10,217 ​ 5,322 Equity in (income) loss from unconsolidated joint venture partnerships ​ ​ (5,228) ​ ​ 118 ​ ​ 97 Interest expense ​ 259,302 ​ 190,382 ​ 150,824 Unrealized (gain) on financing obligations ​ ​ (194) ​ ​ (179) ​ ​ — Gain on extinguishment of financing obligations, net ​ (31,250) ​ — ​ — Gain on derivative instruments ​ ​ (2,288) ​ ​ (5,124) ​ ​ (28,628) Net gain on sale of real estate property ​ ​ (56,923) ​ ​ — ​ ​ — Other income and expenses ​ ​ (8,633) ​ ​ (10,191) ​ ​ (4,252) Net loss attributable to redeemable noncontrolling interests ​ ​ (3,353) ​ ​ (5,587) ​ ​ (4,874) Net loss attributable to noncontrolling interests ​ (15,934) ​ 38 ​ 38 Net operating income ​ $ 402,591 ​ $ 358,516 ​ $ 297,749
Schedule of Consolidated Financial Results for the Industrial Real Estate Segment	The following table sets forth consolidated financial results for the industrial real estate segment for the years ended December 31, 2024, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2024 2023 2022 Rental revenues ​ $ 489,164 ​ $ 460,108 ​ $ 391,605 Debt-related income ​ 36,744 ​ ​ 9,987 ​ ​ 420 Rental expenses ​ (123,317) ​ ​ (111,579) ​ ​ (94,276) Net operating income ​ $ 402,591 ​ $ 358,516 ​ $ 297,749 ​

DESCRIPTION OF BUSINESS (Narrat

DESCRIPTION OF BUSINESS (Narrative) (Details)	12 Months Ended
	Dec. 31, 2024 building segment	Dec. 31, 2023 building
DESCRIPTION OF BUSINESS [Abstract]
Number of Real Estate Properties | building	255	256
Number of reportable segments | segment	1

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Joint venture impairment losses	$ 0	$ 0	$ 0
performance-based incentive fees	4,500	0	0
Capitalized interest	12,500	20,100	7,300
Allowance for doubtful accounts	1,600	1,600
Asset Acquisition
Summary Of Significant Accounting Policies [Line Items]
Fair value of debt assumed in asset acquisitions	0	0
Long Term Financing
Summary Of Significant Accounting Policies [Line Items]
Accumulated amortization of debt issuance costs	32,100	20,500
Amortization of debt issuance costs	10,800	8,600	7,100
Financing Obligations
Summary Of Significant Accounting Policies [Line Items]
Accumulated amortization of debt issuance costs	1,400	2,400
Amortization of debt issuance costs	$ 2,900	$ 2,200	$ 800

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property Plant and Equipment) (Details) - Building and Building Improvements [Member]	Dec. 31, 2024
Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Available-for-sale debt securities) (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Credit losses	$ 0	$ 0	$ 0
Fair Value	139,412,000	55,632,000
Non-accrual status
Summary Of Significant Accounting Policies [Line Items]
Fair Value	$ 0	$ 0

INVESTMENTS IN REAL ESTATE PR_3

INVESTMENTS IN REAL ESTATE PROPERTIES (Investment in Properties) (Details) $ in Thousands	Dec. 31, 2024 USD ($) building	Dec. 31, 2023 USD ($) building	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
INVESTMENTS IN REAL ESTATE PROPERTIES [Abstract]
Number of properties | building	255	256
Number of real estate properties owned are in construction | building		2
Number of real estate properties owned are in pre-construction | building	1
Land	$ 1,346,285	$ 1,300,059
Building and improvements	5,822,340	5,486,636
Intangible lease assets	535,210	498,053
Construction in progress	56,747	219,659
Investment in real estate properties	7,760,582	7,504,407
Less accumulated depreciation and amortization	(1,020,764)	(750,429)	$ (454,273)	$ (186,269)
Net investment in real estate properties	$ 6,739,818	$ 6,753,978

INVESTMENTS IN REAL ESTATE PR_4

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Asset Acquisitions) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property building	Dec. 31, 2023 USD ($) building
Asset Acquisition [Line Items]
Number of real estate properties | building	255	256
Percentage of assets acquired	100%	100%
Intangible lease assets
Asset Acquisition [Line Items]
Weighted-average amortization period of acquired finite-lived intangible assets	3 years 1 month 6 days
Asset Acquisition
Asset Acquisition [Line Items]
Number of real estate properties | building	10	4
Total Purchase Price	$ 359,436	$ 128,886
Debt assumed at fair value	$ 0	0
Intangible assets acquired		0
Intangible lease liabilities acquired		$ 0
Plainfield Distribution Center I&II
Asset Acquisition [Line Items]
Number of real estate properties | property	2
Total Purchase Price	$ 78,087
Baymeadow Commerce Center
Asset Acquisition [Line Items]
Number of real estate properties | property	1
Total Purchase Price	$ 18,051
Nashville Logistics Center
Asset Acquisition [Line Items]
Number of real estate properties | property	1
Total Purchase Price	$ 52,811
Miami Midway Park
Asset Acquisition [Line Items]
Number of real estate properties | property	4
Total Purchase Price	$ 144,831
Coffee Creek Logistics Center
Asset Acquisition [Line Items]
Number of real estate properties | property	1
Total Purchase Price	$ 21,252
Taunton Distribution Center
Asset Acquisition [Line Items]
Number of real estate properties | property	1
Total Purchase Price	$ 44,404
Bayport 146 Distribution Center
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 49,606
Runway Distribution Center I & II
Asset Acquisition [Line Items]
Number of real estate properties | building		2
Total Purchase Price		$ 56,992
Brittmoore Industrial Center
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 22,288

INVESTMENTS IN REAL ESTATE PR_5

INVESTMENTS IN REAL ESTATE PROPERTIES (Purchase Price Allocation of Acquisitions) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Asset Acquisition [Line Items]
Land	$ 76,011	$ 15,835
Building and improvements	263,587	113,051
Intangible lease assets	24,983
Above-market lease assets	460
Below-market lease liabilities	(5,605)
Total purchase price	359,436	128,886
Asset Acquisition
Asset Acquisition [Line Items]
Debt assumed at fair value	$ 0	$ 0

INVESTMENTS IN REAL ESTATE PR_6

INVESTMENTS IN REAL ESTATE PROPERTIES (Dispositions) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) building	Dec. 31, 2023 USD ($) building	Dec. 31, 2022 USD ($) building
Real Estate Properties [Line Items]
Number of properties | building	255	256
Proceeds from disposition of real estate properties	$ 238,698	$ 0	$ 0
Net gain on sale of real estate property	$ 56,923	$ 0	$ 0
Disposed by sale
Real Estate Properties [Line Items]
Number of properties | building		0	0
Disposed by sale | Industrial buildings
Real Estate Properties [Line Items]
Number of properties | building	12
Proceeds from disposition of real estate properties	$ 238,700
Net gain on sale of real estate property	$ 56,900

INVESTMENTS IN REAL ESTATE PR_7

INVESTMENTS IN REAL ESTATE PROPERTIES (Summary of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-lived Intangible Assets [Roll Forward]
Gross	$ 535,210	$ 498,053
Below Market Lease [Roll Forward]
Gross	(134,362)	(129,823)
Accumulated Amortization	72,955	54,682
Total	(61,407)	(75,141)
Intangible lease assets
Finite-lived Intangible Assets [Roll Forward]
Gross	522,421	485,184
Accumulated Amortization	(307,499)	(243,878)
Total	214,922	241,306
Above-market lease assets
Finite-lived Intangible Assets [Roll Forward]
Gross	12,789	12,869
Accumulated Amortization	(7,353)	(5,916)
Total	$ 5,436	$ 6,953

INVESTMENTS IN REAL ESTATE PR_8

INVESTMENTS IN REAL ESTATE PROPERTIES (Estimated Net Amortization of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets And Liabilities [Line Items]
Year 1	$ (14,866)
Year 2	(10,791)
Year 3	(8,441)
Year 4	(6,037)
Year 5	(4,887)
Thereafter	(16,385)
Total	(61,407)	$ (75,141)
Intangible lease assets
Finite-Lived Intangible Assets And Liabilities [Line Items]
Year 1	58,130
Year 2	42,997
Year 3	31,412
Year 4	22,417
Year 5	16,213
Thereafter	43,753
Total	214,922	241,306
Above Market Leases [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Year 1	1,573
Year 2	1,307
Year 3	847
Year 4	522
Year 5	434
Thereafter	753
Total	$ 5,436	$ 6,953

INVESTMENTS IN REAL ESTATE PR_9

INVESTMENTS IN REAL ESTATE PROPERTIES (Future Minimum Rents) (Details) $ in Thousands	Dec. 31, 2024 USD ($)
INVESTMENTS IN REAL ESTATE PROPERTIES [Abstract]
Year 1	$ 366,113
Year 2	326,851
Year 3	276,410
Year 4	219,315
Year 5	161,252
Thereafter	388,341
Total	$ 1,738,282

INVESTMENTS IN REAL ESTATE P_10

INVESTMENTS IN REAL ESTATE PROPERTIES (Summary of Rental Revenue Adjustments and Depreciation and Amortization Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ 15,583	$ 16,190	$ 16,682
Real Estate-Related Depreciation and Amortization:
Depreciation expense	221,556	208,991	181,214
Intangible lease asset amortization	70,316	85,120	84,756
Above-market lease assets
Increase (Decrease) to Rental Revenue:
Amortization of above and below Market Leases	(1,676)	(2,044)	(2,034)
Below Market Lease
Increase (Decrease) to Rental Revenue:
Amortization of above and below Market Leases	$ 18,786	$ 22,257	$ 19,800

INVESTMENTS IN UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Narrative) (Details) - building	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024	Feb. 28, 2022
BTC II B Partnership
Schedule of Equity Method Investments [Line Items]
Number of properties under construction and pre-construction	3	3
Ownership Percentage	8%	8%		8%
QR III Partnership
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	8%		8%

INVESTMENTS IN UNCONSOLIDATED_4

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Details) $ in Thousands	Dec. 31, 2024 USD ($) building	Jun. 30, 2024	Dec. 31, 2023 USD ($) building	Feb. 28, 2022
Schedule of Equity Method Investments [Line Items]
Number of Buildings | building	255		256
Investments in Unconsolidated Joint Venture Partnerships	$ 23,526		$ 20,511
Unconsolidated Joint Venture Partnerships
Schedule of Equity Method Investments [Line Items]
Number of Buildings	1		2
Investments in Unconsolidated Joint Venture Partnerships	$ 23,526		$ 20,511
BTC II B Partnership
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	8%		8%	8%
Number of Buildings | building	1		2
Investments in Unconsolidated Joint Venture Partnerships	$ 23,433		$ 20,511
QR III Partnership
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	8%	8%
Investments in Unconsolidated Joint Venture Partnerships	$ 93

INVESTMENTS IN REAL ESTATE DE_3

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Debt Related Securities) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Schedule of Held-to-Maturity Securities [Line Items]
Total Current Commitment	$ 613,527	$ 174,770
Outstanding Principal	388,662	129,123
Fair Value	$ 388,662	$ 129,123
Interest Rate	8.26%	8.94%
Weighted-average remaining term	2 years	2 years 6 months
Principal repayments on debt-related investments	$ 23,326	$ 0	$ 0
Number of investments related to principal repayments | security	1
Senior Debt Obligations | TX
Schedule of Held-to-Maturity Securities [Line Items]
Total Current Commitment	$ 60,860	60,860
Outstanding Principal	59,736	29,700
Fair Value	$ 59,736	$ 29,700
Interest Rate	8.18%	9.21%
Senior Debt Obligations | NY
Schedule of Held-to-Maturity Securities [Line Items]
Total Current Commitment	$ 113,910	$ 113,910
Outstanding Principal	103,418	99,423
Fair Value	$ 103,418	$ 99,423
Interest Rate	7.83%	8.86%
Senior Debt Obligations | TX
Schedule of Held-to-Maturity Securities [Line Items]
Total Current Commitment	$ 36,404
Outstanding Principal	27,975
Fair Value	$ 27,975
Interest Rate	9.08%
Senior Debt Obligations | NC
Schedule of Held-to-Maturity Securities [Line Items]
Total Current Commitment	$ 38,350
Outstanding Principal	37,000
Fair Value	$ 37,000
Interest Rate	7.50%
Senior Debt Obligations | VA
Schedule of Held-to-Maturity Securities [Line Items]
Total Current Commitment	$ 113,076
Outstanding Principal	43,526
Fair Value	$ 43,526
Interest Rate	9.83%
Senior Debt Obligations | TX
Schedule of Held-to-Maturity Securities [Line Items]
Total Current Commitment	$ 115,100
Outstanding Principal	71,947
Fair Value	$ 71,947
Interest Rate	8.13%
Senior Debt Obligations | NJ
Schedule of Held-to-Maturity Securities [Line Items]
Total Current Commitment	$ 135,827
Outstanding Principal	45,060
Fair Value	$ 45,060
Interest Rate	8.18%

INVESTMENTS IN REAL ESTATE DE_4

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Available-for-Sale Debt Securities) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Credit losses	$ 0	$ 0	$ 0
Face Amount	139,488	57,326
Amortized Cost	137,757	55,186
Unamortized Discount	1,731	2,140
Unrealized Gain, Net	1,655	446
Fair Value	$ 139,412	$ 55,632
Weighted Average
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale debt securities, contractual maturity term	3 years 6 months	3 years 2 months 12 days

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
DEBT
Weighted-Average Effective Interest Rate	4.52%	4.17%
Principal amount	$ 4,212,442	$ 3,442,325
Less unamortized debt issuance costs	(29,040)	(21,359)
Add unamortized mark-to-market adjustment on assumed debt	78	215
Total debt, net	4,183,480	3,421,181
Gross book value of properties encumbered by debt	3,868,817	2,596,052
Interest incurred, excluding amortization	203,000	144,700	$ 82,200
Capitalized interest	12,500	20,100	7,300
Interest rate cap premiums.	$ 13,700	$ 2,700	$ 0
Weighted Average
DEBT
Remaining debt term (in years)	1 year 7 months 6 days
Line of Credit
DEBT
Weighted-Average Effective Interest Rate	5.36%	6.20%
Principal amount	$ 573,000	$ 570,000
Maximum borrowing capacity	1,000,000
Unused portion under the line of credit	427,000
Available portions under the line of credit	$ 427,000
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	3.85%	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	$ 300,000
Term Loan (Maturity date March 2027) | SOFR | Interest Rate Caps
DEBT
Principal amount	$ 250,000
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	3.62%	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	4.02%	3.58%
Principal amount	$ 1,162,720	$ 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)	6.09%	6.09%
Fixed Rate Secured Mortgage Note Maturity July 2025
DEBT
Face amount	$ 367,800
Fixed Rate Secured Mortgage Note Maturity July 2025 | SOFR
DEBT
Principal amount	367,800
Fixed Rate Secured Mortgage Note Maturity May 2027
DEBT
Principal amount	204,000
Face amount	$ 222,300
Floating-rate mortgage notes
DEBT
Weighted-Average Effective Interest Rate	5.29%	4.48%
Principal amount	$ 1,326,722	$ 725,605
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 January 2026
DEBT
Face amount	$ 408,000
Variable Rate Secured Mortgage Note Maturity January 2026 | SOFR
DEBT
Basis spread on variable rate	1.65%
Variable Rate Secured Mortgage Note Maturity October 2026
DEBT
Principal amount	$ 119,500
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 July 2026
DEBT
Face amount	$ 590,000
Variable Rate Secured Mortgage Note Maturity July 2026 | SOFR
DEBT
Basis spread on variable rate	2.33%

DEBT (Principal Payments on Deb

DEBT (Principal Payments on Debt) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)
DEBT
2025	$ 1,150,080
2026	1,717,472
2027	883,750
2029	461,140
Total principal payments	4,212,442	$ 3,442,325
Line of Credit
DEBT
2025	573,000
Total principal payments	$ 573,000	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
Mortgage Notes
DEBT
2025	577,080
2026	1,117,472
2027	333,750
2029	461,140
Total principal payments	2,489,442
Fixed-rate mortgage notes
DEBT
Total principal payments	1,162,720	996,720
Fixed Rate Secured Mortgage Note Maturity July 2025
DEBT
Face amount	$ 367,800
Term of extension option	1 year
Number of extension options for extension term | item	2
Fixed Rate Secured Mortgage Note Maturity May 2027
DEBT
Face amount	$ 222,300
Total principal payments	$ 204,000
Term of extension option	1 year
Number of extension options for extension term | item	2
Floating-rate mortgage notes
DEBT
Total principal payments	$ 1,326,722	$ 725,605
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 January 2026
DEBT
Face amount	$ 408,000
Term of extension option	1 year
Variable Rate Secured Mortgage Note Maturity October 2026
DEBT
Face amount	$ 129,100
Total principal payments	$ 119,500
Term of extension option	1 year
Number of extension options for extension term | item	2
Variable Rate Secured Mortgage Note Maturity July 2026
DEBT
Face amount	$ 590,000
Term of extension option	1 year
Number of extension options for extension term | item	3

DEBT (Master Repurchase Agreeme

DEBT (Master Repurchase Agreement) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
DEBT
Outstanding amount	$ 104,630	$ 42,298
Morgan Stanley Bank, N.A.
DEBT
Outstanding amount	104,600	42,300
Fair value	139,400	55,600
Interest costs incurred	$ 4,900	$ 1,400
SOFR | Morgan Stanley Bank, N.A. | Minimum
DEBT
Basis spread on variable rate	0.75%
SOFR | Morgan Stanley Bank, N.A. | Maximum
DEBT
Basis spread on variable rate	1.15%

DEBT (Summary of Location and F

DEBT (Summary of Location and Fair Value of Derivative Instruments) (Details) $ in Thousands	Dec. 31, 2024 USD ($) contract	Dec. 31, 2023 USD ($) contract
DEBT
Decrease in cash flow hedge to be reclassified in next twelve months	$ 17,400
Number of Contracts | contract	26	23
Notional Amount	$ 3,004,190	$ 2,324,940
Fair Value	$ 69,739	$ 83,531
Interest Rate Swap | Cash Flow Hedges | Designated as Hedging Instrument
DEBT
Number of Contracts | contract	12	11
Notional Amount	$ 1,192,830	$ 1,142,830
Fair Value	$ 38,517	$ 41,091
Interest Rate Caps | Not Designated as Hedging Instrument
DEBT
Number of Contracts | contract	4	4
Notional Amount	$ 537,110	$ 707,110
Fair Value	$ 9,796	$ 14,887
Interest Rate Caps | Cash Flow Hedges | Designated as Hedging Instrument
DEBT
Number of Contracts | contract	10	8
Notional Amount	$ 1,274,250	$ 475,000
Fair Value	$ 21,426	$ 27,553

DEBT (Effect of Derivative Fina

DEBT (Effect of Derivative Financial Instruments on Financial Statements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
DEBT
Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded	$ (259,302)	$ (190,382)	$ (150,824)
Unrealized (loss) gain on derivative instruments recognized in other income (expenses)	(15,302)	(13,677)	25,175
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	(259,302)	(190,382)	(150,824)
Not Designated as Hedging Instrument
DEBT
Unrealized (loss) gain on derivative instruments recognized in other income (expenses)	(15,302)	(13,677)	25,176
Realized gain on derivative instruments recognized in other income (expenses)	17,590	18,801	3,452
Cash Flow Hedges | Designated as Hedging Instrument
DEBT
Gain recognized in AOCI	36,713	9,000	73,592
Amount reclassified from AOCI as a decrease into interest expense	$ (38,329)	$ (44,625)	$ (5,251)

DST PROGRAM (Program Activity)

DST PROGRAM (Program Activity) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Delaware Statutory Trust Programs [Line Items]
Total DST Program Loans	$ 103,115	$ 202,715
Carried at cost
Delaware Statutory Trust Programs [Line Items]
Total DST Program Loans	$ 89,223	$ 200,276
Carried at cost | Weighted Average
Delaware Statutory Trust Programs [Line Items]
DST Program Loans - Interest Rate (in %)	5.86%	4.98%
DST Program Loans - Remaining Life (in years)	8 years 2 months 1 day	7 years 5 months 1 day
Carried at fair value
Delaware Statutory Trust Programs [Line Items]
Total DST Program Loans	$ 13,892	$ 2,439
Carried at fair value | Weighted Average
Delaware Statutory Trust Programs [Line Items]
DST Program Loans - Interest Rate (in %)	6.72%	6.27%
DST Program Loans - Remaining Life (in years)	9 years 3 months 14 days	10 years
Total
Delaware Statutory Trust Programs [Line Items]
Total DST Program Loans	$ 103,115	$ 202,715
Total | Weighted Average
Delaware Statutory Trust Programs [Line Items]
DST Program Loans - Interest Rate (in %)	5.98%	5%
DST Program Loans - Remaining Life (in years)	8 years 3 months 25 days	7 years 5 months 12 days

DST PROGRAM (Financing Obligati

DST PROGRAM (Financing Obligations) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Delaware Statutory Trust Programs [Line Items]
Financing obligations - Book Value	$ 239,982	$ 87,145
Carried at cost
Delaware Statutory Trust Programs [Line Items]
Financing obligations - Outstanding Liability	636,450	1,559,200
Financing obligations - Unamortized Program Costs	(590)	(1,975)
Financing obligations - Total Appreciation		14,264
Financing obligations - Book Value	635,860	1,571,489
Carried at fair value
Delaware Statutory Trust Programs [Line Items]
Financing obligations - Outstanding Liability	240,355	87,324
Financing obligations - Unrealized Gain, Net	(373)	(179)
Financing obligations - Book Value	239,982	87,145
Total
Delaware Statutory Trust Programs [Line Items]
Financing obligations - Outstanding Liability	876,805	1,646,524
Financing obligations - Unamortized Program Costs	(590)	(1,975)
Financing obligations - Total Appreciation		14,264
Financing obligations - Unrealized Gain, Net	(373)	(179)
Financing obligations - Book Value	$ 875,842	$ 1,658,634

DST PROGRAM (DST Program Activi

DST PROGRAM (DST Program Activity) (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Delaware Statutory Trust Programs [Line Items]
DST Interests sold	$ 156,382	$ 416,507	$ 768,639
DST Interests financed by DST Program Loans	11,453	52,542	84,798
Unrealized gain on financing obligations	194	179	0
Income earned from DST Program Loans	7,818	8,884	4,811
Gain on extinguishment of financing obligations	31,250	0	0
(Decrease) increase in financing obligation liability appreciation	(6,664)	(12,303)	26,568
Rent obligation incurred under master lease agreements	56,235	67,324	41,702
Net Investment	786,497
Cash paid in exchange for DST interests	$ 1,550	$ 0	$ 0
DST Program Loans | Operating Partnership Units
Delaware Statutory Trust Programs [Line Items]
Issuance of OP Units (in shares)	61.6	0	0
Net Investment	$ 786,500
Cash paid in exchange for DST interests	$ 1,600	$ 0	$ 0

FAIR VALUE (Recurring Basis) (D

FAIR VALUE (Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	$ 69,739	$ 83,531
Available-for-sale debt securities	139,412	55,632
Debt-related investments	388,662	129,123
Financing obligations	239,982	87,145
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	69,739	83,531
Available-for-sale debt securities	139,412	55,632
Debt-related investments	388,662	129,123
DST Program Loans	13,892	2,439
Total assets measured at fair value	611,705	270,725
Financing obligations	239,982	87,145
Total liabilities measured at fair value	239,982	87,145
Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	69,739	83,531
Available-for-sale debt securities	139,412	55,632
Total assets measured at fair value	209,151	139,163
Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt-related investments	388,662	129,123
DST Program Loans	13,892	2,439
Total assets measured at fair value	402,554	131,562
Financing obligations	239,982	87,145
Total liabilities measured at fair value	$ 239,982	$ 87,145

FAIR VALUE (Financial Instrumen

FAIR VALUE (Financial Instrument Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 131,562
Purchases and contributions	287,081	$ 131,236
Repayments	$ (23,326)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Unrealized Gains (Losses) on Financing Obligations
Paid-in-kind interest	$ 7,237	326
Ending balance	402,554	131,562
DST Program Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	2,439
Purchases and contributions	11,453	2,439
Ending balance	13,892	2,439
Debt-related investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	129,123
Purchases and contributions	275,628	128,797
Repayments	(23,326)
Paid-in-kind interest	7,237	326
Ending balance	$ 388,662	$ 129,123

FAIR VALUE (Financial Instrum_2

FAIR VALUE (Financial Instrument Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
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	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	153,031	$ 87,324
Unrealized gain on financing obligations	(194)	(179)
Ending balance	$ 239,982	$ 87,145

FAIR VALUE (Quantitative Inputs

FAIR VALUE (Quantitative Inputs and Assumptions) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 139,412	$ 55,632
DST Program Loans	13,892	2,439
Financing obligations	239,982	87,145
Level 3 | Yield Method | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	388,662	129,123
DST Program Loans	13,892	2,439
Level 3 | Discounted Cash Flow | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing obligations	$ 239,982	$ 87,145

FAIR VALUE (Nonrecurring Basis)

FAIR VALUE (Nonrecurring Basis) (Details) - Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Carrying Value
Assets:
DST Program Loans	$ 89,223	$ 200,276
Carrying Value | Line of Credit
Liabilities:
Debt instruments, fair value disclosure	573,000	570,000
Carrying Value | Term Loan
Liabilities:
Debt instruments, fair value disclosure	1,150,000	1,150,000
Carrying Value | Mortgages
Liabilities:
Debt instruments, fair value disclosure	2,489,442	1,722,325
Carrying Value | Secured Debt
Liabilities:
Debt instruments, fair value disclosure	104,630	42,298
Fair Value
Assets:
DST Program Loans	88,973	196,715
Fair Value | Line of Credit
Liabilities:
Debt instruments, fair value disclosure	573,000	570,000
Fair Value | Term Loan
Liabilities:
Debt instruments, fair value disclosure	1,150,000	1,150,000
Fair Value | Mortgages
Liabilities:
Debt instruments, fair value disclosure	2,419,471	1,647,660
Fair Value | Secured Debt
Liabilities:
Debt instruments, fair value disclosure	$ 104,630	$ 42,298

EQUITY (Securities Offerings) (

EQUITY (Securities Offerings) (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 04, 2021
Class of Stock [Line Items]
Dollar value of primary shares of common stock in offering				$ 5,000,000
Issuance of common stock	$ 195,508	$ 283,235	$ 1,037,027
Issuance of common stock, shares	15.2
DRIP
Class of Stock [Line Items]
Issuance of common stock	$ 88,100

EQUITY (Summary of Common Stock

EQUITY (Summary of Common Stock Authorized and Issued and Outstanding) (Details) - $ / shares shares in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Class T-R Shares
Class of Stock [Line Items]
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000	1,200,000
Common stock, shares outstanding	92,626	162,838
Class D-R Common Shares
Class of Stock [Line Items]
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	75,000	75,000
Common stock, shares outstanding	18,850	20,410
Class I-R Shares
Class of Stock [Line Items]
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000	225,000
Common stock, shares outstanding	154,731	105,358
Class S-PR Common Shares
Class of Stock [Line Items]
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	425,000
Common stock, shares outstanding	3,451	0	0
Class D-PR Common Shares
Class of Stock [Line Items]
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	175,000
Common stock, shares outstanding	0	0	0
Class I-PR Common Shares
Class of Stock [Line Items]
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	425,000
Common stock, shares outstanding	1,316	0	0

EQUITY (Summary of Changes in S

EQUITY (Summary of Changes in Shares Outstanding for Each Class of Common Stock) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 30, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions	(33,009)	(45,044)	(14,109)
Class T-R Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	162,838
Ending balance, shares	92,626	162,838
Class D-R Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	20,410
Ending balance, shares	18,850	20,410
Class I-R Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	105,358
Ending balance, shares	154,731	105,358
Class S-PR Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	0	0
Ending balance, shares	3,451	0	0
Class D-PR Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	0	0
Ending balance, shares	0	0	0
Class I-PR Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	0	0
Ending balance, shares	1,316	0	0
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	288,606	314,544	257,169
Primary shares	8,339	13,062	65,978
DRIP	6,896	5,870	5,338
Stock grants, net of cancellations	166	197	193
Redemptions	(33,009)	(45,044)	(14,109)
Forfeitures	(24)	(23)	(25)
Ending balance, shares	270,974	288,606	314,544
Common Stock | Class T-R Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	162,838	227,265	206,129
Primary shares	1,791	7,990	40,034
DRIP	2,771	3,725	4,002
Redemptions	(15,355)	(29,182)	(9,120)
Conversions	(59,419)	(46,960)	(13,780)
Ending balance, shares	92,626	162,838	227,265
Common Stock | Class D-R Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	20,410	20,577	13,649
Primary shares	509	1,813	7,308
DRIP	490	445	355
Redemptions	(2,281)	(2,425)	(735)
Conversions	(278)
Ending balance, shares	18,850	20,410	20,577
Common Stock | Class I-R Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	105,358	66,702	37,391
Primary shares	1,280	3,259	18,636
DRIP	3,627	1,700	981
Stock grants, net of cancellations	166	197	193
Redemptions	(15,373)	(13,437)	(4,254)
Conversions	59,697	46,960	13,780
Forfeitures	(24)	(23)	(25)
Ending balance, shares	154,731	105,358	66,702
Common Stock | Class I-R Shares | Ares Commercial Real Estate Management
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares issued				20,000
Common Stock | Class S-PR Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Primary shares	3,446
DRIP	5
Ending balance, shares	3,451
Common Stock | Class I-PR Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Primary shares	1,313
DRIP	3
Ending balance, shares	1,316

EQUITY (Summary of Company's Ca

EQUITY (Summary of Company's Cash Distribution Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
EQUITY [Abstract]
Declared per Common Share (usd per share)	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.6	$ 0.5725	$ 0.545
Common Stock Distributions Paid in Cash	$ 16,457	$ 16,045	$ 16,430	$ 16,820	$ 16,483	$ 16,825	$ 15,490	$ 15,284	$ 14,963	$ 14,593	$ 13,674	$ 13,043	$ 65,752	$ 64,082	$ 56,273
Other Cash Distributions	9,505	7,565	6,331	2,235	1,270	1,296	1,177	1,107	618	618	618	639	25,636	4,850	2,493
Reinvested in Shares	21,490	21,772	22,114	22,484	22,196	22,550	20,357	20,653	20,522	19,942	18,953	18,158	87,860	85,756	77,575
Distribution Fees	2,606	2,810	3,082	3,596	4,987	5,721	6,344	6,806	7,372	7,304	6,852	5,656	12,094	23,858	27,184
Gross Distributions	$ 50,058	$ 48,192	$ 47,957	$ 45,135	$ 44,936	$ 46,392	$ 43,368	$ 43,850	$ 43,475	$ 42,457	$ 40,097	$ 37,496	$ 191,342	$ 178,546	$ 163,525

EQUITY (Share Redemption Activi

EQUITY (Share Redemption Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
EQUITY [Abstract]
Number of shares redeemed (in shares)	33,009	45,044	14,109
Aggregate dollar amount of shares redeemed	$ 421,135	$ 652,754	$ 213,444
Average redemption price per share (in dollars per share)	$ 12.76	$ 14.49	$ 15.13

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS (Redeemable Noncontrolling Interest Activity) (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	$ 69,553	$ 114,310	$ 69,553
Settlement of prior year performance participation allocation			62,667
Distributions to redeemable noncontrolling interests		(4,978)	(4,850)	$ (2,493)
Redemptions of redeemable noncontrolling interests		(1,500)	(3,979)
Net loss attributable to redeemable noncontrolling interests		(3,353)	(5,587)	(4,874)
Change from cash flow hedging activities and available-for-sale debt securities attributable to redeemable noncontrolling interests			(966)
Redemption value allocation adjustment to redeemable noncontrolling interests		1,013	(2,528)
Ending balance		$ 105,492	$ 114,310	$ 69,553
Redeemable noncontrolling interests activity, in shares
Beginning balance, shares	4,532	8,346	4,532
Settlement of prior year performance participation allocation, shares			4,106
Redemptions of redeemable noncontrolling interests, shares		(119)	(292)
Ending balance, shares		8,227	8,346	4,532
Payable as of		$ 61,200	$ 57,176
Related Party | Ares Commercial Real Estate Management
Redeemable noncontrolling interests activity, in shares
Fees incurred with related parties		106,994	131,384	$ 300,329
Payable as of		11,570	11,687
Related Party | Performance Participation Allocation | Ares Commercial Real Estate Management
Redeemable noncontrolling interests activity, in shares
Fees incurred with related parties		0	0	140,505
Payable as of				140,500
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 incurred with related parties		$ 0	$ 0
Payable as of				$ 140,500

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Impact on uncertain tax positions from results of operations	$ 0	$ 0	$ 0
Deferred tax assets, net	$ 0.9	$ 0.3

INCOME TAXES (Preliminary Taxab

INCOME TAXES (Preliminary Taxability of Distributions on Common Shares) (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Non-taxable return of capital	100%	100%	100%
Total distribution	100%	100%	100%

RELATED PARTY TRANSACTIONS (Sel

RELATED PARTY TRANSACTIONS (Selling Commissions, Dealer Manager Fees and Distribution Fees (DRIP)) (Details) - Related Party - Ares Commercial Real Estate Management	12 Months Ended
	Dec. 31, 2024
Related Party Transaction [Line Items]
Advisory agreement period	1 year
Selling Commissions And Dealer Manager
Related Party Transaction [Line Items]
Distribution fees threshold to cease payment	8.50%
Aggregate purchase price	10%
Class T-R Common Shares | Selling Commissions And Dealer Manager
Related Party Transaction [Line Items]
Distribution fees (as % of NAV per annum)	0.85%
Class T-R Common Shares | Selling Commissions And Dealer Manager | Maximum [Member]
Related Party Transaction [Line Items]
Selling commissions (as % of offering price), up to this percent	2%
Dealer manager fees (as % of offering price), up to this percent	2.50%

RELATED PARTY TRANSACTIONS (S_2

RELATED PARTY TRANSACTIONS (Selling Commissions, Dealer Manager Fees and Distribution Fees (Private Offering)) (Details) - Related Party - Selling Commissions And Dealer Manager - Ares Commercial Real Estate Management	12 Months Ended
	Dec. 31, 2024
Class S-PR Common Shares
Related Party Transaction [Line Items]
Distribution fees (as % of NAV per annum)	0.85%
Class S-PR Common Shares | Maximum [Member]
Related Party Transaction [Line Items]
Selling commissions (as % of offering price), up to this percent	2%
Dealer manager fees (as % of offering price), up to this percent	2.50%
Class D-PR Common Shares
Related Party Transaction [Line Items]
Distribution fees (as % of NAV per annum)	0.25%
Class D-PR Common Shares | Maximum [Member]
Related Party Transaction [Line Items]
Selling commissions (as % of offering price), up to this percent	1.50%

RELATED PARTY TRANSACTIONS (Adv

RELATED PARTY TRANSACTIONS (Advisory Fee) (Details) - Related Party - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Fees and expenses	$ 106,994	$ 131,384	$ 300,329
Advisory Fees
Related Party Transaction [Line Items]
Loss carryforward per share	$ 1.38	$ 1.47
Advisory Fees | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction Fixed Component Percentage Of Advisory Fee	0.10417%
Threshold for performance component of advisory fee	12.50%
Threshold of annual total return as % of NAV	5%
Performance component earned for excess return over the hurdle amount	100%
Maximum performance component limited to % of total annual return	12.50%
Performance Participation Allocation | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Fees and expenses	$ 0	$ 0	$ 140,505

RELATED PARTY TRANSACTIONS (Org

RELATED PARTY TRANSACTIONS (Organization and Offering Expenses, Development fees) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Other Liabilities	$ 61,200	$ 57,176
Ares Commercial Real Estate Management | Related Party
Related Party Transaction [Line Items]
Other Liabilities	11,570	11,687
Other expense reimbursements | Ares Commercial Real Estate Management | Related Party
Related Party Transaction [Line Items]
Other Liabilities	$ 3,809	2,799
Development Fees
Related Party Transaction [Line Items]
Development fee percentage	4%
Development Fees | Ares Commercial Real Estate Management | Related Party
Related Party Transaction [Line Items]
Other Liabilities	$ 25	$ 588

RELATED PARTY TRANSACTIONS (DST

RELATED PARTY TRANSACTIONS (DST Program & Summary of Fees and Expenses Incurred by Company) (Details) - USD ($) $ in Thousands, shares in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Distribution fees payable to affiliates		$ 110,088	$ 64,517
Other liabilities		(61,200)	(57,176)
Other assets		$ 87,942	69,072
DST Program Manager Fees
Related Party Transaction [Line Items]
Percent of interests intended to be sold to third parties		100%
Related Party | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Fees and expenses		$ 106,994	131,384	$ 300,329
Other liabilities		(11,570)	(11,687)
Amount reimbursed for services		12,200	11,200	11,400
Related Party | Selling Commissions And Dealer Manager | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Fees and expenses		1,176	4,449	22,815
Other liabilities			0
Related Party | Ongoing Distribution Fees | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Fees and expenses		15,469	23,858	27,175
Distribution fees payable to affiliates		110,100	64,500
Other liabilities		(1,389)	(1,549)
Related Party | Advisory Fee, Fixed Component | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Fees and expenses		66,048	74,092	67,561
Other liabilities		(5,436)	(5,813)
Related Party | Other Expense Reimbursements | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Fees and expenses		13,137	12,116	12,452
Other liabilities		(3,809)	(2,799)
Related Party | Property Accounting Fee | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Fees and expenses		3,497	3,017	2,803
Other liabilities		(300)
Other assets			129
Related Party | DST Program Selling Commissions, Dealer Manager And Distribution Fees | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Fees and expenses		4,027	6,393	8,584
Other liabilities		(488)	(852)
Related Party | DST Program Dealer Manager Fees | Affiliated Entity | Dealer Manager | Ares Industrial Real Estate Exchange LLC [Member]
Related Party Transaction [Line Items]
Private placement, amount of interests placed with dealer		$ 2,500,000
Related Party | DST Program Dealer Manager Fees | Dealer Manager
Related Party Transaction [Line Items]
Private placement, dealer fee, percent of gross equity proceeds		1.50%
Related Party | DST Program Dealer Manager Fees | Dealer Manager | Ares Industrial Real Estate Exchange LLC [Member]
Related Party Transaction [Line Items]
Private placement, commission, percent of gross equity proceeds		5%
Private placement, dealer fee, percent of gross equity proceeds		1.50%
Private placement, dealer manager fees		1%
Related Party | DST Program Manager Fees | Affiliated Entity
Related Party Transaction [Line Items]
Maximum percentage of purchase price paid by investor		50%
Percentage of origination fee		1%
Related Party | DST Program Manager Fees | DST Manager | DST Manager
Related Party Transaction [Line Items]
Redemption Fee Receivable, Percent Of Amount Receivable		1%
Related Party | DST Program Manager Fees | DST Manager | DST Advisor
Related Party Transaction [Line Items]
Management Compensation Fee Receivable, Percent Of Gross Rents		1%
Management Loan Fee Receivable, Percent Of Financing Arranged		1%
Management fee, percent of equity proceeds		1%
Related Party | Other DST Program Related Costs | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Fees and expenses		$ 2,569	5,664	9,974
Other liabilities		(123)	(215)
Related Party | Development Fees | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Fees and expenses		1,071	1,795	8,460
Other liabilities		(25)	(588)
Related Party | Performance Participation Allocation | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Fees and expenses		$ 0	$ 0	140,505
Other liabilities				$ (140,500)
Cash paid for settlement of related party amount due	$ 77,800
Settlement of related party amount due by OP units	4.1

NET INCOME (LOSS) PER COMMON _3

NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
NET INCOME (LOSS) PER COMMON SHARE [Abstract]
Net loss attributable to common stockholders-basic	$ (111,058)	$ (204,674)	$ (308,079)
Net loss attributable to redeemable noncontrolling interests	(3,353)	(5,587)	(4,874)
Net (loss) income attributable to noncontrolling interests	(15,934)	38	38
Net loss attributable to common stockholders-diluted	$ (130,345)	$ (210,223)	$ (312,915)
Weighted-average shares outstanding-basic (in shares)	276,152	303,660	295,683
Incremental weighted-average shares outstanding-diluted	42,704	8,461	4,533
Weighted-average shares outstanding - diluted	318,856	312,121	300,216
Net loss per share attributable to common stockholders-basic (in dollars per share)	$ (0.4)	$ (0.67)	$ (1.04)
Net loss per share attributable to common stockholders- diluted (in dollars per share)	$ (0.4)	$ (0.67)	$ (1.04)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental disclosure of cash activities:
Interest paid related to consolidated indebtedness, net of capitalized interest	$ 167,668	$ 118,575	$ 70,667
Interest paid related to DST Program	64,979	62,507	32,157
Interest paid related to secured financings	4,661	1,126
Supplemental disclosure of non-cash investing and financing activities:
Distributions reinvested in common stock	88,108	85,224	76,434
Increase in DST Program Loans receivable through DST Program capital raising	11,453	52,542	83,630
Issuances of OP Units for DST Interests	786,497
Redeemable noncontrolling interests issued as settlement of performance participation allocation		62,667	81,185
Non-cash redemption of minority ownership interest in unconsolidated joint venture partnership			91,028
Increase (decrease) in accrued future ongoing distribution fees	45,571	(27,628)	6,726
(Decrease) increase in accrued capital expenditures	(25,474)	(33,214)	58,902
Non-cash selling commissions and dealer manager fees	$ 1,176	$ 4,449	$ 22,815

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION (Restricted Cash) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 25,148	$ 14,322	$ 79,524	$ 216,848
Restricted cash	3,649	620	499	887
Cash, cash equivalents and restricted cash	$ 28,797	$ 14,942	$ 80,023	$ 217,735

NONCONTROLLING INTERESTS (Sched

NONCONTROLLING INTERESTS (Schedule of Noncontrolling Interest) (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2024 shares
Noncontrolling Interest [Line Items]
Issuance of units	15,200
Operating Partnership Units
Noncontrolling Interest [Line Items]
Beginning balance, shares	0
Issuance of units	61,558
Ending balance, shares	61,558

NONCONTROLLING INTERESTS (Narra

NONCONTROLLING INTERESTS (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Aggregate amount of OP Units redeemed	33,009,000	45,044,000	14,109,000
Issuance of units	15,200,000
Operating Partnership Units
Noncontrolling Interest [Line Items]
Number of common stock issued per operating partnership unit	1
Estimated maximum redemption value (unaudited)	$ 781
Aggregate amount of OP Units redeemed	0
Issuance of units	61,558,000
Operating Partnership Units | Operating Partnership | Third Party Investors
Noncontrolling Interest [Line Items]
Ownership percentage owned by third-party investors	18.10%	0%
Non related party | Operating Partnership Units
Noncontrolling Interest [Line Items]
Issuance of units		0	0

NONCONTROLLING INTERESTS (Speci

NONCONTROLLING INTERESTS (Special Units) (Details)		1 Months Ended
	Jul. 01, 2021 shares	Nov. 30, 2014 USD ($) shares	Dec. 31, 2024 subsidiary
Noncontrolling Interest [Line Items]
Number of subsidiaries owned | subsidiary			3
BCI IV Operating Partnership LP | Former Advisor
Noncontrolling Interest [Line Items]
Sale of stock, consideration received per transaction | $		$ 1,000
Sale of Stock, Number of Shares Issued in Transaction		100
BCI IV Operating Partnership LP | Ares Commercial Real Estate Management
Noncontrolling Interest [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	100

NONCONTROLLING INTERESTS (Subsi

NONCONTROLLING INTERESTS (Subsidiary REITs) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Noncontrolling Interest [Line Items]
Number of Shares	0	0
Par value	$ 0.01	$ 0.01
Subsidiaries | Executive Airport II
Noncontrolling Interest [Line Items]
Number of Shares	125
Par value	$ 1,000
Annual Preferred Dividend	12.50%
Dividends Payable	$ 7,812	$ 7,812
Subsidiaries | Build-To-Core Logistics Portfolio
Noncontrolling Interest [Line Items]
Number of Shares	122
Par value	$ 500
Annual Preferred Dividend	12%
Subsidiaries | Hainesport Commerce Center
Noncontrolling Interest [Line Items]
Number of Shares	125
Par value	$ 1,000
Annual Preferred Dividend	12%

SEGMENT FINANCIAL INFORMATION_2

SEGMENT FINANCIAL INFORMATION (Schedule of Total Assets by Business Segment) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Segment Reporting, Asset Reconciling Item [Line Items]
Number of Reportable Segments | segment	1
Total assets	$ 7,581,011	$ 7,329,504
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	225,834	326,069
Operating segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	7,355,177	7,003,435
Operating segments | Industrial real estate segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 7,355,177	$ 7,003,435

SEGMENT FINANCIAL INFORMATION_3

SEGMENT FINANCIAL INFORMATION (Reconciliation of Net Operating Income to Reported Net Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of reported net income (loss) attributable to common stockholders to net operating income
Net loss attributable to common stockholders	$ (111,058)	$ (204,674)	$ (308,079)
Real estate-related depreciation and amortization	291,872	294,111	265,970
General and administrative expenses	17,194	15,313	13,265
Advisory fees	66,048	74,092	67,561
Performance Participation Allocation	0	0	140,505
Acquisition costs and reimbursements	3,036	10,217	5,322
Equity in (income) loss from unconsolidated joint venture partnerships	(5,228)	118	97
Interest expense	259,302	190,382	150,824
Unrealized (gain) on financing obligations	(194)	(179)	0
Gain on extinguishment of financing obligations	(31,250)	0	0
Gain on derivative instruments	(2,288)	(5,124)	(28,628)
Net gain on sale of real estate property	(56,923)	0	0
Other income and expenses	(8,633)	(10,191)	(4,252)
Net loss attributable to redeemable noncontrolling interests	(3,353)	(5,587)	(4,874)
Net (loss) income attributable to noncontrolling interests	(15,934)	38	38
Net operating income	402,591	358,516	297,749
Industrial real estate segment
Reconciliation of reported net income (loss) attributable to common stockholders to net operating income
Net operating income	$ 402,591	$ 358,516	$ 297,749

SEGMENT FINANCIAL INFORMATION_4

SEGMENT FINANCIAL INFORMATION (Revenue and Components of Net Operating Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Rental revenues	$ 489,164	$ 460,108	$ 391,605
Debt-related income	36,744	9,987	420
Rental expenses	(123,317)	(111,579)	(94,276)
Net operating income	402,591	358,516	297,749
Industrial real estate segment
Segment Reporting Information [Line Items]
Rental revenues	489,164	460,108	391,605
Debt-related income	36,744	9,987	420
Rental expenses	(123,317)	(111,579)	(94,276)
Net operating income	$ 402,591	$ 358,516	$ 297,749

SCHEDULE III-REAL ESTATE AND _2

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) building	Dec. 31, 2023 USD ($) building	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	255	256
Debt	$ 2,489,442
Initial Cost of Land	1,351,397
Initial Cost of Buildings and Improvements	5,828,861
Total Initial Costs	7,180,258
Costs Capitalized or Adjustments Subsequent to Acquisition	580,324
Gross amount carried, Land	1,346,285
Gross amount carried, Buildings and Improvements	6,414,297
Gross amount carried, Total Costs	7,760,582	$ 7,504,407	$ 7,188,151	$ 5,007,161
Accumulated Depreciation and Amortization	(1,020,764)
Gross	535,210	498,053
Intangibles lease liabilities, gross	134,362	$ 129,823
Real estate federal income tax basis	$ 5,700,000
Variable Rate Secured Mortgage Note Maturity July 2026 | SOFR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Basis spread on variable rate	2.33%
Variable Rate Secured Mortgage Note Maturity July 2025 | SOFR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Basis spread on variable rate	1.50%
Variable Rate Secured Mortgage Note Maturity October 2026 | SOFR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Basis spread on variable rate	3.30%
Ontario Industrial Center in Ontario, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,225
Initial Cost of Buildings and Improvements	5,826
Total Initial Costs	11,051
Costs Capitalized or Adjustments Subsequent to Acquisition	1,280
Gross amount carried, Land	5,225
Gross amount carried, Buildings and Improvements	7,106
Gross amount carried, Total Costs	12,331
Accumulated Depreciation and Amortization	$ (2,690)
Medley Industrial Center in Medley, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,864
Initial Cost of Buildings and Improvements	4,559
Total Initial Costs	7,423
Costs Capitalized or Adjustments Subsequent to Acquisition	624
Gross amount carried, Land	2,864
Gross amount carried, Buildings and Improvements	5,183
Gross amount carried, Total Costs	8,047
Accumulated Depreciation and Amortization	$ (1,702)
Ontario Distribution Center in Ontario, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 14,657
Initial Cost of Buildings and Improvements	17,396
Total Initial Costs	32,053
Costs Capitalized or Adjustments Subsequent to Acquisition	1,566
Gross amount carried, Land	14,657
Gross amount carried, Buildings and Improvements	18,962
Gross amount carried, Total Costs	33,619
Accumulated Depreciation and Amortization	$ (7,663)
Park 429 Logistics Center in Ocoee, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 7,963
Initial Cost of Buildings and Improvements	37,052
Total Initial Costs	45,015
Costs Capitalized or Adjustments Subsequent to Acquisition	568
Gross amount carried, Land	7,963
Gross amount carried, Buildings and Improvements	37,620
Gross amount carried, Total Costs	45,583
Accumulated Depreciation and Amortization	$ (8,257)
Pescadero Distribution Center in Tracy, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,602
Initial Cost of Buildings and Improvements	40,021
Total Initial Costs	45,623
Costs Capitalized or Adjustments Subsequent to Acquisition	1,378
Gross amount carried, Land	5,602
Gross amount carried, Buildings and Improvements	41,399
Gross amount carried, Total Costs	47,001
Accumulated Depreciation and Amortization	$ (9,798)
Gothard Industrial Center in Huntington Beach, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,325
Initial Cost of Buildings and Improvements	4,771
Total Initial Costs	10,096
Costs Capitalized or Adjustments Subsequent to Acquisition	428
Gross amount carried, Land	5,325
Gross amount carried, Buildings and Improvements	5,199
Gross amount carried, Total Costs	10,524
Accumulated Depreciation and Amortization	$ (2,036)
Midway Industrial Center in Odenton, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,579
Initial Cost of Buildings and Improvements	3,852
Total Initial Costs	8,431
Costs Capitalized or Adjustments Subsequent to Acquisition	446
Gross amount carried, Land	4,579
Gross amount carried, Buildings and Improvements	4,298
Gross amount carried, Total Costs	8,877
Accumulated Depreciation and Amortization	$ (1,949)
Executive Airport Distribution Center I in Henderson, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 10,360
Initial Cost of Buildings and Improvements	41,262
Total Initial Costs	51,622
Costs Capitalized or Adjustments Subsequent to Acquisition	663
Gross amount carried, Land	10,360
Gross amount carried, Buildings and Improvements	41,925
Gross amount carried, Total Costs	52,285
Accumulated Depreciation and Amortization	$ (10,735)
Iron Run Distribution Center in Allentown, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,483
Initial Cost of Buildings and Improvements	10,394
Total Initial Costs	15,877
Costs Capitalized or Adjustments Subsequent to Acquisition	957
Gross amount carried, Land	5,483
Gross amount carried, Buildings and Improvements	11,351
Gross amount carried, Total Costs	16,834
Accumulated Depreciation and Amortization	$ (4,057)
Elgin Distribution Center in Elgin, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,032
Initial Cost of Buildings and Improvements	17,191
Total Initial Costs	21,223
Costs Capitalized or Adjustments Subsequent to Acquisition	156
Gross amount carried, Land	4,032
Gross amount carried, Buildings and Improvements	17,347
Gross amount carried, Total Costs	21,379
Accumulated Depreciation and Amortization	$ (3,339)
Addison Distribution Center II in Addison, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,439
Initial Cost of Buildings and Improvements	8,009
Total Initial Costs	12,448
Costs Capitalized or Adjustments Subsequent to Acquisition	879
Gross amount carried, Land	4,439
Gross amount carried, Buildings and Improvements	8,888
Gross amount carried, Total Costs	13,327
Accumulated Depreciation and Amortization	$ (2,814)
Fontana Distribution Center in Fontana, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 20,558
Initial Cost of Buildings and Improvements	22,649
Total Initial Costs	43,207
Costs Capitalized or Adjustments Subsequent to Acquisition	958
Gross amount carried, Land	20,558
Gross amount carried, Buildings and Improvements	23,607
Gross amount carried, Total Costs	44,165
Accumulated Depreciation and Amortization	$ (9,552)
Airport Industrial Center in Ontario, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,085
Initial Cost of Buildings and Improvements	4,238
Total Initial Costs	8,323
Costs Capitalized or Adjustments Subsequent to Acquisition	813
Gross amount carried, Land	4,085
Gross amount carried, Buildings and Improvements	5,051
Gross amount carried, Total Costs	9,136
Accumulated Depreciation and Amortization	$ (1,985)
Kelly Trade Center in Austin, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,686
Initial Cost of Buildings and Improvements	12,980
Total Initial Costs	15,666
Costs Capitalized or Adjustments Subsequent to Acquisition	2,255
Gross amount carried, Land	2,686
Gross amount carried, Buildings and Improvements	15,235
Gross amount carried, Total Costs	17,921
Accumulated Depreciation and Amortization	$ (4,372)
7A Distribution Center in Robbinsville, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 8,002
Initial Cost of Buildings and Improvements	4,498
Total Initial Costs	12,500
Costs Capitalized or Adjustments Subsequent to Acquisition	523
Gross amount carried, Land	3,385
Gross amount carried, Buildings and Improvements	9,638
Gross amount carried, Total Costs	13,023
Accumulated Depreciation and Amortization	$ (3,584)
Quakerbridge Distribution Center in Hamilton, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,434
Initial Cost of Buildings and Improvements	5,160
Total Initial Costs	8,594
Costs Capitalized or Adjustments Subsequent to Acquisition	982
Gross amount carried, Land	2,334
Gross amount carried, Buildings and Improvements	7,242
Gross amount carried, Total Costs	9,576
Accumulated Depreciation and Amortization	$ (2,538)
Hebron Airpark Logistics Center in Hebron, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,228
Initial Cost of Buildings and Improvements	9,645
Total Initial Costs	11,873
Costs Capitalized or Adjustments Subsequent to Acquisition	603
Gross amount carried, Land	2,228
Gross amount carried, Buildings and Improvements	10,248
Gross amount carried, Total Costs	12,476
Accumulated Depreciation and Amortization	$ (2,311)
Las Vegas Light Industrial Portfolio in Las Vegas, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 19,872
Initial Cost of Buildings and Improvements	40,594
Total Initial Costs	60,466
Costs Capitalized or Adjustments Subsequent to Acquisition	1,852
Gross amount carried, Land	19,872
Gross amount carried, Buildings and Improvements	42,446
Gross amount carried, Total Costs	62,318
Accumulated Depreciation and Amortization	$ (12,597)
Monte Vista Industrial Center in Chino, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 7,947
Initial Cost of Buildings and Improvements	7,592
Total Initial Costs	15,539
Costs Capitalized or Adjustments Subsequent to Acquisition	886
Gross amount carried, Land	7,947
Gross amount carried, Buildings and Improvements	8,478
Gross amount carried, Total Costs	16,425
Accumulated Depreciation and Amortization	$ (3,077)
King of Prussia Core Infill Portfolio in King of Prussia, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	5
Initial Cost of Land	$ 14,791
Initial Cost of Buildings and Improvements	17,378
Total Initial Costs	32,169
Costs Capitalized or Adjustments Subsequent to Acquisition	2,364
Gross amount carried, Land	14,791
Gross amount carried, Buildings and Improvements	19,742
Gross amount carried, Total Costs	34,533
Accumulated Depreciation and Amortization	$ (7,940)
Dallas Infill Industrial Portfolio in Arlington, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Initial Cost of Land	$ 17,159
Initial Cost of Buildings and Improvements	77,010
Total Initial Costs	94,169
Costs Capitalized or Adjustments Subsequent to Acquisition	6,903
Gross amount carried, Land	17,159
Gross amount carried, Buildings and Improvements	83,913
Gross amount carried, Total Costs	101,072
Accumulated Depreciation and Amortization	$ (21,568)
Dallas Infill Industrial Portfolio in Garland, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Debt	$ 11,250
Initial Cost of Land	3,545
Initial Cost of Buildings and Improvements	20,624
Total Initial Costs	24,169
Costs Capitalized or Adjustments Subsequent to Acquisition	1,058
Gross amount carried, Land	3,545
Gross amount carried, Buildings and Improvements	21,682
Gross amount carried, Total Costs	25,227
Accumulated Depreciation and Amortization	$ (4,806)
Edison Distribution Center in Edison, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 11,519
Initial Cost of Buildings and Improvements	16,079
Total Initial Costs	27,598
Costs Capitalized or Adjustments Subsequent to Acquisition	278
Gross amount carried, Land	11,519
Gross amount carried, Buildings and Improvements	16,357
Gross amount carried, Total Costs	27,876
Accumulated Depreciation and Amortization	$ (6,084)
395 Distribution Center in Reno, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 8,904
Initial Cost of Buildings and Improvements	46,370
Total Initial Costs	55,274
Costs Capitalized or Adjustments Subsequent to Acquisition	1,175
Gross amount carried, Land	8,904
Gross amount carried, Buildings and Improvements	47,545
Gross amount carried, Total Costs	56,449
Accumulated Depreciation and Amortization	$ (10,102)
I-80 Distribution Center in Reno, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 11,645
Initial Cost of Buildings and Improvements	61,932
Total Initial Costs	73,577
Costs Capitalized or Adjustments Subsequent to Acquisition	2,233
Gross amount carried, Land	11,645
Gross amount carried, Buildings and Improvements	64,165
Gross amount carried, Total Costs	75,810
Accumulated Depreciation and Amortization	$ (15,426)
485 Distribution Center in Shiremanstown, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,145
Initial Cost of Buildings and Improvements	36,985
Total Initial Costs	43,130
Costs Capitalized or Adjustments Subsequent to Acquisition	1,141
Gross amount carried, Land	6,145
Gross amount carried, Buildings and Improvements	38,126
Gross amount carried, Total Costs	44,271
Accumulated Depreciation and Amortization	$ (8,400)
Weston Business Center in Weston, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 14,627
Initial Cost of Buildings and Improvements	18,710
Total Initial Costs	33,337
Costs Capitalized or Adjustments Subsequent to Acquisition	777
Gross amount carried, Land	14,627
Gross amount carried, Buildings and Improvements	19,487
Gross amount carried, Total Costs	34,114
Accumulated Depreciation and Amortization	$ (5,872)
Marigold Distribution Center in Redlands, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 15,660
Initial Cost of Buildings and Improvements	24,564
Total Initial Costs	40,224
Costs Capitalized or Adjustments Subsequent to Acquisition	2,639
Gross amount carried, Land	15,660
Gross amount carried, Buildings and Improvements	27,203
Gross amount carried, Total Costs	42,863
Accumulated Depreciation and Amortization	$ (7,925)
Bishops Gate Distribution Center in Mount Laurel, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,018
Initial Cost of Buildings and Improvements	26,414
Total Initial Costs	32,432
Costs Capitalized or Adjustments Subsequent to Acquisition	629
Gross amount carried, Land	6,018
Gross amount carried, Buildings and Improvements	27,043
Gross amount carried, Total Costs	33,061
Accumulated Depreciation and Amortization	$ (9,269)
Norcross Industrial Center in Peachtree Corner, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,220
Initial Cost of Buildings and Improvements	6,285
Total Initial Costs	9,505
Costs Capitalized or Adjustments Subsequent to Acquisition	6,081
Gross amount carried, Land	3,220
Gross amount carried, Buildings and Improvements	12,366
Gross amount carried, Total Costs	15,586
Accumulated Depreciation and Amortization	$ (3,887)
Lima Distribution Center in Denver, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,853
Initial Cost of Buildings and Improvements	9,872
Total Initial Costs	11,725
Costs Capitalized or Adjustments Subsequent to Acquisition	641
Gross amount carried, Land	1,853
Gross amount carried, Buildings and Improvements	10,513
Gross amount carried, Total Costs	12,366
Accumulated Depreciation and Amortization	$ (3,395)
Valwood Crossroads in Carrollton, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 12,457
Initial Cost of Buildings and Improvements	58,567
Total Initial Costs	71,024
Costs Capitalized or Adjustments Subsequent to Acquisition	194
Gross amount carried, Land	12,457
Gross amount carried, Buildings and Improvements	58,761
Gross amount carried, Total Costs	71,218
Accumulated Depreciation and Amortization	$ (12,669)
Eaglepoint LC in Brownsburg, IN [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,598
Initial Cost of Buildings and Improvements	37,329
Total Initial Costs	40,927
Costs Capitalized or Adjustments Subsequent to Acquisition	846
Gross amount carried, Land	3,598
Gross amount carried, Buildings and Improvements	38,175
Gross amount carried, Total Costs	41,773
Accumulated Depreciation and Amortization	$ (8,983)
7A DC II in Robbinsville Township, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,235
Initial Cost of Buildings and Improvements	17,501
Total Initial Costs	23,736
Costs Capitalized or Adjustments Subsequent to Acquisition	775
Gross amount carried, Land	6,235
Gross amount carried, Buildings and Improvements	18,276
Gross amount carried, Total Costs	24,511
Accumulated Depreciation and Amortization	$ (5,030)
Legacy Logistics Center in Salt Lake City, UT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,590
Initial Cost of Buildings and Improvements	34,128
Total Initial Costs	39,718
Costs Capitalized or Adjustments Subsequent to Acquisition	1,995
Gross amount carried, Land	5,590
Gross amount carried, Buildings and Improvements	36,123
Gross amount carried, Total Costs	41,713
Accumulated Depreciation and Amortization	$ (7,921)
Logistics Center at 33 in Easton, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 8,983
Initial Cost of Buildings and Improvements	54,781
Total Initial Costs	63,764
Costs Capitalized or Adjustments Subsequent to Acquisition	553
Gross amount carried, Land	8,983
Gross amount carried, Buildings and Improvements	55,334
Gross amount carried, Total Costs	64,317
Accumulated Depreciation and Amortization	$ (12,449)
Intermodal Logistics Center in Fort Worth, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,191
Initial Cost of Buildings and Improvements	23,511
Total Initial Costs	28,702
Costs Capitalized or Adjustments Subsequent to Acquisition	238
Gross amount carried, Land	5,191
Gross amount carried, Buildings and Improvements	23,749
Gross amount carried, Total Costs	28,940
Accumulated Depreciation and Amortization	$ (4,497)
Executive Airport Distribution Center II, III in Henderson, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 7,852
Initial Cost of Buildings and Improvements	25,348
Total Initial Costs	33,200
Costs Capitalized or Adjustments Subsequent to Acquisition	4,511
Gross amount carried, Land	7,852
Gross amount carried, Buildings and Improvements	29,859
Gross amount carried, Total Costs	37,711
Accumulated Depreciation and Amortization	$ (4,088)
Carlstadt Industrial Center in Carlstadt, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 16,989
Initial Cost of Buildings and Improvements	21,174
Total Initial Costs	38,163
Costs Capitalized or Adjustments Subsequent to Acquisition	1,824
Gross amount carried, Land	16,989
Gross amount carried, Buildings and Improvements	22,998
Gross amount carried, Total Costs	39,987
Accumulated Depreciation and Amortization	$ (6,662)
Nelson Industrial Center in La Puente, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,943
Initial Cost of Buildings and Improvements	5,233
Total Initial Costs	9,176
Costs Capitalized or Adjustments Subsequent to Acquisition	147
Gross amount carried, Land	3,943
Gross amount carried, Buildings and Improvements	5,380
Gross amount carried, Total Costs	9,323
Accumulated Depreciation and Amortization	$ (1,279)
Miraloma Industrial Center in Placentia, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,843
Initial Cost of Buildings and Improvements	4,776
Total Initial Costs	9,619
Costs Capitalized or Adjustments Subsequent to Acquisition	250
Gross amount carried, Land	4,843
Gross amount carried, Buildings and Improvements	5,026
Gross amount carried, Total Costs	9,869
Accumulated Depreciation and Amortization	$ (1,572)
Pennsy Logistics Center in Landover, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 8,273
Initial Cost of Buildings and Improvements	52,261
Total Initial Costs	60,534
Costs Capitalized or Adjustments Subsequent to Acquisition	191
Gross amount carried, Land	8,273
Gross amount carried, Buildings and Improvements	52,452
Gross amount carried, Total Costs	60,725
Accumulated Depreciation and Amortization	$ (10,599)
Gerwig Distribution Center in Columbia, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 8,069
Initial Cost of Buildings and Improvements	11,454
Total Initial Costs	19,523
Costs Capitalized or Adjustments Subsequent to Acquisition	485
Gross amount carried, Land	8,069
Gross amount carried, Buildings and Improvements	11,939
Gross amount carried, Total Costs	20,008
Accumulated Depreciation and Amortization	$ (3,055)
Harvill Business Center in Perris, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 14,098
Initial Cost of Buildings and Improvements	47,402
Total Initial Costs	61,500
Costs Capitalized or Adjustments Subsequent to Acquisition	41
Gross amount carried, Land	14,098
Gross amount carried, Buildings and Improvements	47,443
Gross amount carried, Total Costs	61,541
Accumulated Depreciation and Amortization	$ (7,893)
Princess Logistics Center in Lawrenceville, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 10,883
Initial Cost of Buildings and Improvements	65,248
Total Initial Costs	76,131
Costs Capitalized or Adjustments Subsequent to Acquisition	1,232
Gross amount carried, Land	10,883
Gross amount carried, Buildings and Improvements	66,480
Gross amount carried, Total Costs	77,363
Accumulated Depreciation and Amortization	$ (8,402)
Rancho Cucamonga Business Center in Rancho Cucamonga, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 8,185
Initial Cost of Buildings and Improvements	16,870
Total Initial Costs	25,055
Costs Capitalized or Adjustments Subsequent to Acquisition	636
Gross amount carried, Land	8,185
Gross amount carried, Buildings and Improvements	17,506
Gross amount carried, Total Costs	25,691
Accumulated Depreciation and Amortization	$ (3,349)
Norton Distribution Center in Norton, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,350
Initial Cost of Buildings and Improvements	29,396
Total Initial Costs	33,746
Costs Capitalized or Adjustments Subsequent to Acquisition	253
Gross amount carried, Land	4,350
Gross amount carried, Buildings and Improvements	29,649
Gross amount carried, Total Costs	33,999
Accumulated Depreciation and Amortization	$ (6,655)
Build-To-Core Logistics Portfolio in Austin, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	5
Initial Cost of Land	$ 11,918
Initial Cost of Buildings and Improvements	42,685
Total Initial Costs	54,603
Costs Capitalized or Adjustments Subsequent to Acquisition	2,606
Gross amount carried, Land	11,918
Gross amount carried, Buildings and Improvements	45,291
Gross amount carried, Total Costs	57,209
Accumulated Depreciation and Amortization	$ (10,351)
Build-To-Core Logistics Portfolio in Hayward, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 39,357
Initial Cost of Buildings and Improvements	91,117
Total Initial Costs	130,474
Costs Capitalized or Adjustments Subsequent to Acquisition	3,649
Gross amount carried, Land	39,357
Gross amount carried, Buildings and Improvements	94,766
Gross amount carried, Total Costs	134,123
Accumulated Depreciation and Amortization	$ (11,625)
Build-To-Core Logistics Portfolio in Lehigh Valley, PA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 14,522
Initial Cost of Buildings and Improvements	49,076
Total Initial Costs	63,598
Costs Capitalized or Adjustments Subsequent to Acquisition	2,884
Gross amount carried, Land	14,522
Gross amount carried, Buildings and Improvements	51,960
Gross amount carried, Total Costs	66,482
Accumulated Depreciation and Amortization	$ (7,277)
Build-To-Core Logistics Portfolio in Lodi, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 18,545
Initial Cost of Buildings and Improvements	80,295
Total Initial Costs	98,840
Costs Capitalized or Adjustments Subsequent to Acquisition	409
Gross amount carried, Land	18,545
Gross amount carried, Buildings and Improvements	80,704
Gross amount carried, Total Costs	99,249
Accumulated Depreciation and Amortization	$ (9,175)
Build-To-Core Logistics Portfolio in Rancho Cucamonga, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 26,126
Initial Cost of Buildings and Improvements	72,626
Total Initial Costs	98,752
Costs Capitalized or Adjustments Subsequent to Acquisition	10,071
Gross amount carried, Land	26,126
Gross amount carried, Buildings and Improvements	82,697
Gross amount carried, Total Costs	108,823
Accumulated Depreciation and Amortization	$ (11,397)
Build-To-Core Logistics Portfolio in Richmond, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,954
Initial Cost of Buildings and Improvements	34,529
Total Initial Costs	41,483
Costs Capitalized or Adjustments Subsequent to Acquisition	1,300
Gross amount carried, Land	7,045
Gross amount carried, Buildings and Improvements	35,738
Gross amount carried, Total Costs	42,783
Accumulated Depreciation and Amortization	$ (4,283)
Build-To-Core Logistics Portfolio in San Jose, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 9,799
Initial Cost of Buildings and Improvements	23,467
Total Initial Costs	33,266
Costs Capitalized or Adjustments Subsequent to Acquisition	360
Gross amount carried, Land	9,799
Gross amount carried, Buildings and Improvements	23,827
Gross amount carried, Total Costs	33,626
Accumulated Depreciation and Amortization	$ (3,097)
Build-To-Core Logistics Portfolio in Suwanee, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 5,612
Initial Cost of Buildings and Improvements	65,710
Total Initial Costs	71,322
Costs Capitalized or Adjustments Subsequent to Acquisition	4,517
Gross amount carried, Land	5,612
Gross amount carried, Buildings and Improvements	70,227
Gross amount carried, Total Costs	75,839
Accumulated Depreciation and Amortization	$ (16,889)
Build-To-Core Logistics Portfolio in Tacoma, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 29,942
Initial Cost of Buildings and Improvements	146,619
Total Initial Costs	176,561
Costs Capitalized or Adjustments Subsequent to Acquisition	1,492
Gross amount carried, Land	29,942
Gross amount carried, Buildings and Improvements	148,111
Gross amount carried, Total Costs	178,053
Accumulated Depreciation and Amortization	$ (20,036)
Build-To-Core Logistics Portfolio in Tracy, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,564
Initial Cost of Buildings and Improvements	51,464
Total Initial Costs	55,028
Costs Capitalized or Adjustments Subsequent to Acquisition	(9)
Gross amount carried, Land	3,564
Gross amount carried, Buildings and Improvements	51,455
Gross amount carried, Total Costs	55,019
Accumulated Depreciation and Amortization	$ (6,526)
Benchmark Distribution Center in Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,809
Initial Cost of Buildings and Improvements	14,881
Total Initial Costs	19,690
Costs Capitalized or Adjustments Subsequent to Acquisition	81
Gross amount carried, Land	4,809
Gross amount carried, Buildings and Improvements	14,962
Gross amount carried, Total Costs	19,771
Accumulated Depreciation and Amortization	$ (2,589)
Key Logistics Portfolio in Allentown, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,876
Initial Cost of Buildings and Improvements	15,208
Total Initial Costs	18,084
Costs Capitalized or Adjustments Subsequent to Acquisition	1,080
Gross amount carried, Land	2,876
Gross amount carried, Buildings and Improvements	16,288
Gross amount carried, Total Costs	19,164
Accumulated Depreciation and Amortization	$ (3,326)
Key Logistics Portfolio in Auburn, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Initial Cost of Land	$ 7,822
Initial Cost of Buildings and Improvements	34,802
Total Initial Costs	42,624
Costs Capitalized or Adjustments Subsequent to Acquisition	1,715
Gross amount carried, Land	7,822
Gross amount carried, Buildings and Improvements	36,517
Gross amount carried, Total Costs	44,339
Accumulated Depreciation and Amortization	$ (5,955)
Key Logistics Portfolio in Aurora, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,818
Initial Cost of Buildings and Improvements	9,230
Total Initial Costs	11,048
Costs Capitalized or Adjustments Subsequent to Acquisition	159
Gross amount carried, Land	1,818
Gross amount carried, Buildings and Improvements	9,389
Gross amount carried, Total Costs	11,207
Accumulated Depreciation and Amortization	$ (2,142)
Key Logistics Portfolio in Boca Raton, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,959
Initial Cost of Buildings and Improvements	8,684
Total Initial Costs	13,643
Costs Capitalized or Adjustments Subsequent to Acquisition	227
Gross amount carried, Land	4,959
Gross amount carried, Buildings and Improvements	8,911
Gross amount carried, Total Costs	13,870
Accumulated Depreciation and Amortization	$ (2,435)
Key Logistics Portfolio in Glen Burnie, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,545
Initial Cost of Buildings and Improvements	18,163
Total Initial Costs	20,708
Costs Capitalized or Adjustments Subsequent to Acquisition	1,790
Gross amount carried, Land	2,545
Gross amount carried, Buildings and Improvements	19,953
Gross amount carried, Total Costs	22,498
Accumulated Depreciation and Amortization	$ (4,382)
Key Logistics Portfolio in Kent, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 11,478
Initial Cost of Buildings and Improvements	27,898
Total Initial Costs	39,376
Costs Capitalized or Adjustments Subsequent to Acquisition	1,230
Gross amount carried, Land	11,478
Gross amount carried, Buildings and Improvements	29,128
Gross amount carried, Total Costs	40,606
Accumulated Depreciation and Amortization	$ (6,495)
Key Logistics Portfolio in King of Prussia, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 4,120
Initial Cost of Buildings and Improvements	18,173
Total Initial Costs	22,293
Costs Capitalized or Adjustments Subsequent to Acquisition	639
Gross amount carried, Land	4,120
Gross amount carried, Buildings and Improvements	18,812
Gross amount carried, Total Costs	22,932
Accumulated Depreciation and Amortization	$ (4,570)
Key Logistics Portfolio in Lanham, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,979
Initial Cost of Buildings and Improvements	18,540
Total Initial Costs	22,519
Costs Capitalized or Adjustments Subsequent to Acquisition	799
Gross amount carried, Land	3,979
Gross amount carried, Buildings and Improvements	19,339
Gross amount carried, Total Costs	23,318
Accumulated Depreciation and Amortization	$ (3,338)
Key Logistics Portfolio in Lincolnshire, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,695
Initial Cost of Buildings and Improvements	12,016
Total Initial Costs	13,711
Costs Capitalized or Adjustments Subsequent to Acquisition	262
Gross amount carried, Land	1,695
Gross amount carried, Buildings and Improvements	12,278
Gross amount carried, Total Costs	13,973
Accumulated Depreciation and Amortization	$ (2,070)
Key Logistics Portfolio in Louisville, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	5
Initial Cost of Land	$ 8,248
Initial Cost of Buildings and Improvements	118,497
Total Initial Costs	126,745
Costs Capitalized or Adjustments Subsequent to Acquisition	6,026
Gross amount carried, Land	8,248
Gross amount carried, Buildings and Improvements	124,523
Gross amount carried, Total Costs	132,771
Accumulated Depreciation and Amortization	$ (25,926)
Key Logistics Portfolio in Memphis, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	6
Initial Cost of Land	$ 6,873
Initial Cost of Buildings and Improvements	104,576
Total Initial Costs	111,449
Costs Capitalized or Adjustments Subsequent to Acquisition	4,276
Gross amount carried, Land	6,873
Gross amount carried, Buildings and Improvements	108,852
Gross amount carried, Total Costs	115,725
Accumulated Depreciation and Amortization	$ (26,902)
Key Logistics Portfolio in Olive Branch, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,656
Initial Cost of Buildings and Improvements	29,884
Total Initial Costs	32,540
Costs Capitalized or Adjustments Subsequent to Acquisition	160
Gross amount carried, Land	2,656
Gross amount carried, Buildings and Improvements	30,044
Gross amount carried, Total Costs	32,700
Accumulated Depreciation and Amortization	$ (5,200)
Key Logistics Portfolio in Ontario, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Initial Cost of Land	$ 13,418
Initial Cost of Buildings and Improvements	39,832
Total Initial Costs	53,250
Costs Capitalized or Adjustments Subsequent to Acquisition	1,616
Gross amount carried, Land	13,418
Gross amount carried, Buildings and Improvements	41,448
Gross amount carried, Total Costs	54,866
Accumulated Depreciation and Amortization	$ (8,668)
Key Logistics Portfolio in Renton, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,745
Initial Cost of Buildings and Improvements	14,591
Total Initial Costs	19,336
Costs Capitalized or Adjustments Subsequent to Acquisition	72
Gross amount carried, Land	4,745
Gross amount carried, Buildings and Improvements	14,663
Gross amount carried, Total Costs	19,408
Accumulated Depreciation and Amortization	$ (3,188)
Key Logistics Portfolio in Salt Lake City, UT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 5,966
Initial Cost of Buildings and Improvements	55,054
Total Initial Costs	61,020
Costs Capitalized or Adjustments Subsequent to Acquisition	568
Gross amount carried, Land	5,966
Gross amount carried, Buildings and Improvements	55,622
Gross amount carried, Total Costs	61,588
Accumulated Depreciation and Amortization	$ (12,056)
Key Logistics Portfolio in Stockton, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 15,700
Initial Cost of Buildings and Improvements	73,310
Total Initial Costs	89,010
Costs Capitalized or Adjustments Subsequent to Acquisition	1,948
Gross amount carried, Land	15,700
Gross amount carried, Buildings and Improvements	75,258
Gross amount carried, Total Costs	90,958
Accumulated Depreciation and Amortization	$ (17,070)
Key Logistics Portfolio in Tacoma, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,844
Initial Cost of Buildings and Improvements	6,382
Total Initial Costs	10,226
Costs Capitalized or Adjustments Subsequent to Acquisition	294
Gross amount carried, Land	3,844
Gross amount carried, Buildings and Improvements	6,676
Gross amount carried, Total Costs	10,520
Accumulated Depreciation and Amortization	$ (1,415)
Key Logistics Portfolio in Totowa, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 11,530
Initial Cost of Buildings and Improvements	46,672
Total Initial Costs	58,202
Costs Capitalized or Adjustments Subsequent to Acquisition	1,251
Gross amount carried, Land	11,530
Gross amount carried, Buildings and Improvements	47,923
Gross amount carried, Total Costs	59,453
Accumulated Depreciation and Amortization	$ (10,183)
Key Logistics Portfolio in Tracy, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 11,240
Initial Cost of Buildings and Improvements	47,788
Total Initial Costs	59,028
Costs Capitalized or Adjustments Subsequent to Acquisition	1,434
Gross amount carried, Land	11,240
Gross amount carried, Buildings and Improvements	49,222
Gross amount carried, Total Costs	60,462
Accumulated Depreciation and Amortization	$ (10,364)
Key Logistics Portfolio in Upper Marlboro, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,206
Initial Cost of Buildings and Improvements	4,926
Total Initial Costs	7,132
Costs Capitalized or Adjustments Subsequent to Acquisition	1,514
Gross amount carried, Land	2,206
Gross amount carried, Buildings and Improvements	6,440
Gross amount carried, Total Costs	8,646
Accumulated Depreciation and Amortization	$ (1,046)
Key Logistics Portfolio in Valencia, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,555
Initial Cost of Buildings and Improvements	13,730
Total Initial Costs	20,285
Costs Capitalized or Adjustments Subsequent to Acquisition	75
Gross amount carried, Land	6,555
Gross amount carried, Buildings and Improvements	13,805
Gross amount carried, Total Costs	20,360
Accumulated Depreciation and Amortization	$ (1,846)
Key Logistics Portfolio in Wayne, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,800
Initial Cost of Buildings and Improvements	14,199
Total Initial Costs	19,999
Costs Capitalized or Adjustments Subsequent to Acquisition	1,600
Gross amount carried, Land	5,800
Gross amount carried, Buildings and Improvements	15,799
Gross amount carried, Total Costs	21,599
Accumulated Depreciation and Amortization	$ (2,947)
Key Logistics Portfolio in York, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,645
Initial Cost of Buildings and Improvements	21,387
Total Initial Costs	26,032
Costs Capitalized or Adjustments Subsequent to Acquisition	1,747
Gross amount carried, Land	4,645
Gross amount carried, Buildings and Improvements	23,134
Gross amount carried, Total Costs	27,779
Accumulated Depreciation and Amortization	$ (5,396)
Stonewood Logistics Center in York, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,193
Initial Cost of Buildings and Improvements	18,150
Total Initial Costs	19,343
Costs Capitalized or Adjustments Subsequent to Acquisition	1,471
Gross amount carried, Land	1,193
Gross amount carried, Buildings and Improvements	19,621
Gross amount carried, Total Costs	20,814
Accumulated Depreciation and Amortization	$ (2,361)
Heron Industrial Center in Swedesboro, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,622
Initial Cost of Buildings and Improvements	21,358
Total Initial Costs	26,980
Costs Capitalized or Adjustments Subsequent to Acquisition	792
Gross amount carried, Land	5,622
Gross amount carried, Buildings and Improvements	22,150
Gross amount carried, Total Costs	27,772
Accumulated Depreciation and Amortization	$ (6,002)
Colony Crossing Logistics Portfolio in Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 5,258
Initial Cost of Buildings and Improvements	16,335
Total Initial Costs	21,593
Costs Capitalized or Adjustments Subsequent to Acquisition	1,039
Gross amount carried, Land	5,258
Gross amount carried, Buildings and Improvements	17,374
Gross amount carried, Total Costs	22,632
Accumulated Depreciation and Amortization	$ (3,550)
Harvill Industrial Center in Riverside, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 7,532
Total Initial Costs	7,532
Costs Capitalized or Adjustments Subsequent to Acquisition	19,556
Gross amount carried, Land	7,782
Gross amount carried, Buildings and Improvements	19,306
Gross amount carried, Total Costs	$ 27,088
Commerce Farms Logistics Center in Lebanon, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,117
Initial Cost of Buildings and Improvements	61,073
Total Initial Costs	64,190
Costs Capitalized or Adjustments Subsequent to Acquisition	1,233
Gross amount carried, Land	3,117
Gross amount carried, Buildings and Improvements	62,306
Gross amount carried, Total Costs	65,423
Accumulated Depreciation and Amortization	$ (9,142)
North County Commerce Center in Vista, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	5
Initial Cost of Land	$ 42,171
Initial Cost of Buildings and Improvements	110,525
Total Initial Costs	152,696
Costs Capitalized or Adjustments Subsequent to Acquisition	1,128
Gross amount carried, Land	42,171
Gross amount carried, Buildings and Improvements	111,653
Gross amount carried, Total Costs	153,824
Accumulated Depreciation and Amortization	$ (23,624)
Performance Distribution Center in Stockton, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 9,733
Initial Cost of Buildings and Improvements	20,422
Total Initial Costs	30,155
Costs Capitalized or Adjustments Subsequent to Acquisition	120
Gross amount carried, Land	9,733
Gross amount carried, Buildings and Improvements	20,542
Gross amount carried, Total Costs	30,275
Accumulated Depreciation and Amortization	$ (3,029)
Madison Distribution Center in Tampa, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 766
Initial Cost of Buildings and Improvements	12,441
Total Initial Costs	13,207
Costs Capitalized or Adjustments Subsequent to Acquisition	227
Gross amount carried, Land	766
Gross amount carried, Buildings and Improvements	12,668
Gross amount carried, Total Costs	13,434
Accumulated Depreciation and Amortization	$ (1,926)
355 Logistics Center in Lockport, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 3,360
Initial Cost of Buildings and Improvements	62,087
Total Initial Costs	65,447
Costs Capitalized or Adjustments Subsequent to Acquisition	2,589
Gross amount carried, Land	3,360
Gross amount carried, Buildings and Improvements	64,676
Gross amount carried, Total Costs	68,036
Accumulated Depreciation and Amortization	$ (9,222)
1 Stanley Drive in Aston, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,265
Initial Cost of Buildings and Improvements	21,549
Total Initial Costs	22,814
Costs Capitalized or Adjustments Subsequent to Acquisition	99
Gross amount carried, Land	1,265
Gross amount carried, Buildings and Improvements	21,648
Gross amount carried, Total Costs	22,913
Accumulated Depreciation and Amortization	$ (3,079)
Gilbert Gateway Commerce Park in Gilbert, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Initial Cost of Land	$ 8,129
Initial Cost of Buildings and Improvements	83,984
Total Initial Costs	92,113
Costs Capitalized or Adjustments Subsequent to Acquisition	3,038
Gross amount carried, Land	8,129
Gross amount carried, Buildings and Improvements	87,022
Gross amount carried, Total Costs	95,151
Accumulated Depreciation and Amortization	$ (11,307)
California Business Center in Salt Lake City, UT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 4,780
Initial Cost of Buildings and Improvements	27,075
Total Initial Costs	31,855
Costs Capitalized or Adjustments Subsequent to Acquisition	976
Gross amount carried, Land	4,780
Gross amount carried, Buildings and Improvements	28,051
Gross amount carried, Total Costs	32,831
Accumulated Depreciation and Amortization	$ (6,324)
Molto Portfolio in Aurora, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,169
Initial Cost of Buildings and Improvements	32,978
Total Initial Costs	38,147
Costs Capitalized or Adjustments Subsequent to Acquisition	853
Gross amount carried, Land	5,169
Gross amount carried, Buildings and Improvements	33,831
Gross amount carried, Total Costs	39,000
Accumulated Depreciation and Amortization	$ (4,102)
Molto Portfolio in Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 7,370
Initial Cost of Buildings and Improvements	71,037
Total Initial Costs	78,407
Costs Capitalized or Adjustments Subsequent to Acquisition	1,746
Gross amount carried, Land	7,370
Gross amount carried, Buildings and Improvements	72,783
Gross amount carried, Total Costs	80,153
Accumulated Depreciation and Amortization	$ (9,350)
Molto Portfolio in La Vergne, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,696
Initial Cost of Buildings and Improvements	24,198
Total Initial Costs	27,894
Costs Capitalized or Adjustments Subsequent to Acquisition	35
Gross amount carried, Land	3,696
Gross amount carried, Buildings and Improvements	24,233
Gross amount carried, Total Costs	27,929
Accumulated Depreciation and Amortization	$ (3,083)
Walker Mill Industrial Center in Capitol Heights, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,908
Initial Cost of Buildings and Improvements	14,916
Total Initial Costs	17,824
Costs Capitalized or Adjustments Subsequent to Acquisition	119
Gross amount carried, Land	2,908
Gross amount carried, Buildings and Improvements	15,035
Gross amount carried, Total Costs	17,943
Accumulated Depreciation and Amortization	$ (2,687)
Greater Boston Portfolio in Franklin, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,646
Initial Cost of Buildings and Improvements	14,745
Total Initial Costs	17,391
Costs Capitalized or Adjustments Subsequent to Acquisition	1,318
Gross amount carried, Land	2,646
Gross amount carried, Buildings and Improvements	16,063
Gross amount carried, Total Costs	18,709
Accumulated Depreciation and Amortization	$ (2,914)
Greater Boston Portfolio in Danvers, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,176
Initial Cost of Buildings and Improvements	20,452
Total Initial Costs	24,628
Costs Capitalized or Adjustments Subsequent to Acquisition	250
Gross amount carried, Land	4,176
Gross amount carried, Buildings and Improvements	20,702
Gross amount carried, Total Costs	24,878
Accumulated Depreciation and Amortization	$ (3,795)
McDonald Portfolio in Alpharetta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 4,228
Initial Cost of Buildings and Improvements	51,135
Total Initial Costs	55,363
Costs Capitalized or Adjustments Subsequent to Acquisition	4,423
Gross amount carried, Land	4,228
Gross amount carried, Buildings and Improvements	55,558
Gross amount carried, Total Costs	59,786
Accumulated Depreciation and Amortization	$ (10,120)
McDonald Portfolio in Atlanta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	6
Initial Cost of Land	$ 10,312
Initial Cost of Buildings and Improvements	198,390
Total Initial Costs	208,702
Costs Capitalized or Adjustments Subsequent to Acquisition	3,980
Gross amount carried, Land	10,312
Gross amount carried, Buildings and Improvements	202,370
Gross amount carried, Total Costs	212,682
Accumulated Depreciation and Amortization	$ (34,639)
McDonald Portfolio in Ellenwood, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 4,808
Initial Cost of Buildings and Improvements	78,906
Total Initial Costs	83,714
Costs Capitalized or Adjustments Subsequent to Acquisition	1,196
Gross amount carried, Land	4,808
Gross amount carried, Buildings and Improvements	80,102
Gross amount carried, Total Costs	84,910
Accumulated Depreciation and Amortization	$ (13,159)
McDonald Portfolio in Savannah, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 5,862
Initial Cost of Buildings and Improvements	58,807
Total Initial Costs	64,669
Costs Capitalized or Adjustments Subsequent to Acquisition	1,021
Gross amount carried, Land	5,467
Gross amount carried, Buildings and Improvements	60,223
Gross amount carried, Total Costs	65,690
Accumulated Depreciation and Amortization	$ (8,896)
Riggs Hill Industrial Center in Jessup, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 827
Initial Cost of Buildings and Improvements	5,116
Total Initial Costs	5,943
Costs Capitalized or Adjustments Subsequent to Acquisition	94
Gross amount carried, Land	827
Gross amount carried, Buildings and Improvements	5,210
Gross amount carried, Total Costs	6,037
Accumulated Depreciation and Amortization	$ (1,293)
Valwood Industrial Center in Carrollton, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 12,755
Initial Cost of Buildings and Improvements	32,171
Total Initial Costs	44,926
Costs Capitalized or Adjustments Subsequent to Acquisition	1,106
Gross amount carried, Land	12,755
Gross amount carried, Buildings and Improvements	33,277
Gross amount carried, Total Costs	46,032
Accumulated Depreciation and Amortization	$ (6,491)
Port Crossing Logistics Center in LaPorte, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,518
Initial Cost of Buildings and Improvements	31,186
Total Initial Costs	33,704
Costs Capitalized or Adjustments Subsequent to Acquisition	163
Gross amount carried, Land	2,518
Gross amount carried, Buildings and Improvements	31,349
Gross amount carried, Total Costs	33,867
Accumulated Depreciation and Amortization	$ (3,803)
Hainesport Commerce Center in Hainesport, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 19,042
Initial Cost of Buildings and Improvements	116,609
Total Initial Costs	135,651
Costs Capitalized or Adjustments Subsequent to Acquisition	1,127
Gross amount carried, Land	19,042
Gross amount carried, Buildings and Improvements	117,736
Gross amount carried, Total Costs	136,778
Accumulated Depreciation and Amortization	$ (12,193)
Beltway Logistics Center in Charlotte, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,726
Initial Cost of Buildings and Improvements	24,550
Total Initial Costs	29,276
Costs Capitalized or Adjustments Subsequent to Acquisition	110
Gross amount carried, Land	4,726
Gross amount carried, Buildings and Improvements	24,660
Gross amount carried, Total Costs	29,386
Accumulated Depreciation and Amortization	$ (2,452)
Clackamas Industrial Center in Clackamas, OR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 9,623
Initial Cost of Buildings and Improvements	43,864
Total Initial Costs	53,487
Costs Capitalized or Adjustments Subsequent to Acquisition	2,575
Gross amount carried, Land	9,623
Gross amount carried, Buildings and Improvements	46,439
Gross amount carried, Total Costs	56,062
Accumulated Depreciation and Amortization	$ (10,942)
Build-to-Core II Logistics Portfolio in Aurora, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,187
Initial Cost of Buildings and Improvements	21,479
Total Initial Costs	24,666
Costs Capitalized or Adjustments Subsequent to Acquisition	374
Gross amount carried, Land	3,187
Gross amount carried, Buildings and Improvements	21,853
Gross amount carried, Total Costs	25,040
Accumulated Depreciation and Amortization	$ (2,742)
Build-to-Core II Logistics Portfolio in Avenel, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 20,489
Initial Cost of Buildings and Improvements	22,727
Total Initial Costs	43,216
Costs Capitalized or Adjustments Subsequent to Acquisition	61
Gross amount carried, Land	20,489
Gross amount carried, Buildings and Improvements	22,788
Gross amount carried, Total Costs	43,277
Accumulated Depreciation and Amortization	$ (2,442)
Build-to-Core II Logistics Portfolio in Lakewood, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Initial Cost of Land	$ 30,833
Initial Cost of Buildings and Improvements	155,862
Total Initial Costs	186,695
Costs Capitalized or Adjustments Subsequent to Acquisition	3,079
Gross amount carried, Land	30,838
Gross amount carried, Buildings and Improvements	158,936
Gross amount carried, Total Costs	189,774
Accumulated Depreciation and Amortization	$ (17,332)
Build-to-Core II Logistics Portfolio in Mount Prospect, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,725
Initial Cost of Buildings and Improvements	20,688
Total Initial Costs	24,413
Costs Capitalized or Adjustments Subsequent to Acquisition	141
Gross amount carried, Land	3,725
Gross amount carried, Buildings and Improvements	20,829
Gross amount carried, Total Costs	24,554
Accumulated Depreciation and Amortization	$ (2,356)
Build-to-Core II Logistics Portfolio in Naperville, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,951
Initial Cost of Buildings and Improvements	16,624
Total Initial Costs	18,575
Costs Capitalized or Adjustments Subsequent to Acquisition	689
Gross amount carried, Land	1,951
Gross amount carried, Buildings and Improvements	17,313
Gross amount carried, Total Costs	19,264
Accumulated Depreciation and Amortization	$ (2,122)
Build-to-Core II Logistics Portfolio in Newark, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 25,879
Initial Cost of Buildings and Improvements	1,634
Total Initial Costs	27,513
Costs Capitalized or Adjustments Subsequent to Acquisition	23,299
Gross amount carried, Land	25,879
Gross amount carried, Buildings and Improvements	24,933
Gross amount carried, Total Costs	50,812
Accumulated Depreciation and Amortization	$ (232)
Build-to-Core II Logistics Portfolio in Schertz, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 503
Initial Cost of Buildings and Improvements	9,177
Total Initial Costs	9,680
Costs Capitalized or Adjustments Subsequent to Acquisition	608
Gross amount carried, Land	503
Gross amount carried, Buildings and Improvements	9,785
Gross amount carried, Total Costs	10,288
Accumulated Depreciation and Amortization	$ (1,427)
Build-to-Core II Logistics Portfolio in Tualatin, OR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,231
Initial Cost of Buildings and Improvements	27,735
Total Initial Costs	31,966
Costs Capitalized or Adjustments Subsequent to Acquisition	(56)
Gross amount carried, Land	4,102
Gross amount carried, Buildings and Improvements	27,808
Gross amount carried, Total Costs	31,910
Accumulated Depreciation and Amortization	$ (3,291)
Northlake Logistics Crossing in Northlake, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 21,569
Total Initial Costs	21,569
Costs Capitalized or Adjustments Subsequent to Acquisition	123,216
Gross amount carried, Land	20,863
Gross amount carried, Buildings and Improvements	123,922
Gross amount carried, Total Costs	144,785
Accumulated Depreciation and Amortization	$ (4,025)
Tampa Commerce Center in Temple Terrace, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,270
Total Initial Costs	6,270
Costs Capitalized or Adjustments Subsequent to Acquisition	25,925
Gross amount carried, Land	6,270
Gross amount carried, Buildings and Improvements	25,925
Gross amount carried, Total Costs	32,195
Accumulated Depreciation and Amortization	$ (552)
Medley 104 Industrial Center in Medley, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 13,436
Initial Cost of Buildings and Improvements	42,959
Total Initial Costs	56,395
Costs Capitalized or Adjustments Subsequent to Acquisition	442
Gross amount carried, Land	13,436
Gross amount carried, Buildings and Improvements	43,401
Gross amount carried, Total Costs	56,837
Accumulated Depreciation and Amortization	$ (7,629)
IDI U.S. Logistics Portfolio in Buford, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,962
Initial Cost of Buildings and Improvements	18,699
Total Initial Costs	21,661
Costs Capitalized or Adjustments Subsequent to Acquisition	26
Gross amount carried, Land	2,962
Gross amount carried, Buildings and Improvements	18,725
Gross amount carried, Total Costs	21,687
Accumulated Depreciation and Amortization	$ (1,692)
IDI U.S. Logistics Portfolio in Channahon, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 8,940
Initial Cost of Buildings and Improvements	93,938
Total Initial Costs	102,878
Costs Capitalized or Adjustments Subsequent to Acquisition	411
Gross amount carried, Land	8,940
Gross amount carried, Buildings and Improvements	94,349
Gross amount carried, Total Costs	103,289
Accumulated Depreciation and Amortization	$ (8,448)
IDI U.S. Logistics Portfolio in Jefferson, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,798
Initial Cost of Buildings and Improvements	84,038
Total Initial Costs	90,836
Costs Capitalized or Adjustments Subsequent to Acquisition	2,384
Gross amount carried, Land	6,798
Gross amount carried, Buildings and Improvements	86,422
Gross amount carried, Total Costs	93,220
Accumulated Depreciation and Amortization	$ (10,432)
IDI U.S. Logistics Portfolio in Fort Worth, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,254
Initial Cost of Buildings and Improvements	43,828
Total Initial Costs	48,082
Costs Capitalized or Adjustments Subsequent to Acquisition	36
Gross amount carried, Land	4,254
Gross amount carried, Buildings and Improvements	43,864
Gross amount carried, Total Costs	48,118
Accumulated Depreciation and Amortization	$ (4,518)
IDI U.S. Logistics Portfolio in Garland, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,711
Initial Cost of Buildings and Improvements	59,768
Total Initial Costs	64,479
Costs Capitalized or Adjustments Subsequent to Acquisition	11
Gross amount carried, Land	4,711
Gross amount carried, Buildings and Improvements	59,779
Gross amount carried, Total Costs	64,490
Accumulated Depreciation and Amortization	$ (6,446)
IDI U.S. Logistics Portfolio in Indianapolis, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,104
Initial Cost of Buildings and Improvements	64,463
Total Initial Costs	69,567
Costs Capitalized or Adjustments Subsequent to Acquisition	1,992
Gross amount carried, Land	5,104
Gross amount carried, Buildings and Improvements	66,455
Gross amount carried, Total Costs	71,559
Accumulated Depreciation and Amortization	$ (7,612)
IDI U.S. Logistics Portfolio in Southhaven, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,082
Initial Cost of Buildings and Improvements	24,091
Total Initial Costs	26,173
Costs Capitalized or Adjustments Subsequent to Acquisition	110
Gross amount carried, Land	2,082
Gross amount carried, Buildings and Improvements	24,201
Gross amount carried, Total Costs	26,283
Accumulated Depreciation and Amortization	$ (2,685)
Chicago Growth Portfolio in Bolingbrook, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 2,354
Initial Cost of Buildings and Improvements	23,047
Total Initial Costs	25,401
Costs Capitalized or Adjustments Subsequent to Acquisition	225
Gross amount carried, Land	2,354
Gross amount carried, Buildings and Improvements	23,272
Gross amount carried, Total Costs	25,626
Accumulated Depreciation and Amortization	$ (4,137)
Chicago Growth Portfolio in Chicago, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,326
Initial Cost of Buildings and Improvements	28,916
Total Initial Costs	32,242
Costs Capitalized or Adjustments Subsequent to Acquisition	938
Gross amount carried, Land	3,326
Gross amount carried, Buildings and Improvements	29,854
Gross amount carried, Total Costs	33,180
Accumulated Depreciation and Amortization	$ (5,888)
Chicago Growth Portfolio in Elgin, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 4,911
Initial Cost of Buildings and Improvements	34,528
Total Initial Costs	39,439
Costs Capitalized or Adjustments Subsequent to Acquisition	1,171
Gross amount carried, Land	4,911
Gross amount carried, Buildings and Improvements	35,699
Gross amount carried, Total Costs	40,610
Accumulated Depreciation and Amortization	$ (6,938)
Chicago Growth Portfolio in Lemont, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 2,387
Initial Cost of Buildings and Improvements	20,750
Total Initial Costs	23,137
Costs Capitalized or Adjustments Subsequent to Acquisition	610
Gross amount carried, Land	2,387
Gross amount carried, Buildings and Improvements	21,360
Gross amount carried, Total Costs	23,747
Accumulated Depreciation and Amortization	$ (4,217)
Chicago Growth Portfolio in Libertyville, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 4,732
Initial Cost of Buildings and Improvements	46,387
Total Initial Costs	51,119
Costs Capitalized or Adjustments Subsequent to Acquisition	1,619
Gross amount carried, Land	4,732
Gross amount carried, Buildings and Improvements	48,006
Gross amount carried, Total Costs	52,738
Accumulated Depreciation and Amortization	$ (8,170)
Chicago Growth Portfolio in Romeoville, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,049
Initial Cost of Buildings and Improvements	10,444
Total Initial Costs	11,493
Costs Capitalized or Adjustments Subsequent to Acquisition	230
Gross amount carried, Land	1,049
Gross amount carried, Buildings and Improvements	10,674
Gross amount carried, Total Costs	11,723
Accumulated Depreciation and Amortization	$ (2,154)
Four Studebaker Commerce Center in Irvine, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 9,334
Initial Cost of Buildings and Improvements	24,792
Total Initial Costs	34,126
Costs Capitalized or Adjustments Subsequent to Acquisition	85
Gross amount carried, Land	9,334
Gross amount carried, Buildings and Improvements	24,877
Gross amount carried, Total Costs	34,211
Accumulated Depreciation and Amortization	$ (5,020)
Southeast Orlando Portfolio in Kissimmee, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Buildings and Improvements	$ 19,060
Total Initial Costs	19,060
Costs Capitalized or Adjustments Subsequent to Acquisition	1,731
Gross amount carried, Buildings and Improvements	20,791
Gross amount carried, Total Costs	20,791
Accumulated Depreciation and Amortization	$ (3,557)
Southeast Orlando Portfolio in Orlando, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 23,658
Initial Cost of Buildings and Improvements	95,988
Total Initial Costs	119,646
Costs Capitalized or Adjustments Subsequent to Acquisition	1,354
Gross amount carried, Land	23,658
Gross amount carried, Buildings and Improvements	97,342
Gross amount carried, Total Costs	121,000
Accumulated Depreciation and Amortization	$ (17,518)
I-465 East Logistics Center in Indianapolis, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,097
Initial Cost of Buildings and Improvements	16,826
Total Initial Costs	18,923
Costs Capitalized or Adjustments Subsequent to Acquisition	103
Gross amount carried, Land	2,097
Gross amount carried, Buildings and Improvements	16,929
Gross amount carried, Total Costs	19,026
Accumulated Depreciation and Amortization	$ (2,039)
Industry Commerce Center in City of Industry, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 12,157
Initial Cost of Buildings and Improvements	42,597
Total Initial Costs	54,754
Costs Capitalized or Adjustments Subsequent to Acquisition	667
Gross amount carried, Land	12,157
Gross amount carried, Buildings and Improvements	43,264
Gross amount carried, Total Costs	55,421
Accumulated Depreciation and Amortization	$ (7,759)
County Line Corporate Park in Hialeah, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 34,850
Initial Cost of Buildings and Improvements	32,993
Total Initial Costs	67,843
Costs Capitalized or Adjustments Subsequent to Acquisition	101,417
Gross amount carried, Land	34,850
Gross amount carried, Buildings and Improvements	134,410
Gross amount carried, Total Costs	169,260
Accumulated Depreciation and Amortization	(7,342)
Robbinsville Distribution Center in Robbinsville, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost of Land	364
Total Initial Costs	364
Costs Capitalized or Adjustments Subsequent to Acquisition	3,714
Gross amount carried, Land	1,853
Gross amount carried, Buildings and Improvements	2,225
Gross amount carried, Total Costs	$ 4,078
Innovation I & II Corporate Park in New Albany, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 5,807
Initial Cost of Buildings and Improvements	59,385
Total Initial Costs	65,192
Costs Capitalized or Adjustments Subsequent to Acquisition	252
Gross amount carried, Land	5,807
Gross amount carried, Buildings and Improvements	59,637
Gross amount carried, Total Costs	65,444
Accumulated Depreciation and Amortization	$ (6,760)
IDI 2022 National Portfolio in Bolingbrook, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 13,054
Initial Cost of Buildings and Improvements	95,442
Total Initial Costs	108,496
Costs Capitalized or Adjustments Subsequent to Acquisition	93
Gross amount carried, Land	13,054
Gross amount carried, Buildings and Improvements	95,535
Gross amount carried, Total Costs	108,589
Accumulated Depreciation and Amortization	$ (10,465)
IDI 2022 National Portfolio in Mesquite, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,930
Initial Cost of Buildings and Improvements	25,589
Total Initial Costs	28,519
Costs Capitalized or Adjustments Subsequent to Acquisition	760
Gross amount carried, Land	2,930
Gross amount carried, Buildings and Improvements	26,349
Gross amount carried, Total Costs	29,279
Accumulated Depreciation and Amortization	$ (2,734)
IDI 2022 National Portfolio in Monroe, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 7,309
Initial Cost of Buildings and Improvements	42,386
Total Initial Costs	49,695
Costs Capitalized or Adjustments Subsequent to Acquisition	560
Gross amount carried, Land	7,309
Gross amount carried, Buildings and Improvements	42,946
Gross amount carried, Total Costs	50,255
Accumulated Depreciation and Amortization	$ (7,562)
IDI 2022 National Portfolio in Olive Branch, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 6,983
Initial Cost of Buildings and Improvements	55,897
Total Initial Costs	62,880
Costs Capitalized or Adjustments Subsequent to Acquisition	1,626
Gross amount carried, Land	6,983
Gross amount carried, Buildings and Improvements	57,523
Gross amount carried, Total Costs	64,506
Accumulated Depreciation and Amortization	$ (7,175)
I-80 Logistics Park in Wayne, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 16,924
Initial Cost of Buildings and Improvements	126,636
Total Initial Costs	143,560
Costs Capitalized or Adjustments Subsequent to Acquisition	1,759
Gross amount carried, Land	16,924
Gross amount carried, Buildings and Improvements	128,395
Gross amount carried, Total Costs	145,319
Accumulated Depreciation and Amortization	$ (22,324)
Commonwealth Logistics Center in Jacksonville, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 8,927
Total Initial Costs	8,927
Costs Capitalized or Adjustments Subsequent to Acquisition	63,179
Gross amount carried, Land	8,927
Gross amount carried, Buildings and Improvements	63,179
Gross amount carried, Total Costs	72,106
Accumulated Depreciation and Amortization	$ (616)
County Line Corporate Park II in Hileah, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Initial Cost of Land	$ 36,050
Initial Cost of Buildings and Improvements	52,446
Total Initial Costs	88,496
Costs Capitalized or Adjustments Subsequent to Acquisition	26,341
Gross amount carried, Land	36,050
Gross amount carried, Buildings and Improvements	78,787
Gross amount carried, Total Costs	114,837
Accumulated Depreciation and Amortization	$ (7,334)
Bayport 146 Distribution Center in Seabrook, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,289
Initial Cost of Buildings and Improvements	43,317
Total Initial Costs	49,606
Costs Capitalized or Adjustments Subsequent to Acquisition	8,131
Gross amount carried, Land	6,289
Gross amount carried, Buildings and Improvements	51,448
Gross amount carried, Total Costs	57,737
Accumulated Depreciation and Amortization	$ (2,884)
Runway Distribution Center I and II in San Diego, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 8,143
Initial Cost of Buildings and Improvements	48,849
Total Initial Costs	56,992
Costs Capitalized or Adjustments Subsequent to Acquisition	5,702
Gross amount carried, Land	8,143
Gross amount carried, Buildings and Improvements	54,551
Gross amount carried, Total Costs	62,694
Accumulated Depreciation and Amortization	$ (1,069)
Brittmoore Industrial Center in Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,403
Initial Cost of Buildings and Improvements	20,885
Total Initial Costs	22,288
Costs Capitalized or Adjustments Subsequent to Acquisition	5,123
Gross amount carried, Land	1,403
Gross amount carried, Buildings and Improvements	26,008
Gross amount carried, Total Costs	27,411
Accumulated Depreciation and Amortization	$ (283)
Plainfield Distribution Center I in Indianapolis, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,853
Initial Cost of Buildings and Improvements	19,539
Total Initial Costs	22,392
Costs Capitalized or Adjustments Subsequent to Acquisition	26
Gross amount carried, Land	2,853
Gross amount carried, Buildings and Improvements	19,565
Gross amount carried, Total Costs	22,418
Accumulated Depreciation and Amortization	$ (986)
Plainfield Distribution Center II in Hendricks, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,864
Initial Cost of Buildings and Improvements	51,297
Total Initial Costs	58,161
Costs Capitalized or Adjustments Subsequent to Acquisition	556
Gross amount carried, Land	6,864
Gross amount carried, Buildings and Improvements	51,853
Gross amount carried, Total Costs	58,717
Accumulated Depreciation and Amortization	$ (2,216)
Baymeadow Commerce Center in Glen Burnie, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,113
Initial Cost of Buildings and Improvements	13,353
Total Initial Costs	18,466
Costs Capitalized or Adjustments Subsequent to Acquisition	46
Gross amount carried, Land	5,113
Gross amount carried, Buildings and Improvements	13,399
Gross amount carried, Total Costs	18,512
Accumulated Depreciation and Amortization	$ (649)
Nashville Logistics Center in Mt. Juliet, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 9,383
Initial Cost of Buildings and Improvements	44,221
Total Initial Costs	53,604
Costs Capitalized or Adjustments Subsequent to Acquisition	205
Gross amount carried, Land	9,383
Gross amount carried, Buildings and Improvements	44,426
Gross amount carried, Total Costs	53,809
Accumulated Depreciation and Amortization	$ (1,729)
Miami Midway Park in Hialeah, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 40,889
Initial Cost of Buildings and Improvements	105,333
Total Initial Costs	146,222
Costs Capitalized or Adjustments Subsequent to Acquisition	1,220
Gross amount carried, Land	40,889
Gross amount carried, Buildings and Improvements	106,553
Gross amount carried, Total Costs	147,442
Accumulated Depreciation and Amortization	$ (669)
Coffee Creek Logistics Center in Sherwood, OR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,138
Initial Cost of Buildings and Improvements	18,655
Total Initial Costs	21,793
Gross amount carried, Land	3,138
Gross amount carried, Buildings and Improvements	18,655
Gross amount carried, Total Costs	21,793
Accumulated Depreciation and Amortization	$ (48)
Taunton Distribution Center in Taunton, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 7,771
Initial Cost of Buildings and Improvements	36,632
Total Initial Costs	44,403
Gross amount carried, Land	7,771
Gross amount carried, Buildings and Improvements	36,632
Gross amount carried, Total Costs	44,403
Accumulated Depreciation and Amortization	$ (56)

SCHEDULE III-REAL ESTATE AND _3

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION (Summary of Activity for Investment in Real Estate Properties) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Investment Properties Beginning Balance	$ 7,504,407	$ 7,188,151	$ 5,007,161
Acquisition of properties	365,041	128,886	1,929,411
Improvements	97,273	187,370	251,579
Disposition of properties	(206,139)
Investment Properties Ending Balance	7,760,582	7,504,407	7,188,151
Accumulated Depreciation and Amortization Beginning Balance	(750,429)	(454,273)	(186,269)
Additions charged to costs and expenses	(293,548)	(296,156)	(268,004)
Disposition of properties	23,213
Accumulated Depreciation and Amortization Ending Balance	$ (1,020,764)	$ (750,429)	$ (454,273)