Nuveen Global Cities REIT (NUVEEN) 10-Q 13 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 13, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	000-56273
Entity Registrant Name	Nuveen Global Cities REIT, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	82-1419222
Entity Address, Address Line One	730 Third Avenue, 3rd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	212
Local Phone Number	490-9000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001711799
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Class T Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,646,368
Class S Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		36,115,045
Class D shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,420,978
Class I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		58,000,588
Class N Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		29,730,608

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Investments in real estate, net	$ 1,033,587	$ 909,832
Investments in real estate-related securities, at fair value	102,737	93,970
Investments in international affiliated funds	129,356	131,046
Cash and cash equivalents	116,971	36,163
Investment in commercial mortgage loans, at fair value	233,637	140,512
Investments in real estate debt, at fair value	59,354	14,183
Restricted cash	156,607	94,413
Intangible assets, net	61,756	57,473
Other assets	13,930	20,545
Total assets	1,907,935	1,498,137
Liabilities and Equity
Credit facility	270,000	238,000
Subscriptions received in advance	156,146	100,778
Mortgages payable, net	105,644	105,614
Loan participation, at fair value	47,803	0
Due to affiliates	35,074	30,006
Intangible liabilities, net	24,211	22,522
Accounts payable, accrued expenses, and other liabilities	23,253	14,810
Distributions payable	6,822	5,323
Total liabilities	668,953	517,053
Redeemable non-controlling interest	276	258
Equity
Series A Preferred Stock	126	126
Additional paid-in capital	1,329,491	1,043,073
Accumulated deficit and cumulative distributions	(90,787)	(63,958)
Accumulated other comprehensive loss	(2,205)	(239)
Total stockholder's equity	1,237,852	979,991
Non-controlling interest attributable to third party joint venture	854	835
Total equity	1,238,706	980,826
Total liabilities and equity	1,907,935	1,498,137
Class T Shares
Equity
Common stock	119	92
Class S Shares
Equity
Common stock	310	238
Class D Shares
Equity
Common stock	62	46
Class I Shares
Equity
Common stock	439	316
Class N Shares
Equity
Common stock	$ 297	$ 297

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Class T Shares
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	11,849,851	9,201,452
Common stock outstanding (in shares)	11,849,851	9,201,452
Class S Shares
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	30,913,220	23,809,171
Common stock outstanding (in shares)	30,913,220	23,809,171
Class D Shares
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	6,301,746	4,648,665
Common stock outstanding (in shares)	6,301,746	4,648,665
Class I Shares
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	43,743,078	31,460,729
Common stock outstanding (in shares)	43,743,078	31,460,729
Class N Shares
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	100,000,000	100,000,000
Common stock issued (in shares)	29,730,608	29,730,608
Common stock outstanding (in shares)	29,730,608	29,730,608

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Rental revenue	$ 21,668	$ 11,262
Income from commercial mortgage loans	1,995	0
Total revenues	23,663	11,262
Expenses
Rental property operating	7,561	3,514
General and administrative	2,096	1,057
Advisory fee due to affiliate	4,706	1,064
Depreciation and amortization	12,367	5,484
Total expenses	26,730	11,119
Other income (expense)
Realized and unrealized (loss) income from real estate-related securities	(3,404)	2,881
Realized and unrealized loss from real estate debt	(706)	0
Income from equity investments in unconsolidated international affiliated funds	859	689
Interest income	330	60
Interest expense	(1,796)	(943)
Total other income (expense)	(4,717)	2,687
Net (loss) income	(7,784)	2,830
Net income attributable to non-controlling interest in third party joint venture	19	0
Net income attributable to preferred stock	4	8
Net (loss) income attributable to common stockholders	$ (7,807)	$ 2,822
Net income (loss) per share of common stock, basic (in dollars per share)	$ (0.07)	$ 0.06
Net income (loss) per share of common stock - diluted (in dollars per share)	$ (0.07)	$ 0.06
Weighted-average shares of common stock outstanding, basic (in shares)	114,256,504	43,986,617
Weighted-average shares of common stock outstanding, diluted (in shares)	114,256,504	43,986,617

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (7,784)	$ 2,830
Other comprehensive (loss) income:
Foreign currency translation adjustment	(1,966)	(1,261)
Comprehensive (loss) income	(9,750)	1,569
Net income attributable to non-controlling interest in third party joint venture	19	0
Comprehensive income attributable to preferred stock	4	8
Comprehensive (loss) income attributable to common stockholders	$ (9,773)	$ 1,561

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Preferred Stock	Common StockClass T Shares		Common StockClass S Shares		Common StockClass D Shares		Common StockClass I Shares		Common StockClass N Shares	Additional Paid-in Capital	Accumulated Deficit and Cumulative Distributions	Accumulated Other Comprehensive Income (Loss)	Parent	Noncontrolling Interest Attributable to Third Party Joint Venture
Beginning Balance at Dec. 31, 2020	$ 376,777	$ 250	$ 33		$ 28		$ 13		$ 46		$ 297	$ 416,348	$ (42,406)	$ 2,168	$ 376,777
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs	43,065		6		19		3		15			43,022			43,065
Distribution reinvestment	796		0	[1]	0	[1]	0	[1]	0	[1]		796			796
Preferred stock redemption	125	(125)													125
Amortization of restricted stock grants	17											17			17
Common stock repurchased	(290)								0			(290)			(290)
Net (loss) income	2,830	8											2,822		2,830
Distributions on common stock	(6,546)												(6,546)		(6,546)
Distribution on preferred stock	(4)	(4)													4
Foreign currency translation adjustment	(1,261)													(1,261)	(1,261)
Ending Balance at Mar. 31, 2021	415,259	129	39		47		16		61		297	459,893	(46,130)	907	415,259
Beginning Balance at Dec. 31, 2021	980,826	126	92		238		46		316		297	1,043,073	(63,958)	(239)	979,991	$ 835
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs	282,765		26		70		16		121			282,532			282,765
Distribution reinvestment	5,874		1	[1]	2		0	[1]	2			5,869			5,874
Amortization of restricted stock grants	93											93			93
Common stock repurchased	(2,058)				0	[1]	0	[1]	0			(2,058)	0		(2,058)
Net (loss) income	(7,784)	4											(7,807)	0	(7,803)	19
Distributions on common stock	(19,022)												(19,022)		(19,022)
Distribution on preferred stock	(4)	(4)													(4)
Foreign currency translation adjustment	(1,966)													(1,966)	(1,966)
Increase in Carrying Amount of Redeemable Preferred Stock	(18)											(18)			(18)
Ending Balance at Mar. 31, 2022	$ 1,238,706	$ 126	$ 119		$ 310		$ 62		$ 439		$ 297	$ 1,329,491	$ (90,787)	$ (2,205)	$ 1,237,852	$ 854
[1]	.

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Offering costs	$ 200
Common Stock
Issuance of common stock (in shares)	23,687,878	4,230,002
Offering costs	$ 143	$ 166

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net (loss) income	$ (7,784)	$ 2,830
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	12,367	5,484
Unrealized loss (gain) on changes in fair value of real estate-related securities	7,018	(1,773)
Realized gain on sale of real estate-related securities	(2,929)	(776)
Unrealized loss on changes in fair value of real estate debt	702	0
Realized loss (gain) on sale of real estate debt	4	0
Income from equity investment in unconsolidated international affiliated funds	(859)	(689)
Income distribution from equity investment in unconsolidated international affiliated funds	582	251
Straight line rent adjustment	(617)	(304)
Amortization of above and below-market lease intangibles	(669)	(198)
Amortization of deferred financing costs	195	133
Amortization of restricted stock grants	93	17
Change in assets and liabilities:
Increase in other assets	7,067	319
Increase in accounts payable, accrued expenses, and other liabilities	8,442	630
Net cash provided by operating activities	23,612	5,924
Cash flows from investing activities:
Acquisitions of real estate	(133,733)	(12,510)
Origination and fundings of commercial mortgage loans	(93,125)	0
Capital improvements to real estate	(4,313)	(288)
Purchase of real estate-related securities	(15,783)	(6,840)
Proceeds from sale of real estate-related securities	2,927	6,650
Purchases of real estate debt	(45,877)	0
Net cash used in investing activities	(289,904)	(12,988)
Cash flows from financing activities:
Proceeds from issuance of common stock	186,528	39,775
Repurchase of common stock	(1,395)	(290)
Offering costs paid	(135)	(179)
Borrowings from credit facility	107,000	5,000
Repayments on credit facility	(75,000)	(40,000)
Borrowings from mortgages payable	0	(604)
Proceeds from sale of loan participations	47,803	0
Repurchase of preferred stock	0	(125)
Distributions to preferred stockholders	(4)	(4)
Subscriptions received in advance	156,146	51,969
Distributions	(11,649)	(6,299)
Net cash provided by financing activities	409,294	49,243
Net increase in cash and cash equivalents and restricted cash during the period	143,002	42,179
Cash and cash equivalents and restricted cash, beginning of period	130,576	15,671
Cash and cash equivalents and restricted cash, end of period	273,578	57,850
Reconciliation of cash and cash equivalents and restricted cash to the Consolidated Balance Sheets, end of period:
Cash and cash equivalents	116,971	5,881
Restricted cash	156,607	51,969
Total cash and cash equivalents and restricted cash	273,578	57,850
Supplemental disclosures:
Interest paid	1,660	829
Non-cash investing activities:
Assumption of other liabilities in conjunction with acquisitions of investments in real estate	(1,179)	(23)
Accrued capital expenditures	692	(23)
Non-cash financing activities:
Accrued distributions	(1,499)	(246)
Accrued stockholder servicing fees	4,836	1,714
Distribution reinvestments	5,874	796
Accrued offering costs	8	(17)
Allocation to Redeemable Non-Controlling Interest	18	258
Accrued offering costs due to affiliate	$ 0	$ 3

Organization and Business Purpo

Organization and Business Purpose	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Purpose	Organization and Business Purpose Nuveen Global Cities REIT, Inc. (the “Company”) was formed on May 1, 2017 as a Maryland corporation and elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with its taxable year ending December 31, 2018 and intends to operate in a manner that will allow it to continue to qualify as a REIT. The Company’s sponsor is Nuveen, LLC (the “Sponsor”), a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). The Company is the sole general partner of Nuveen Global Cities REIT OP, LP, a Delaware limited partnership (“Nuveen OP”). Nuveen OP has issued a limited partner interest to Nuveen Global Cities REIT LP, LLC (the “Limited Partner”), a wholly owned subsidiary of the Company. The Company was organized to invest primarily in stabilized income-oriented commercial real estate in the United States and a substantial but lesser portion of the Company's portfolio will include real properties located in Canada, Europe and the Asia-Pacific region. Substantially all of the Company’s business is conducted through Nuveen OP. The Company and Nuveen OP are externally managed by Nuveen Real Estate Global Cities Advisors, LLC (the “Advisor”), an indirect, wholly owned subsidiary of the Sponsor and an investment advisory affiliate of Nuveen Real Estate. Pursuant to a Registration Statement on Form S-11 (File No. 333-222231), the (“IPO Registration Statement”), the Company registered with the Securities and Exchange Commission (the “SEC”) its initial public offering of up to $5.0 billion in shares of common stock, consisting of up to $4.0 billion in shares in its primary offering and up to $1.0 billion in shares pursuant to its distribution reinvestment plan (the “Initial Public Offering”). The IPO Registration Statement was initially declared effective on January 31, 2018 and terminated on July 2, 2021.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of the Company and its subsidiaries, and in the opinion of management, include all necessary adjustments, consisting of only normal and recurring items, necessary for a fair statement of the Company’s consolidated financial statements as of March 31, 2022 and for the three months ended March 31, 2022 and 2021. Results of operations for the interim periods are not necessarily indicative of results for the entire year. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the SEC. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed from this report pursuant to the rules of the SEC. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements prepared in accordance with GAAP, and the related notes thereto, that are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 as filed with the SEC. The year-end balance sheet was derived from those audited financial statements. The accompanying condensed consolidated financial statements include the accounts of the Company, the Company's subsidiaries and joint ventures in which the Company has a controlling interest. Principles of Consolidation The Company consolidates all entities in which it has a controlling financial interest through majority ownership or voting rights and variable interest entities whereby the Company is the primary beneficiary. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (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 the Company controls the entity through a majority voting interest or other means. When the requirements for consolidation are not met and the Company has significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments for which the Company has not elected a fair value option (“FVO”) are initially recorded at cost and subsequently adjusted for the Company’s pro-rata share of net income, contributions and distributions. When the Company elects the FVO, the Company records its share of net asset value of the entity and any related unrealized gains and losses. The Company holds interest in a joint venture that is considered to be a VIE. The Company consolidated this entity because it has the ability to direct the most significant activities of the joint venture, including unilateral decision making on the disposition of the investment. For select joint ventures, the non-controlling partner’s share of the assets, liabilities, and operations of each joint venture is included in noncontrolling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the other partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the other partner is reported within redeemable non-controlling interests. As of March 31, 2022, and December 31, 2021, the total assets and liabilities of the Company’s consolidated VIE were $59.5 million and $30.0 million, and $53.5 million and $29.7 million, respectively. Such amounts are included on the Company’ Consolidated Balance Sheets. The Company has limited contractual rights to obtain the financial records of its consolidated single family housing portfolio from the operating partner. The operating partner does not prepare separate GAAP financial statements; therefore, the Company compiles GAAP financial information for them based on reports prepared by and received from the operating partner. Such reports are not available to the Company until approximately 25 days after the end of any given period. As a result, single-family rental activities are generally included in the Company's consolidated financial statements on a one month lag; however, any significant activity that occurs in the final month of the quarter is recorded in that period. Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisition. All property acquisitions to date have been accounted for as asset acquisitions. Whether the acquisition of a property acquired is considered a business combination or asset acquisition, the Company recognizes the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquired entity. In addition, for transactions that will be considered business combinations, the Company will evaluate the existence of goodwill or a gain from a bargain purchase. The Company expenses acquisition-related costs associated with business combinations as they are incurred. The Company capitalizes acquisition-related costs associated with asset acquisitions. Upon acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, above-market and below-market leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends and market and economic conditions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including but not limited to the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material. The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below- market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. Intangible assets and intangible liabilities are recorded as separate components on the Company's Consolidated Balance Sheets. The amortization of acquired above-market and below-market leases is recorded as an adjustment to Rental Revenue on the Company’s Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to Depreciation and Amortization on the Company's Consolidated Statements of Operations. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related adjustments, along with any subsequent improvements to such properties. The Company’s Investments in Real Estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 40 years Building, land and site improvements 15-40 years Furniture, fixtures and equipment 3-7 years Lease intangibles Over lease term Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation or amortization are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Repairs and maintenance are expensed to operations as incurred and are included in Rental Property Operating on the Company’s Consolidated Statements of Operations. The Company’s management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value of such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value, or fair value, less cost to sell if classified as held for sale. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. If the Company determines that an impairment has occurred, the affected assets are reduced to their fair value or fair value, less cost to sell if classified as held for sale. During the periods presented, no such impairment occurred. Investments in Real Estate-Related Securities The Company reports its investment in real estate-related securities at fair value and any changes in fair value are recorded in the current period earnings. Dividend income is recorded when declared and the resulting dividend income, along with gains and losses are recorded as a component of Realized and Unrealized Income (Loss) from Real Estate-Related Securities on the Company’s Consolidated Statements of Operations. Investments in Real Estate Debt The Company’s investments in real estate debt consists of commercial mortgage-backed securities (“CMBS”). The Company classifies the securities as trading securities and records such investments at fair value. As such, the resulting unrealized gains and losses of such securities are recorded as a component of income (loss) from investments in real estate debt on the Company’s Consolidated Statements of Operations. Interest income from the Company’s investments in CMBS is recognized over the life of each investment and is recorded on the accrual basis on the Company’s Consolidated Statements of Operations. Investments in International Affiliated Funds The Company reports its investment in European Cities Partnership SCSp (“ECF”) and Asia Pacific Cities Fund (“APCF”), investment funds managed by an affiliate of TIAA (collectively, the “International Affiliated Funds”), under the equity method of accounting as it has significant influence over these investments. The equity method income (loss) from the investments in the International Affiliated Funds represents the Company’s allocable share of each fund’s net income or loss, which includes income and expense, realized gains and losses, and unrealized appreciation or depreciation as determined from the financial statements of ECF and APCF (which carry investments at fair value in accordance with the applicable GAAP) and is reported as (Loss) Income from Equity Investment in Unconsolidated International Affiliated Funds on the Company’s Consolidated Statement of Operations. All contributions to or distributions from the investment in the International Affiliated Funds are accrued when notice is received and recorded as a receivable from or payable to the International Affiliated Funds on the Company's Consolidated Balance Sheets. Investment in Commercial Mortgage Loans The Company has originated multiple commercial mortgage loans and elected the fair value option for each. In accordance with the adoption of the fair value option allowed under ASC 825, Financial Instruments, and at the election of the Company, the commercial mortgage loans were stated at fair value and were initially valued at the face amount of the loan funding. Subsequently, the commercial mortgage loans were valued at least quarterly by an independent third-party valuation firm with additional oversight being performed by the Advisor’s internal valuation department. The value was based on market factors, such as market interest rates and spreads for comparable loans, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral), and the credit quality of the borrower. The income from the commercial mortgage loans represents interest income and origination fee income, which is reported as income from commercial mortgage loan on the Company’s Consolidated Statements of Operations. Unrealized gains and losses are recorded as a component of Unrealized Gain (Loss) on Commercial Mortgage Loan on the Company’s Consolidated Statements of Operations. In the event of a partial or whole sale of the commercial mortgage loan that qualifies for sale accounting under GAAP, the Company derecognizes the corresponding asset and fees paid as part of the partial or whole sale are recognized on the Company’s Consolidated Statements of Operations. Senior Loan Participations In certain instances, the Company finances loans through the non-recourse syndication of a senior loan interest to a third party. Depending on the particular structure of the syndication, the senior loan interest may remain on the Company's Consolidated Balance Sheet or, in other cases, the sale will be recognized and the senior loan interest will no longer be included in consolidated financial statements. When these sales do not qualify for sale accounting under GAAP, the Company reflects the transaction by recording a loan participations liability on the Consolidated Balance Sheet, however this gross presentation does not impact Stockholders’ Equity or Net Income. When the sales are recognized, the Consolidated Balance Sheet only includes the remaining subordinate loan and not the non-consolidated senior interest sold. Deferred Charges The Company's deferred charges include financing and leasing costs. Financing costs include legal, structuring, and other loan costs incurred by the Company for its financing arrangements. Deferred financing costs related to the Credit Facility (as defined herein) are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets and are being amortized on a straight-line basis over the term of the Credit Facility, which approximates the effective interest method. Unamortized costs are charged to interest expense upon early repayment or significant modification of the Credit Facility and fully amortized deferred financing costs are removed from the books upon the maturity of the Credit Facility. Deferred financing costs related to the Company’s mortgage payable are recorded as an offset to the related liability and amortized on a straight-line basis over the term of the financing instrument, which approximates the effective interest method. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage and legal fees, are recorded as a component of Investments in Real Estate, Net on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease. Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1—quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2—quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3—pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Investments in real estate-related securities are recorded at fair value based on the closing price of the common stock as reported by the applicable national securities exchange and were classified as Level 1. The Company’s investments in real estate debt are reported at fair value. As of March 31, 2022, the Company’s investments in real estate debt consisted of CMBS, which are securities backed by one or more mortgage loans secured by real estate assets. The Company generally determines the fair value of its investments in real estate debt by utilizing third-party pricing service providers whenever available and has classified as Level 2. The Company’s investment in commercial mortgage loans consists of floating rate senior and mezzanine loans the Company originated and has classified as Level 3. The commercial mortgage loans are carried at fair value based on significant unobservable inputs. The carrying amounts of financial instruments such as other assets, accounts payable, accrued expenses and other liabilities approximate their fair values due to the short-term maturities and market rates of interest of these instruments. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): March 31, 2022 December 31, 2021 Level I Level 2 Level 3 Total Level I Level 2 Level 3 Total Assets: Investments in real estate-related securities $ 102,737 $ — $ — $ 102,737 $ 93,970 $ — $ — $ 93,970 Investments in real estate debt $ — $ 59,354 $ — $ 59,354 $ — $ 14,183 $ — $ 14,183 Investments in commercial mortgage loans $ — $ — $ 233,637 $ 233,637 $ — $ — $ 140,512 $ 140,512 Total $ 102,737 $ 59,354 $ 233,637 $ 395,728 $ 93,970 $ 14,183 $ 140,512 $ 248,665 Liabilities: Loan participation $ — $ — $ 47,803 $ 47,803 $ — $ — $ — $ — Total $ — $ — $ 47,803 $ 47,803 $ — $ — $ — $ — $ — The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Commercial Mortgage Loans Loan Participation Balance as of December 31, 2021 $ 140,512 $ — Loan Originations 92,350 — Loan Participation Sold — 47,803 Additional Fundings 775 — Balance as of March 31, 2022 $ 233,637 $ 47,803 The following table shows the quantitative information about unobservable inputs related to the Level 3 fair value measurements comprising the investments in commercial mortgage loans and loan participation as of March 31, 2022. Type Asset Class Valuation Technique Unobservable Inputs Weighted Average Commercial Mortgage Loans Various Cash Equivalency Method Discount Rate LIBOR(1) + 1.65% - LIBOR (1) + 5.25% SOFR (2) + 2.95% Loan Participation Various Cash Equivalency Method Discount Rate LIBOR(1) + 1.75% (1) LIBOR as of March 31, 2022 was 0.2%. As of March 31, 2022, the carrying value of the Company's Credit Facility approximated fair value. The fair value of the Company's mortgages payable was $103.9 million and $106.3 million as of March 31, 2022 and December 31, 2021, respectively. Fair value of the Company's indebtedness is estimated by modeling the cash flows required by the Company's debt agreements and discounting them back to present value using the appropriate discount rate. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company's indebtedness are considered Level 3. Revenue Recognition The Company’s sources of revenue and the related revenue recognition policies are as follows: Rental revenue — consists primarily of base rent arising from tenant operating leases at the Company’s office, industrial, multifamily, retail, healthcare and single family housing properties. Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. The Company begins to recognize revenue when a tenant takes possession of the leased space. The Company includes its tenant reimbursement income in rental revenue that consists of amounts due from tenants for costs related to common area maintenance, real estate taxes and other recoverable costs as defined in lease agreements. Income from Commercial Mortgage Loan — consists of income from interest earned and recognized as operating income based upon the principal amount outstanding and the contracted interest rate along with origination fees. The accrual of interest income on mortgage loans is discontinued when in management’s opinion, the borrower may be unable to meet payments as they become due (“nonaccrual mortgage loans”), unless the loan is well-secured and is in the process of collection. Interest income on nonaccrual mortgage loans is subsequently recognized only to the extent cash payments are received until the loans are returned to accrual status. As of March 31, 2022, the Company did not have any mortgage loans on nonaccrual status. Leases The Company derives revenue pursuant to lease agreements. At the inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the lease inception, the Company determines whether each lease is a sales-type, direct financing or operating lease. Such classification is based on whether: • The lessee gains control of the underlying asset and the lessor therefore relinquishes control to the lessee under certain criteria (sales-type or direct-financing); or • All other leases that do not meet the criteria as sales-type or direct financing leases (operating). The Company's leases are classified as operating leases in accordance with relevant accounting guidelines, and the related revenue is recognized on a straight-line basis. Upon the termination or vacation of a tenant lease, the associated straight-line rent receivable is written off. Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand and liquid investments with original maturities of three months or less at the time of purchase. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash with high credit-quality institutions to minimize credit risk. Restricted Cash As of March 31, 2022, the Company had $156.6 million of restricted cash. The restricted cash consisted of $0.5 million of tenant security deposits and $156.1 million of cash received for subscriptions prior to the date in which the subscriptions are effective, which is held in a bank account controlled by the Company’s transfer agent, but in the name of the Company. Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (“Code”) commencing with its taxable year ending December 31, 2018 and intends to operate in a manner that will allow it to continue to qualify as a REIT. In qualifying for taxation as a REIT, the Company generally is not subject to federal corporate income tax to the extent it distributes annually at least 90% of its taxable income (determined without regard to the dividends-paid deduction and excluding any net capital gains) to its shareholders. A REIT is subject to U.S. federal income tax on undistributed REIT taxable income and net capital gains, and may be subject to 21% corporate income tax and a 4% excise tax. REITs are subject to a number of other organizational and operational requirements. Even in qualifying for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. The Company may elect to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, a TRS may perform additional services for the Company’s tenants and generally may engage in any real estate or non-real estate-related business other than management or operation of a lodging facility or a health care facility. A domestic TRS is subject to US corporate federal income tax. The Cayman Islands TRSs are not subject to US corporate federal income tax or Cayman Islands taxes. As of March 31, 2022, the Company had three active TRSs: the Company uses two Cayman Islands TRSs to hold its investments in the International Affiliated Funds and used one domestic TRS to hold the senior portion of the commercial mortgage loans. No income tax provision was included in the consolidated financial statements. The Company accrues liabilities when it believes that it is more likely than not that it will not realize the benefits of tax positions that it has taken in its tax returns or for the amount of any tax benefit that exceeds the cumulative probability threshold in accordance with ASC 740-10, Uncertain Tax Positions. Tax legislation commonly referred to as the Tax Cuts & Jobs Act (the “TCJA”) was enacted on December 22, 2017. Among other things, the TCJA reduced the U.S. federal corporate income tax rate from 35% to 21% and created new taxes on certain foreign-sourced earnings. Federal legislation intended to ameliorate the economic impact of the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"), was enacted on March 27, 2020, which, among other things, made technical corrections to, or modifies on a temporary basis, certain of the provisions of the TCJA. Management has evaluated the effects of TCJA, as modified by the CARES Act, and concluded that the TCJA will not materially impact its consolidated financial statements. The Company also estimates that the taxes on foreign-sourced earnings imposed under the TCJA are not likely to apply to its foreign investments. Organization and Offering Expenses The Advisor advanced organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through the fourth full fiscal quarter after the Company’s acquisition of its first property. The Company will reimburse the Advisor for all such advanced expenses it incurred in 60 equal monthly installments commencing on the earlier of the date the Company’s NAV reaches $1.0 billion or January 31, 2023. As of March 31, 2022, the Advisor and its affiliates had incurred organization and offering expenses on the Company’s behalf for the Initial Public Offering of $4.6 million, consisting of offering costs of $3.5 million and organization costs of $1.1 million. These organization and offering costs are recorded as Due to Affiliates on the Company’s Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021. Offering costs are currently charged to equity as such amounts are incurred. For the three months ended March 31, 2022, the Company charged $0.2 million in offering costs to equity. Foreign Currency The financial position and results of operations of ECF is measured using the local currency (Euro) as the functional currency and are translated into U.S. dollars for purposes of recording the related activity under the equity method of accounting. Net income (loss), which includes the Company’s allocable share of ECF's income and expense, realized gains and losses and unrealized appreciation or depreciation, has been translated at average exchange rates prevailing during the period. Assets and liabilities have been translated at the rates of exchange on the balance sheet date. The resulting translation gain and loss adjustments are recorded directly as a separate component of accumulated other comprehensive income (loss), unless there is a sale or complete liquidation of the underlying foreign investments. Foreign currency translation adjustments resulted in other comprehensive losses of approximately $2.0 million and $1.3 million for the three months ended March 31, 2022 and 2021, respectively. The financial position and results of operations of APCF is measured in U.S. dollars for purposes of recording the related activity under the equity method of accounting. There is no direct foreign currency exposure to the Company for its investment in APCF. Earnings per Share Basic net income/(loss) per share of common stock is determined by dividing net income/(loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net income/(loss) at the same rate per share. The Company does not have any dilutive securities outstanding that would cause basic earnings per share and diluted earnings per share to differ. Recent Accounting Pronouncements In July 2021, the Financial Accounting Standards Board ("FASB") issued ASU 2021-05—Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments (“ASU 2021-05”). The amendments in ASU 2021-05 amend the lease classification requirements for lessors to align them with practice under Topic 840. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if certain criteria are met. When a lease is classified as operating, the lessor does not recognize a net investment in the lease, does not derecognize the underlying asset, and, therefore, does not recognize a selling profit or loss. The amendments are effective for fiscal years beginning after December 15, 2021, for all entities, and interim periods within those fiscal years for public business entities. Management has adopted the guidance and it did not have a material impact to the financial statements. In April 2020, the FASB staff released guidance focused on treatment of concessions related to the effects of COVID-19 on the application of lease modification guidance in Accounting Standards Codification (ASC) 842, “Leases.” The guidance provides a practical expedient to forgo the associated reassessments required by ASC 842 when changes to a

Investments in Real Estate

Investments in Real Estate	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate Investments in Real Estate, Net consisted of the following ($ in thousands): March 31, 2022 December 31, 2021 Building and building improvements $ 892,391 $ 778,324 Land and land improvements 184,250 166,944 Furniture, fixtures and equipment 10,045 9,976 Total 1,086,686 955,244 Accumulated depreciation (53,099) (45,412) Investments in real estate, net $ 1,033,587 $ 909,832 For the three months ended March 31, 2022 and 2021, depreciation expense was $7.6 million and $2.9 million, respectively. During the three months ended March 31, 2022, the Company acquired an interest in two industrial real estate investments and eight single-family rentals. The following table provides details of the properties acquired during the three months ended March 31, 2022 ($ in thousands): Property Name Ownership Number of Location Sector Acquisition Acquisition Price (1) Tampa Lakeland Industrial 100% 3 Tampa, FL Industrial January, 2022 54,900 610 Loop - Houston Industrial 100% 5 Houston, TX Industrial March, 2022 76,100 Single-Family Rentals 100% 8 Various Single-Family Housing Various 2,733 16 $ 133,733 (1) Acquisition price is inclusive of acquisition costs and other acquisition related adjustments. Acquisition price does not include any net liabilities assumed. The following table summarizes the purchase price allocation for the properties acquired during the three months ended March 31, 2022 ($ in thousands): Tampa Lakeland Industrial 610 Loop - Houston Industrial Single-Family Rentals Building and building improvements $ 43,523 $ 64,716 $ 2,119 Land and land improvements 8,011 8,660 612 In-place lease intangibles 2,956 2,531 2 Leasing Commissions 831 1,019 — Other intangibles (421) (826) — Total purchase price $ 54,900 $ 76,100 $ 2,733

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments in Real Estate-Related Securities	Investments in Real Estate-Related SecuritiesAs of March 31, 2022 and December 31, 2021, the Company’s investments in real estate-related securities consisted of shares of common stock of publicly-listed REITs. As described in Note 2, the Company records its investments in real estate-related securities at fair value on its Consolidated Balance Sheets. The following table summarizes the Investments in Real Estate-Related Securities as of March 31, 2022 ($ in thousands): Investments in Real Balance as of December 31, 2021 $ 93,970 Additions 15,783 Disposals (2,927) Unrealized losses (7,018) Realized gains 2,929 Balance as of March 31, 2022 $ 102,737 The following table summarizes the components of Realized and Unrealized Income (Loss) from Real Estate-Related Securities during the three months ended March 31, 2022 and 2021 ($ in thousands): Three Months Ended 2022 2021 Unrealized (losses) gains $ (7,018) $ 1,773 Realized (losses) gains 2,929 776 Dividend income 685 332 Total $ (3,404) $ 2,881

Investments in Real Estate Debt

Investments in Real Estate Debt	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments in Real Estate Debt	Note 5. Investments in Real Estate Debt The following tables detail the Company's Investments in Real Estate Debt ($ in thousands): March 31, 2022 Type of Security/Loan Weighted Average Coupon Weighted Average Maturity Date (1, 2) Face Amount Cost Basis Fair Value CMBS - Fixed 3.71 % 2/16/2045 $ 9,287 $ 9,090 $ 8,891 CMBS - Floating 2.51 % 7/14/2036 51,351 50,965 50,463 Total 2.69 % 11/6/2037 $ 60,638 $ 60,055 $ 59,354 December 31, 2021 Type of Security/Loan Weighted Average Coupon Weighted Average Maturity Date (1, 2) Face Amount Cost Basis Fair Value CMBS - Fixed 4.02 % 5/13/2042 $ 3,219 $ 3,300 $ 3,300 CMBS - Floating 2.10 % 1/16/2037 10,976 10,880 10,883 Total 2.54 % 4/02/2038 $ 14,195 $ 14,180 $ 14,183 (1) Weighted by face amount The following table details the collateral type of the properties securing the Company's investments in real estate debt ($ in thousands): March 31, 2022 December 31, 2021 Collateral Cost Basis Fair Value Percentage based on Fair Value Cost Basis Fair Value Percentage based on Fair Value Office $ 10,064 $ 10,000 16.8 % $ 2,497 $ 2,496 17.6 % Industrial 22,302 22,062 37.2 % 5,163 5,163 36.4 % Retail 2,977 2,952 5.0 % 1,791 1,792 12.6 % NNN 1,514 1,459 2.4 % 1,513 1,511 10.7 % Life Science 1,405 1,392 2.3 % 1,428 1,426 10.1 % Multifamily 7,282 7,219 12.2 % — — — % Hotel 1,991 1,939 3.3 % — — — % Self-Storage 2,494 2,461 4.1 % — — — % Cold Storage 3,854 3,828 6.5 % — — — % Diversified 6,172 6,042 10.2 % 1,788 1,795 12.6 % Total $ 60,055 $ 59,354 100 % $ 14,180 $ 14,183 100 % The following table details the credit rating of the Company's investments in real estate debt ($ in thousands): March 31, 2022 December 31, 2021 Credit Rating Cost Basis Fair Value Percentage based on Fair Value Cost Basis Fair Value Percentage based on Fair Value AAA $ 3,091 $ 3,013 5.1 % $ 1,788 $ 1,795 12.6 % AA 1,982 1,970 3.3 % — — — % A 13,217 13,097 22.1 % 996 996 7.0 % BBB 39,067 38,571 65.0 % 11,396 11,392 80.4 % BB 2,163 2,172 3.6 % — — — % B 535 531 0.9 % — — — % Total $ 60,055 $ 59,354 100 % $ 14,180 $ 14,183 100 % Investments in Real Estate Debt Balance as of December 31, 2021 $ 14,183 Additions 45,877 Unrealized losses (702) Realized losses (4) Balance as of March 31, 2022 $ 59,354

Investment in International Aff

Investment in International Affiliated Funds	3 Months Ended
	Mar. 31, 2022
Schedule of Investments [Abstract]
Investment in International Affiliated Funds	Investment in International Affiliated Funds Investment in ECF: ECF was formed in March 2016 as an open-end, Euro-denominated fund that seeks to build a diversified portfolio of high quality and stabilized commercial real estate with good fundamentals (i.e., core real estate) located in or around certain investment cities in Europe selected for their resilience, potential for long-term structural performance and ability to deliver an attractive and stable distribution yield. The Company originally committed to invest approximately $28.4 million (€25.0 million) into ECF and subsequently increased its commitment by $51.0 million (€45.0 million). As of March 31, 2022, the Company had fully satisfied both commitments. As described in Note 2, the Company records its investment in ECF using the equity method on its Consolidated Balance Sheets. While the Company has strategies to manage the foreign exchange risk associated with its investment made in Euros, there can be no assurance that these strategies will be successful or that foreign exchange fluctuations will not negatively impact the Company’s financial performance and results of operations in a material manner. The following table summarizes the equity investment in Unconsolidated International Affiliated Funds from ECF as of March 31, 2022 ($ in thousands): Investment in ECF Balance as of December 31, 2021 $ 79,097 Income distribution (463) Income from equity investment in unconsolidated international affiliated fund 917 Foreign currency translation adjustment (1,966) Balance as of March 31, 2022 $ 77,585 Income (loss) from equity investments in Unconsolidated International Affiliated Funds from ECF was $0.9 million and $(0.2) million for the three months ended March 31, 2022 and 2021, respectively. Investment in APCF: APCF was launched in November 2018 as an open-end, U.S. dollar denominated fund that seeks durable income and capital appreciation from a balanced and diversified portfolio of real estate investments in a defined list of investment cities in the Asia-Pacific region. The Company committed to invest $10.0 million into APCF and subsequently, twice increased its commitment by $20.0 million, bringing its total commitment to $50.0 million. As of March 31, 2022, the Company has fully funded its total commitment. As described in Note 2, the Company records its investment in APCF using the equity method on its Consolidated Balance Sheets. The following table summarizes the equity investment in Unconsolidated International Affiliated Funds from APCF as of March 31, 2022 ($ in thousands): Investment in APCF Balance as of December 31, 2021 $ 51,948 Income distribution (119) Loss from equity investment in unconsolidated international affiliated fund (58) Balance as of March 31, 2022 $ 51,771

Investment in Commercial Mortga

Investment in Commercial Mortgage Loan	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investment in Commercial Mortgage Loan	Note 7. Investment in Commercial Mortgage Loans On November 9, 2021 the Company originated a floating rate senior mortgage and mezzanine loan to finance the acquisition of an office property in Farmington, Massachusetts, amounting to $63.0 million and has committed to fund an additional $30.4 million for future renovations of the property. On November 16, 2021 the Company originated a second floating rate senior mortgage and mezzanine loan in the amount of $76.9 million to finance the acquisition of a multifamily property in Seattle, Washington, with additional commitments to fund $11.1 million for future renovations. On March 24, 2022, the Company sold the senior portion of a loan to an unaffiliated party and retained the subordinate mortgage, receiving proceeds of $47.4 million, which is net of disposition fees. The sale did not qualify for sale accounting under GAAP and as such, the loan was not de-recognized. On March 28, 2022, the Company originated a floating rate senior mortgage and mezzanine loan to finance the acquisition and reposition of five multi-family properties located in Tucson, AZ, amounting to $92.4 million and have committed to fund an additional $9.3 million for future renovations of the property. For the three months ended March 31, 2022, the Company recognized interest income and loan origination fee income from its investment in its commercial mortgage loans of $2.0 million. As of March 31, 2021, the Company did not have a commercial mortgage loan investment. The following is a reconciliation of the beginning and ending balances for the Company’s investment in commercial mortgage loans for the three months ended March 31, 2022 ($ in thousands): Investment in Commercial Mortgage Loans Balance as of December 31, 2021 $ 140,512 Loan originations 92,350 Additional fundings 775 Balance as of March 31, 2022 $ 233,637

Intangibles

Intangibles	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): March 31, 2022 December 31, Intangible assets: In-place lease intangibles $ 58,503 $ 53,031 Above-market lease intangibles 490 493 Leasing commissions 22,666 20,559 Other intangibles 7,174 5,666 Total intangible assets 88,833 79,749 Accumulated amortization: In-place lease intangibles (19,992) (16,282) Above-market lease intangibles (180) (77) Leasing commissions (5,812) (5,055) Other intangibles (1,093) (862) Total accumulated amortization (27,077) (22,276) Intangible assets, net $ 61,756 $ 57,473 Intangible liabilities: Below-market lease intangibles $ (28,303) $ (25,841) Accumulated amortization 4,092 3,319 Intangible liabilities, net $ (24,211) $ (22,522) Amortization expense relating to intangible assets was $4.8 million and $1.7 million, respectively, for the three months ended March 31, 2022 and 2021, respectively. Income from the amortization of intangible liabilities was $0.8 million and $0.2 million, respectively, for the three months ended March 31, 2022 and 2021, respectively. The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter is as follows ($ in thousands): In-Place Lease Above-Market Lease Intangibles Leasing Commissions Other Below-Market 2022 (remaining) $ 9,807 $ 32 $ 1,995 $ 846 $ (2,526) 2023 6,656 54 2,824 1,123 (3,400) 2024 6,163 54 2,717 1,068 (3,320) 2025 4,658 54 2,287 821 (2,699) 2026 2,992 54 1,789 533 (2,423) Thereafter 9,385 62 5,242 1,690 (9,843) $ 39,661 $ 310 $ 16,854 $ 6,081 $ (24,211) As of March 31, 2022, the weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles, leasing commissions, other intangibles and below-market lease intangibles of the properties acquired were 6, 6, 7, 9, and 12 years, respectively.

Credit Facility and Mortgages P

Credit Facility and Mortgages Payable	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Credit Facility and Mortgages Payable	Credit Facility and Mortgages Payable Credit Facility On October 24, 2018, the Company entered into a credit agreement (“Credit Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent and lead arranger. The Credit Agreement provides for aggregate commitments of up to $60.0 million for unsecured revolving loans, with an accordion feature that may increase the aggregate commitments to up to $500.0 million (the “Credit Facility”). Loans outstanding under the Credit Facility bear interest, at Nuveen OP’s option, at either an adjusted base rate or an adjusted 30-day LIBOR rate, in each case, plus an applicable margin. The applicable margin ranges from 1.30% to 1.90% for borrowings at the adjusted LIBOR rate, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. Interest under the Credit Facility is determined based on a one-month U.S. dollar-denominated LIBOR, which was 0.1% and 1.8% as of December 31, 2020 and 2019, respectively. Loans under the Credit Facility will mature three years from October 24, 2018, with an option to extend twice for an additional year pursuant to the terms of the Credit Agreement. On December 17, 2018 and June 11, 2019, the Company amended the Credit Agreement to increase the Credit Facility to $150.0 million and $210.0 million in aggregate commitments, respectively, with all other terms remaining the same. On September 30, 2021, the borrower and the Company and Nuveen OP amended the Credit Agreement to increase the Credit Facility to $335.0 million in aggregate commitments, comprised of a $235.0 million revolving facility, and a senior delayed draw term loan facility in the aggregate amount of up to $100.0 million (the “DDTL Facility”). Loans under the DDTL Facility may be borrowed in up to three advances, each in a minimum amount of $30.0 million. The Credit Facility will terminate, and all amounts outstanding thereunder will be due and payable in full, on September 30, 2024 (the “Revolving Termination Date”), with two additional one-year extension options held by Nuveen OP, including the payment of an extension fee of 0.125% of the aggregate commitment. The DDTL Facility will mature, and all amounts outstanding thereunder will be due and payable in full, on September 30, 2026. Loans outstanding under the Credit Facility bear interest, at Nuveen OP’s option, at either an adjusted base rate or an adjusted LIBOR rate, in each case, plus an applicable margin. The applicable margin ranges from 0.30% to 0.90% for Credit Facility borrowings for base rate loans, in each case, based on the total leverage ratio of the Nuveen OP and its subsidiaries. The applicable margin ranges from 1.30% to 1.90% for Credit Facility borrowings at the adjusted LIBOR rate, in each case, based on the total leverage ratio of the Nuveen OP and its subsidiaries. Loans outstanding under the DDTL Facility bear interest, at the Nuveen OP’s option, at either an adjusted base rate or an adjusted LIBOR rate, in each case, plus an applicable margin. The applicable margin ranges from 0.25% to 0.85% for DDTL Facility borrowings for base rate loans, in each case, based on the total leverage ratio of the Nuveen OP and its subsidiaries. The applicable margin ranges from 1.25% to 1.85% for DDTL Facility borrowings at the adjusted LIBOR rate, in each case, based on the total leverage ratio of the Nuveen OP and its subsidiaries. There is an unused fee of 0.15% if the usage is greater than or equal to 50% of the aggregate commitments and 0.25% of the usage is less than 50% of the aggregate commitments. There is a ticking fee on the DDTL Facility equal to 0.15% of the undisbursed portion of the DDTL Facility. An upfront fee of 40 basis points was payable at closing. In July 2017, the Financial Conduct Authority (the authority that regulates LIBOR) announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. The Alternative Reference Rates Committee has proposed that the Secured Overnight Financing Rate (“SOFR”) is the rate that represents best practice as the alternative to USD-LIBOR for use in derivatives and other financial contracts that are currently indexed to USD-LIBOR. The consequence of these developments cannot be entirely predicted but could include an increase in the cost of our variable rate indebtedness. The following is a summary of the Credit Facility ($ in thousands): Principal Balance Outstanding Indebtedness Interest Rate Maturity Date Maximum Facility Size March 31, 2022 December 31, 2021 Revolving facility L+applicable margin (1) September 30, 2024 $ 235,000 $ 195,000 $ 163,000 DDTL Facility L+applicable margin (1) September 30, 2026 100,000 75,000 75,000 Totals $ 335,000 $ 270,000 $ 238,000 (1) The weighted-average interest rate for the three months ended March 31, 2022 was 1.32%. As of March 31, 2022, the Company had $270.0 million in borrowings and had outstanding accrued interest of $0.3 million under the Credit Facility. For the three months ended March 31, 2022 and 2021, the Company incurred $0.8 million and $0.4 million in interest expense under the Credit Facility, respectively. As of March 31, 2022, the Company was in compliance with all loan covenants with respect to the Credit Agreement. Mortgages Payable The following table is a summary of the Company's Mortgages Payable secured by the Company’s properties ($ in thousands): Principal Balance Outstanding Indebtedness Lender Interest Rate Maturity Date Maximum Principal Amount March 31, 2022 December 31, 2021 Fixed rate mortgages payable: Main Street at Kingwood Nationwide Life Insurance Company 3.15% 12/01/26 $ 48,000 $ 48,000 $ 48,000 Tacara Steiner Ranch Brighthouse Life Insurance 2.62% 06/01/28 28,750 28,750 28,750 Signature at Hartwell Allstate/American Heritage 3.01% 12/01/28 29,500 29,500 29,500 Total fixed rate mortgages payable 106,250 106,250 Deferred financing costs, net (606) (636) Mortgages payable, net $ 105,644 $ 105,614 As of March 31, 2022, the Company had $106.3 million in borrowings and $0.2 million in accrued interest outstanding under its Mortgages Payable. For the three months ended March 31, 2022 and 2021, the Company incurred $0.8 million in interest expense on mortgages payable, respectively. The following table presents the future principal payments due under the Credit Facility and Mortgages Payable as of March 31, 2022 ($ in thousands): Amount Year Credit Facility Mortgages Payable Total 2022 (remaining) $ — $ — $ — 2023 — — — 2024 195,000 — 195,000 2025 — — — 2026 75,000 48,000 123,000 Thereafter — 58,250 58,250 Total $ 270,000 $ 106,250 $ 376,250

Other Assets and Other Liabilit

Other Assets and Other Liabilities	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets and Other Liabilities	Other Assets and Other Liabilities The following table summarizes the components of Other Assets ($ in thousands): March 31, 2022 December 31, 2021 Straight-line rent receivable $ 7,068 $ 6,451 Receivables 3,523 3,245 Deferred financing costs on credit facility, net 1,627 1,710 Prepaid expenses 822 1,154 Other 890 7,985 Total $ 13,930 $ 20,545 The following table summarizes the components of Accounts Payable, Accrued Expenses, and Other Liabilities ($ in thousands): March 31, 2022 December 31, 2021 Real estate taxes payable $ 3,554 $ 3,072 Accounts payable and accrued expenses 9,467 5,733 Prepaid rental income 3,306 2,213 Tenant security deposits 2,632 2,010 Accrued interest expense 598 462 Other 3,696 1,320 Total $ 23,253 $ 14,810

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Fees Due to Related Party Pursuant to the advisory agreement between the Company, Nuveen OP, and the Advisor, the Advisor is responsible for sourcing, evaluating and monitoring the Company’s investment opportunities and making decisions related to the acquisition, management, financing and disposition of the Company’s assets, in accordance with the Company’s investment objectives, guidelines, policies and limitations, subject to oversight by the Company’s board of directors. The Advisor will receive fees and compensation, payable monthly in arrears, in connection with the offering and ongoing management of the assets of the Company, as follows: Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Advisory Fee (% of NAV) 1.25% 1.25% 1.25% 1.25% 0.65% As of March 31, 2022, the Company had accrued advisory fees of approximately $4.6 million, which has been included in Accounts Payable, Accrued Expenses, and Other Liabilities on the Company’s Consolidated Balance Sheets. For the three months ended March 31, 2022 and 2021, the Company incurred advisory fee expenses of $3.6 million and $1.1 million, respectively. The Company may retain certain of the Advisor’s affiliates for necessary services relating to the Company’s investments or its operations, including construction, special servicing, leasing, development, property oversight and other property management services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, loan servicing, property, title and other types of insurance, management consulting and other similar operational matters. During the year ended December 31, 2020, the Company engaged NexCore Companies LLC ("NexCore"), an affiliate of TIAA, to provide property management, accounting and leasing services for certain of its investments in healthcare properties. NexCore is a real estate development company focused exclusively on development, acquisition, and management of healthcare real estate. The Company paid approximately $82,000 and $15,000 in management fees to NexCore during the three months ended March 31, 2022 and 2021, respectively. Additionally, as part of this engagement, the Company may pay acquisition fees to NexCore for sourcing deals. The Company did not incur any acquisition fees to NexCore during the three months ended March 31, 2022 and 2021. The Company may also enter into joint ventures with NexCore, and pursuant to the terms of the joint venture agreements, NexCore may receive a promote from the joint venture. The Company has entered in three joint venture arrangements with NexCore as of March 31, 2022, which have not incurred any promote payments. On July 27, 2021, the Company entered in an agreement with Imajn Homes Holdings ("Sparrow"), an affiliate of TIAA, to assist the Company in acquiring and managing single-family housing in the United States. Sparrow is a vertically integrated company with acquisition, asset, property and construction management capabilities. As part of the joint venture arrangement with Sparrow, if certain internal rate of return hurdles are met, Sparrow will participate in the profits based on a set criteria at the crystallization event. Additionally, Sparrow has the ability to exercise the crystallization event between the fifth and sixth anniversaries from the effective date of the agreement. Subsequent to entering in the agreement, the Company committed $100.0 million to acquire single family rentals identified by Sparrow. The Company incurred approximately $109,374 and $40,291 in asset and property management fees, respectively, related to Sparrow during each of the three months ended March 31, 2022. No fees were incurred by the Company for the three months ended March 31, 2021. On August 23, 2021, the Company entered into a master services agreement with Nuveen Real Estate Project Management Services, LLC (“Nuveen RE PMS”), an affiliate of the Advisor, for the purpose of Nuveen RE PMS providing professional services described below in connection with certain of our real estate investments. For project management services provided by Nuveen RE PMS, the Company will pay Nuveen RE PMS fees determined by the estimated total cost of the any project; provided that such fees shall not exceed 6% of project costs. For development and management services provided by Nuveen RE PMS, the Company will pay Nuveen RE PMS fees to be determined by the complexity and size of the project; provided that such fees shall not exceed 4% of project costs. No fees have been incurred by the Company as of March 31, 2022. Nuveen Securities, LLC (the “Dealer Manager”) serves as the dealer manager for the Initial Public Offering and Follow-on Public Offering (together, the "Offerings"). The Dealer Manager is a registered broker-dealer affiliated with the Advisor. The Company’s obligations under the Dealer Manager Agreement to pay stockholder servicing fees with respect to the Class T, Class S and Class D shares distributed in the Offerings shall survive until such shares are no longer outstanding or converted into Class I shares. As of March 31, 2022, the Company accrued approximately $30.2 million of stockholder servicing fees with respect to the outstanding Class T, Class S and Class D common shares. The following table presents the upfront selling commissions and dealer manager fees for each class of shares sold in the Offerings, and the stockholder servicing fee per annum based on the aggregate outstanding NAV: Class T Shares Class S Shares Class D Shares Class I Shares Maximum Upfront Selling Commissions (% of Transaction Price) up to 3.0% up to 3.5% — — Maximum Upfront Dealer Manager Fees (% of Transaction Price) up to 0.5% — — — Stockholder Servicing Fee (% of NAV) 0.85% (1) 0.85% 0.25% — (1) Consists of an advisor stockholder servicing fee of 0.65% per annum and a dealer stockholder servicing fee of 0.20% per annum (or other amounts, provided that the sum equals 0.85%), of the aggregate NAV of outstanding Class T shares. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share held in a stockholder’s account at the end of the month in which the Dealer Manager, in conjunction with the transfer agent, determines that total upfront selling commissions, dealer manager fees and stockholder servicing fees paid with respect to the shares held within such account would exceed, in the aggregate, 8.75% of the sum of the gross proceeds from the sale of such shares and the aggregate gross proceeds of any shares issued under the distribution reinvestment plan with respect thereto (or, solely with respect to the Class T shares, a lower limit set forth in an agreement between the Dealer Manager and the applicable participating broker-dealer in effect on the date that such shares were sold). At the end of such month, each Class T share, Class S share and Class D share held in a stockholder’s account will convert into a number of Class I shares (including any fractional shares) with an equivalent aggregate NAV as such share. The Company accrues the cost of the stockholder servicing fee as an offering cost at the time each Class T, Class S and Class D share is sold. There is not a stockholder servicing fee with respect to Class I shares. If not already converted into Class I shares upon a determination that total upfront selling commissions, dealer manager fees and stockholder servicing fees paid with respect to such shares would exceed the applicable limit as described above, each Class T share, Class S share, Class D share and Class N share held in a stockholder’s account will automatically and without any action on the part of the holder thereof convert into a number of Class I shares (including any fractional shares) with an equivalent NAV as such share on the earliest of (i) a listing of Class I shares, (ii) the Company’s merger or consolidation with or into another entity or the sale or other disposition of all or substantially all of the Company’s assets, in each case in a transaction in which stockholders receive cash and/or listed securities or (iii) after termination of the primary portion of the offering in which such Class T shares, Class S shares and Class D shares were sold, the end of the month in which the Company, with the assistance of the dealer manager, determines that all underwriting compensation from all sources in connection with the public offering in which the shares were sold, including upfront selling commissions, the stockholder servicing fee and other underwriting compensation, is equal to 10% of the gross proceeds of the primary portion of such Offering. In addition, immediately before any liquidation, dissolution or winding up, each Class T share, Class S share, Class D share and Class N shares will automatically convert into a number of Class I shares (including any fractional shares) with an equivalent NAV as such share. Other Related Party Transactions The following table summarizes the components of Due to Affiliates ($ in thousands): March 31, December 31, Accrued stockholder servicing fees (1) $ 30,194 $ 25,358 Advanced organization and offering expenses 4,880 4,648 Total $ 35,074 $ 30,006 (1) The Company accrues the full amount of future stockholder servicing fees payable to the Dealer Manager for Class T, Class S and Class D shares up to the 8.75% of gross proceeds limit at the time such shares are sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offerings, which provide, among other things, for the re-allowance of the full amount of the selling commissions and the dealer manager fee and all or a portion of stockholder servicing fees received by the Dealer Manager to such selected dealers. The Company will no longer incur the stockholder servicing fee after September 2056 in connection with those Class T, Class S and Class D shares currently outstanding; the fees may end sooner if the total underwriting compensation paid in respect of the Offering reaches 10.0% of the gross offering proceeds or if the Company completes a liquidity event. The Company will incur stockholder servicing fees in connection with future issuances of Class D shares for a 35-year period from the date of issuance and seven years for Class T shares and Class S shares from date of issuance.

Economic Dependency

Economic Dependency	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Economic Dependency	Economic DependencyThe Company depends on the Advisor and its affiliates for certain services that are essential to it, including the sale of the Company’s shares of common stock, acquisition and disposition decisions, and certain other responsibilities. In the event that the Advisor and its affiliates are unable to provide such services, the Company would be required to find alternative service providers.

Risks and Contingencies

Risks and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Risks and Contingencies	Risks and Contingencies The outbreak of COVID-19 and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the first half of 2020. The worldwide spread of the COVID-19 pandemic has created significant uncertainty in the global economy. At this time, tenants have requested certain rent relief and lease modifications from this unprecedented event; however, such requests have not been significant as of March 31, 2022 for the Company's direct real estate investments. Requests have generally been comprised of deferrals, with payments postponed for a brief period (i.e., less than twelve months) and then repaid over the remaining duration of the contract. During the prior year, the Company pursued litigation with a tenant in lease default at one of its office properties in an effort to recover the outstanding balance due to the Company. A settlement agreement was reached between the Company and the tenant in default, and accordingly, the Company received $0.4 million in upfront settlement proceeds paid by the tenant, and is entitled to an additional $0.5 million to be received in 36 equal installments beginning September 1, 2021. Except as described above, the Company does not have any other material exposure to rent concessions, tenant defaults or loan defaults. The duration and extent of the COVID-19 pandemic over the long-term cannot be reasonably estimated at this time. The extent to which the COVID-19 pandemic impacts the Company’s business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Concentrations of risk may arise when a number of properties are located in a similar geographic region such that the economic conditions of that region could impact tenants’ obligations to meet their contractual obligations or cause the values of individual properties to decline. Additionally, concentrations of risk may arise if any one tenant comprises a significant amount of the Company's rent, or if tenants are concentrated in a particular industry. As of March 31, 2022, the Company had no significant concentrations of tenants, as no single tenant had annual contract rent that made up more than 4% of the rental income of the Company. There are no significant lease expirations scheduled to occur over the next twelve months. Based on its assessment, the Company has concluded that there is no impairment of its investments as of March 31, 2022. The Company's investment in the International Affiliated Funds have been negatively impacted by COVID-19 in the foreign countries where their investments are located. The duration and extent of the COVID-19 pandemic over the long-term cannot be reasonably estimated at this time. The Company's investments in real estate-related securities may also be negatively impacted by uncertainty surrounding the COVID-19 pandemic. Market volatility and economic uncertainty surrounding the COVID-19 pandemic may lead to fluctuations in market pricing, which has the ability to adversely impact the fair value of the Company’s investments in real estate-related securities. In the normal course of business the Advisor, on behalf of the Company, enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Advisor expects the risk of loss to be remote.

Tenant Leases

Tenant Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Tenant Leases	Tenant Leases The Company’s real estate properties are leased to tenants under operating lease agreements which expire on various dates. Certain leases have the option to extend or terminate at the tenant’s discretion, with termination options resulting in additional fees due to the Company. Rental income is recognized on a straight line basis. The leases do not have material variable payments, material residual value guarantees or material restrictive covenants. Rental income for the three months ended March 31, 2022 and 2021 was $21.7 million and $11.3 million, respectively. Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Company through the non-cancelable lease term, excluding short-term multifamily and single family rentals are as follows ($ in thousands): Year March 31, 2022 2022 (remaining) $ 33,096 2023 44,342 2024 43,770 2025 37,864 2026 28,967 2027 22,555 Thereafter 53,516 Total $ 264,110 Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts, sales volume or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above.

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interest	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	Equity and Redeemable Non-controlling Interest Authorized Capital As of March 31, 2022, the Company had authority to issue a total of 2,200,000,000 shares of capital stock consisting of the following: Classification Number of Shares Par Value Class T Shares 500,000 $ 0.01 Class S Shares 500,000 $ 0.01 Class D Shares 500,000 $ 0.01 Class I Shares 500,000 $ 0.01 Class N Shares 100,000 $ 0.01 Preferred Stock 100,000 $ 0.01 Total 2,200,000 In addition, the Company’s board of directors may amend the Charter from time to time, without stockholder approval, to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that the Company has authority to issue, or to issue additional classes of stock which may be subject to various class-specific fees. Preferred Stock On January 2, 2019, the Company filed Articles Supplementary to the Charter, which set forth the rights, preferences and privileges of the Company’s 12.0% Series A cumulative non-voting preferred stock (“Series A Preferred Stock”). On January 4, 2019, the Company sold 125 shares of its Series A Preferred Stock at a purchase price of $1,000 per share in a private placement exempt from registration under the Securities Act of 1933, as amended. The offering of the Series A Preferred Stock was effected for the purpose of the Company having at least 100 stockholders to satisfy one of the qualifications required in order to qualify as a REIT under the Code. On March 31, 2021, the Company redeemed all of the 125 outstanding shares of the Series A Preferred Stock in accordance with its Charter. On October 8, 2020, a subsidiary of Nuveen OP sold 125 shares of preferred stock in a private placement to effectuate the formation of a REIT established to hold the Company's industrial property located in Massachusetts for tax management purposes. Common Stock As of March 31, 2022, the Company had issued and outstanding 11,849,851 shares of Class T common stock, 30,913,220 shares of Class S common stock, 6,301,746 shares of Class D common stock, 43,743,078 shares of Class I common stock, and 29,730,608 shares of Class N common stock. The following tables detail the movement in the Company’s outstanding shares of common stock (in thousands): Three Months Ended March 31, 2022 Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Total December 31, 2021 9,201 23,809 4,649 31,460 29,731 98,850 Common stock issued 2,598 6,970 1,633 12,174 — 23,375 Distribution reinvestment plan 51 158 29 234 — 472 Common stock repurchased — (24) (10) (125) — (159) March 31, 2022 11,850 30,913 6,301 43,743 29,731 122,538 TIAA has purchased $300.0 million of the Company’s Class N shares of common stock through its wholly owned subsidiary. Per the terms of the agreement between the Company and TIAA, beginning on January 31, 2023, TIAA may submit a portion of its Class N shares for repurchase, provided that after taking into account the repurchase, the total value of TIAA’s aggregate ownership of our class N shares shall not be less than $300.0 million. Beginning on January 31, 2025, TIAA may submit all of its remaining shares for repurchase, provided that provided that TIAA must continue to maintain ownership of the $200,000 initial investment in the Company’s shares for so long as the Advisor or its affiliate serves as the Company’s advisor. Notwithstanding the foregoing, the total amount of repurchases of Class N shares eligible for repurchase will be limited to no more than 0.67% of the Company’s aggregate NAV per month and no more than 1.67% of the Company’s aggregate NAV per calendar quarter; provided that , if in any month or quarter the total amount of aggregate repurchases of all classes of the Company’s common stock do not reach the overall share repurchase plan limits of 2% of the aggregate NAV per month and 5% of the aggregate NAV per calendar quarter, the above repurchase limits on the Class N shares shall not apply to that month or quarter and TIAA shall be entitled to submit shares for repurchase up to the overall share repurchase plan limits. Restricted Stock Grants The Company’s independent directors receive a $75,000 annual retainer and the chairperson of the audit committee will receive an additional $15,000 annual retainer. The Company pays 75% of this compensation in cash in quarterly installments and the remaining 25% in the form of an annual grant of restricted stock based on the most recent transaction price that generally vests one year from the date of grant. Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan whereby holders of Class T, Class S, Class D and Class I shares (other than investors in certain states or who are clients of a participating broker-dealer that does not permit automatic enrollment in the distribution reinvestment plan) have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. Holders of Class N shares are not eligible to participate in the distribution reinvestment plan and receive their distributions in cash. Investors who are clients of a participating broker-dealer that does not permit automatic enrollment in the distribution reinvestment plan or are residents of those states that do not allow automatic enrollment receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of the Company’s common stock. The per share purchase price for shares purchased pursuant to the distribution reinvestment plan will be equal to the transaction price at the time the distribution is payable, which will generally be equal to the Company’s prior month’s NAV per share for that share class. Stockholders do not pay upfront selling commissions or dealer manager fees when purchasing shares pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to shares of the Company’s Class T shares, Class S shares and Class D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code. Beginning September 30, 2018, the Company established a monthly record date for a quarterly distribution to stockholders on record as of the last day of each applicable month typically payable within 30 days following quarter end. On January 17, 2020, the Company’s board of directors amended the Company’s distribution policy to reflect that the Company intends to pay distributions monthly rather than quarterly going forward, subject to the discretion of the board of directors. Based on the monthly record dates established by the board of directors, the Company accrues for distributions on a monthly basis. As of March 31, 2022, the Company had accrued $6.8 million in Distributions Payable on the Consolidated Balance Sheets for the March distribution. For the three months ended March 31, 2022 and 2021, the Company declared and paid distributions in the amount of $17.5 million and $6.3 million, respectively. Each class of common stock receives the same gross distribution per share, which was $0.2077, per share for the three months ended March 31, 2022. The net distribution varies for each class based on the applicable advisory fee and stockholder servicing fee, which is deducted from the monthly distribution per share. The following tables detail the aggregate distribution declared for each of the Company's share classes for the three months ended March 31, 2022: Three Months Ended March 31, 2022 Class T Common Stock Class S Common Stock Class D Common Stock Class I Common Stock Class N Common Stock Gross distribution per share of common stock $ 0.2077 $ 0.2077 $ 0.2077 $ 0.2077 $ 0.2077 Advisory fee per share of common stock (0.0127) (0.0125) (0.0127) 0.0127 (0.0068) Stockholder servicing fee per share of common stock (0.0094) (0.0093) (0.0028) — — Net distribution per share of common stock $ 0.1856 $ 0.1859 $ 0.1922 $ 0.2204 $ 0.2009 Share Repurchases The Company has adopted a share repurchase plan, whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The Company may choose to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any particular month, in its discretion, subject to any limitations in the share repurchase plan. The total amount of aggregate repurchases of Class T, Class S, Class D, and Class I shares will be limited to 2% of the aggregate NAV per month and 5% of the aggregate NAV per calendar quarter. In addition, if during any consecutive 24-month period, the Company does not have at least one month in which the Company fully satisfies 100% of properly submitted repurchase requests or accepts all properly submitted tenders in a self-tender offer for the Company’s shares, the Company will not make any new investments (excluding short-term cash management investments under 30 days in duration) and will use all available investable assets to satisfy repurchase requests (subject to the limitations under this program) until all outstanding repurchase requests have been satisfied. Shares would be repurchased at a price equal to the transaction price on the applicable repurchase date, subject to any early repurchase deduction. Shares that have not been outstanding for at least one year would be repurchased at 95% of the transaction price. Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund repurchase requests and has established limitations on the amount of funds the Company may use for repurchases during any calendar month and quarter. Further, the Company’s board of directors may modify, suspend or terminate the share repurchase plan. For the three months ended March 31, 2022, the Company repurchased shares of its common stock for $2.1 million. The Company had no unfulfilled repurchase requests during the three months ended March 31, 2022. Redeemable Non-Controlling Interest The Company's affiliated partner has a redeemable non-controlling interest in the joint venture due to crystallization rights, which allows the partner to trigger the payment on the promote. The Redeemable Non-Controlling Interests are recorded at the greater of (i) their carrying amount, adjusted for their share of the allocation of GAAP net income or loss and distributions, or (ii) their redemption value, which is equivalent to the fair value of such interests at the end of each measurement period. As the redemption value was greater than the adjusted carrying value as of March 31, 2022 and December 31, 2021, the Company recorded an allocation adjustment between Additional Paid-In-Capital and Redeemable Non-Controlling Interest. The balance was $0.3 million as of March 31, 2022 and December 31, 2021.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company operates in ten reportable segments: healthcare properties, industrial properties, multifamily properties, office properties, retail properties, commercial mortgage loans, single-family housing, real estate-related securities, International Affiliated Funds, and other (corporate). These are operating segments that are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-makers in deciding how to allocate resources and in assessing performance. The Company’s chief executive officer, chief financial officer and head of portfolio management have been identified as the chief operating decision-makers. The Company’s chief operating decision-makers direct the allocation of resources to operating segments based on the profitability and cash flows of each respective segment. The Company believes that segment net operating income is the performance metric that captures the unique operating characteristics of each segment. The following table sets forth the total assets by segment as of March 31, 2022 and December 31, 2021 ($ in thousands): March 31, December 31, Healthcare $ 185,367 $ 185,953 Industrial 316,494 186,502 Multifamily 298,945 303,852 Office 124,421 125,563 Retail 81,905 82,791 Commercial Mortgage Loans 233,637 140,512 Single-Family Housing 99,930 100,039 Real Estate-Related Securities 162,091 108,153 International Affiliated Funds 129,356 131,046 Other (Corporate) 275,789 133,726 Total assets $ 1,907,935 $ 1,498,137 The following table sets forth the financial results by segment for the three months ended March 31, 2022 and 2021 ($ in thousands): Three Months Ended 2022 2021 Rental revenues Healthcare $ 4,437 $ 1,765 Industrial 5,364 3,560 Multifamily 6,448 2,380 Office 2,989 1,874 Retail 1,699 1,683 Single-family housing 731 — Total rental revenues 21,668 11,262 Rental property operating expenses Healthcare 1,302 321 Industrial 1,394 1,109 Multifamily 2,685 1,181 Office 997 555 Retail 410 348 Single-family housing 773 — Total rental property operating expenses 7,561 3,514 Depreciation and amortization (12,367) (5,484) Income from commercial mortgage loans 1,995 — Realized and unrealized (loss) income from real estate-related securities (3,404) 2,881 Realized and unrealized (loss) from real estate debt (706) — Income from equity investment in unconsolidated international affiliated funds 859 689 General and administrative expenses (2,096) (1,057) Advisory fee due to affiliate (4,706) (1,064) Interest income 330 60 Interest expense (1,796) (943) Net (loss) income (7,784) 2,830 Net income attributable to non-controlling interest in third party joint venture 19 — Net income attributable to preferred stock 4 8 Net (loss) income attributable to common stockholders $ (7,807) $ 2,822

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 17. Subsequent Events Distributions Status of the Offering On April 1, 2022, the Company sold approximately 12,086,101 of common stock (929,018 Class T shares, 2,619,257 Class S shares, 586,296 Class D shares and 7,951,531 Class I shares) at a purchase price of $12.74 for Class T, $12.61 for Class S, $12.77 for Class D, and $12.74 for Class I. On May 1, 2022, the Company sold approximately 10,167,070 of common stock (820,160 Class T shares, 2,568,872 Class S shares, 507,638 Class D shares and 6,270,400 Class I shares) at a purchase price of $12.93 for Class T, $12.80 for Class S, $12.97 for Class D, and $12.93 for Class I. Proceeds from the Issuance of Common Stock Subsequent to March 31, 2022, the Company received net proceeds of $284.8 million from the issuance of its common stock.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying unaudited consolidated financial statements include the accounts of the Company and its subsidiaries, and in the opinion of management, include all necessary adjustments, consisting of only normal and recurring items, necessary for a fair statement of the Company’s consolidated financial statements as of March 31, 2022 and for the three months ended March 31, 2022 and 2021. Results of operations for the interim periods are not necessarily indicative of results for the entire year. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the SEC. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed from this report pursuant to the rules of the SEC. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements prepared in accordance with GAAP, and the related notes thereto, that are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 as filed with the SEC. The year-end balance sheet was derived from those audited financial statements.
Investments in Real Estate	Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisition. All property acquisitions to date have been accounted for as asset acquisitions. Whether the acquisition of a property acquired is considered a business combination or asset acquisition, the Company recognizes the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquired entity. In addition, for transactions that will be considered business combinations, the Company will evaluate the existence of goodwill or a gain from a bargain purchase. The Company expenses acquisition-related costs associated with business combinations as they are incurred. The Company capitalizes acquisition-related costs associated with asset acquisitions. Upon acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, above-market and below-market leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends and market and economic conditions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including but not limited to the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material. The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below- market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. Intangible assets and intangible liabilities are recorded as separate components on the Company's Consolidated Balance Sheets. The amortization of acquired above-market and below-market leases is recorded as an adjustment to Rental Revenue on the Company’s Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to Depreciation and Amortization on the Company's Consolidated Statements of Operations. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related adjustments, along with any subsequent improvements to such properties. The Company’s Investments in Real Estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 40 years Building, land and site improvements 15-40 years Furniture, fixtures and equipment 3-7 years Lease intangibles Over lease term Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation or amortization are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Repairs and maintenance are expensed to operations as incurred and are included in Rental Property Operating on the Company’s Consolidated Statements of Operations. The Company’s management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value of such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value, or fair value, less cost to sell if classified as held for sale. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. If the Company determines that an impairment has occurred, the affected assets are reduced to their fair value or fair value, less cost to sell if classified as held for sale. During the periods presented, no such impairment occurred.
Principles of Consolidation		Principles of Consolidation The Company consolidates all entities in which it has a controlling financial interest through majority ownership or voting rights and variable interest entities whereby the Company is the primary beneficiary. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (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 the Company controls the entity through a majority voting interest or other means. When the requirements for consolidation are not met and the Company has significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments for which the Company has not elected a fair value option (“FVO”) are initially recorded at cost and subsequently adjusted for the Company’s pro-rata share of net income, contributions and distributions. When the Company elects the FVO, the Company records its share of net asset value of the entity and any related unrealized gains and losses. The Company holds interest in a joint venture that is considered to be a VIE. The Company consolidated this entity because it has the ability to direct the most significant activities of the joint venture, including unilateral decision making on the disposition of the investment. For select joint ventures, the non-controlling partner’s share of the assets, liabilities, and operations of each joint venture is included in noncontrolling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the other partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the other partner is reported within redeemable non-controlling interests. As of March 31, 2022, and December 31, 2021, the total assets and liabilities of the Company’s consolidated VIE were $59.5 million and $30.0 million, and $53.5 million and $29.7 million, respectively. Such amounts are included on the Company’ Consolidated Balance Sheets.
Investments in Real Estate-Related Securities	Investments in Real Estate-Related Securities The Company reports its investment in real estate-related securities at fair value and any changes in fair value are recorded in the current period earnings. Dividend income is recorded when declared and the resulting dividend income, along with gains and losses are recorded as a component of Realized and Unrealized Income (Loss) from Real Estate-Related Securities on the Company’s Consolidated Statements of Operations.
Investments in International Affiliated Funds	Investments in International Affiliated Funds The Company reports its investment in European Cities Partnership SCSp (“ECF”) and Asia Pacific Cities Fund (“APCF”), investment funds managed by an affiliate of TIAA (collectively, the “International Affiliated Funds”), under the equity method of accounting as it has significant influence over these investments. The equity method income (loss) from the investments in the International Affiliated Funds represents the Company’s allocable share of each fund’s net income or loss, which includes income and expense, realized gains and losses, and unrealized appreciation or depreciation as determined from the financial statements of ECF and APCF (which carry investments at fair value in accordance with the applicable GAAP) and is reported as (Loss) Income from Equity Investment in Unconsolidated International Affiliated Funds on the Company’s Consolidated Statement of Operations. All contributions to or distributions from the investment in the International Affiliated Funds are accrued when notice is received and recorded as a receivable from or payable to the International Affiliated Funds on the Company's Consolidated Balance Sheets.
Investment in Commercial Mortgage Loan	Investment in Commercial Mortgage Loans The Company has originated multiple commercial mortgage loans and elected the fair value option for each. In accordance with the adoption of the fair value option allowed under ASC 825, Financial Instruments, and at the election of the Company, the commercial mortgage loans were stated at fair value and were initially valued at the face amount of the loan funding. Subsequently, the commercial mortgage loans were valued at least quarterly by an independent third-party valuation firm with additional oversight being performed by the Advisor’s internal valuation department. The value was based on market factors, such as market interest rates and spreads for comparable loans, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral), and the credit quality of the borrower. The income from the commercial mortgage loans represents interest income and origination fee income, which is reported as income from commercial mortgage loan on the Company’s Consolidated Statements of Operations. Unrealized gains and losses are recorded as a component of Unrealized Gain (Loss) on Commercial Mortgage Loan on the Company’s Consolidated Statements of Operations. In the event of a partial or whole sale of the commercial mortgage loan that qualifies for sale accounting under GAAP, the Company derecognizes the corresponding asset and fees paid as part of the partial or whole sale are recognized on the Company’s Consolidated Statements of Operations.
Deferred Charges	Deferred Charges The Company's deferred charges include financing and leasing costs. Financing costs include legal, structuring, and other loan costs incurred by the Company for its financing arrangements. Deferred financing costs related to the Credit Facility (as defined herein) are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets and are being amortized on a straight-line basis over the term of the Credit Facility, which approximates the effective interest method. Unamortized costs are charged to interest expense upon early repayment or significant modification of the Credit Facility and fully amortized deferred financing costs are removed from the books upon the maturity of the Credit Facility. Deferred financing costs related to the Company’s mortgage payable are recorded as an offset to the related liability and amortized on a straight-line basis over the term of the financing instrument, which approximates the effective interest method. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage and legal fees, are recorded as a component of Investments in Real Estate, Net on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease.
Fair Value Measurement	Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1—quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2—quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3—pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Investments in real estate-related securities are recorded at fair value based on the closing price of the common stock as reported by the applicable national securities exchange and were classified as Level 1. The Company’s investments in real estate debt are reported at fair value. As of March 31, 2022, the Company’s investments in real estate debt consisted of CMBS, which are securities backed by one or more mortgage loans secured by real estate assets. The Company generally determines the fair value of its investments in real estate debt by utilizing third-party pricing service providers whenever available and has classified as Level 2.
Revenue Recognition	Revenue Recognition The Company’s sources of revenue and the related revenue recognition policies are as follows: Rental revenue — consists primarily of base rent arising from tenant operating leases at the Company’s office, industrial, multifamily, retail, healthcare and single family housing properties. Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. The Company begins to recognize revenue when a tenant takes possession of the leased space. The Company includes its tenant reimbursement income in rental revenue that consists of amounts due from tenants for costs related to common area maintenance, real estate taxes and other recoverable costs as defined in lease agreements. Income from Commercial Mortgage Loan — consists of income from interest earned and recognized as operating income based upon the principal amount outstanding and the contracted interest rate along with origination fees. The accrual of interest income on mortgage loans is discontinued when in management’s opinion, the borrower may be unable to meet payments as they become due (“nonaccrual mortgage loans”), unless the loan is well-secured and is in the process of collection. Interest income on nonaccrual mortgage loans is subsequently recognized only to the extent cash payments are received until the loans are returned to accrual status. As of March 31, 2022, the Company did not have any mortgage loans on nonaccrual status.
Leases	Leases The Company derives revenue pursuant to lease agreements. At the inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the lease inception, the Company determines whether each lease is a sales-type, direct financing or operating lease. Such classification is based on whether: • The lessee gains control of the underlying asset and the lessor therefore relinquishes control to the lessee under certain criteria (sales-type or direct-financing); or • All other leases that do not meet the criteria as sales-type or direct financing leases (operating). The Company's leases are classified as operating leases in accordance with relevant accounting guidelines, and the related revenue is recognized on a straight-line basis. Upon the termination or vacation of a tenant lease, the associated straight-line rent receivable is written off.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand and liquid investments with original maturities of three months or less at the time of purchase. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash with high credit-quality institutions to minimize credit risk.
Restricted Cash	Restricted CashAs of March 31, 2022, the Company had $156.6 million of restricted cash. The restricted cash consisted of $0.5 million of tenant security deposits and $156.1 million of cash received for subscriptions prior to the date in which the subscriptions are effective, which is held in a bank account controlled by the Company’s transfer agent, but in the name of the Company.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (“Code”) commencing with its taxable year ending December 31, 2018 and intends to operate in a manner that will allow it to continue to qualify as a REIT. In qualifying for taxation as a REIT, the Company generally is not subject to federal corporate income tax to the extent it distributes annually at least 90% of its taxable income (determined without regard to the dividends-paid deduction and excluding any net capital gains) to its shareholders. A REIT is subject to U.S. federal income tax on undistributed REIT taxable income and net capital gains, and may be subject to 21% corporate income tax and a 4% excise tax. REITs are subject to a number of other organizational and operational requirements. Even in qualifying for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. The Company may elect to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, a TRS may perform additional services for the Company’s tenants and generally may engage in any real estate or non-real estate-related business other than management or operation of a lodging facility or a health care facility. A domestic TRS is subject to US corporate federal income tax. The Cayman Islands TRSs are not subject to US corporate federal income tax or Cayman Islands taxes. As of March 31, 2022, the Company had three active TRSs: the Company uses two Cayman Islands TRSs to hold its investments in the International Affiliated Funds and used one domestic TRS to hold the senior portion of the commercial mortgage loans. No income tax provision was included in the consolidated financial statements. The Company accrues liabilities when it believes that it is more likely than not that it will not realize the benefits of tax positions that it has taken in its tax returns or for the amount of any tax benefit that exceeds the cumulative probability threshold in accordance with ASC 740-10, Uncertain Tax Positions. Tax legislation commonly referred to as the Tax Cuts & Jobs Act (the “TCJA”) was enacted on December 22, 2017. Among other things, the TCJA reduced the U.S. federal corporate income tax rate from 35% to 21% and created new taxes on certain foreign-sourced earnings. Federal legislation intended to ameliorate the economic impact of the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"), was enacted on March 27, 2020, which, among other things, made technical corrections to, or modifies on a temporary basis, certain of the provisions of the TCJA. Management has evaluated the effects of TCJA, as modified by the CARES Act, and concluded that the TCJA will not materially impact its consolidated financial statements. The Company also estimates that the taxes on foreign-sourced earnings imposed under the TCJA are not likely to apply to its foreign investments.
Organization and Offering Expenses	Organization and Offering Expenses The Advisor advanced organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through the fourth full fiscal quarter after the Company’s acquisition of its first property. The Company will reimburse the Advisor for all such advanced expenses it incurred in 60 equal monthly installments commencing on the earlier of the date the Company’s NAV reaches $1.0 billion or January 31, 2023. As of March 31, 2022, the Advisor and its affiliates had incurred organization and offering expenses on the Company’s behalf for the Initial Public Offering of $4.6 million, consisting of offering costs of $3.5 million and organization costs of $1.1 million. These organization and offering costs are recorded as Due to Affiliates on the Company’s Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021.
Foreign Currency	Foreign Currency The financial position and results of operations of ECF is measured using the local currency (Euro) as the functional currency and are translated into U.S. dollars for purposes of recording the related activity under the equity method of accounting. Net income (loss), which includes the Company’s allocable share of ECF's income and expense, realized gains and losses and unrealized appreciation or depreciation, has been translated at average exchange rates prevailing during the period. Assets and liabilities have been translated at the rates of exchange on the balance sheet date. The resulting translation gain and loss adjustments are recorded directly as a separate component of accumulated other comprehensive income (loss), unless there is a sale or complete liquidation of the underlying foreign investments. Foreign currency translation adjustments resulted in other comprehensive losses of approximately $2.0 million and $1.3 million for the three months ended March 31, 2022 and 2021, respectively. The financial position and results of operations of APCF is measured in U.S. dollars for purposes of recording the related activity under the equity method of accounting. There is no direct foreign currency exposure to the Company for its investment in APCF.
Earnings per Share	Earnings per Share Basic net income/(loss) per share of common stock is determined by dividing net income/(loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net income/(loss) at the same rate per share. The Company does not have any dilutive securities outstanding that would cause basic earnings per share and diluted earnings per share to differ.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In July 2021, the Financial Accounting Standards Board ("FASB") issued ASU 2021-05—Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments (“ASU 2021-05”). The amendments in ASU 2021-05 amend the lease classification requirements for lessors to align them with practice under Topic 840. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if certain criteria are met. When a lease is classified as operating, the lessor does not recognize a net investment in the lease, does not derecognize the underlying asset, and, therefore, does not recognize a selling profit or loss. The amendments are effective for fiscal years beginning after December 15, 2021, for all entities, and interim periods within those fiscal years for public business entities. Management has adopted the guidance and it did not have a material impact to the financial statements. In April 2020, the FASB staff released guidance focused on treatment of concessions related to the effects of COVID-19 on the application of lease modification guidance in Accounting Standards Codification (ASC) 842, “Leases.” The guidance provides a practical expedient to forgo the associated reassessments required by ASC 842 when changes to a lease result in similar or lower future consideration. There were no material exposures to rent concessions or lease defaults for tenants impacted by the COVID-19 pandemic as of March 31, 2022. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. The expedients and exceptions are effective for the period from March 12, 2020 to December 31, 2022. Management is assessing the impact and currently does not expect the guidance to materially impact the Company. The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.
Investments in Real Estate Debt	Investments in Real Estate Debt The Company’s investments in real estate debt consists of commercial mortgage-backed securities (“CMBS”). The Company classifies the securities as trading securities and records such investments at fair value. As such, the resulting unrealized gains and losses of such securities are recorded as a component of income (loss) from investments in real estate debt on the Company’s Consolidated Statements of Operations. Interest income from the Company’s investments in CMBS is recognized over the life of each investment and is recorded on the accrual basis on the Company’s Consolidated Statements of Operations.
Senior Loan Participations	Senior Loan Participations In certain instances, the Company finances loans through the non-recourse syndication of a senior loan interest to a third party. Depending on the particular structure of the syndication, the senior loan interest may remain on the Company's Consolidated Balance Sheet or, in other cases, the sale will be recognized and the senior loan interest will no longer be included in consolidated financial statements. When these sales do not qualify for sale accounting under GAAP, the Company reflects the transaction by recording a loan participations liability on the Consolidated Balance Sheet, however this gross presentation does not impact Stockholders’ Equity or Net Income. When the sales are recognized, the Consolidated Balance Sheet only includes the remaining subordinate loan and not the non-consolidated senior interest sold.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Schedule of Estimated Useful Life of Assets	The Company’s Investments in Real Estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 40 years Building, land and site improvements 15-40 years Furniture, fixtures and equipment 3-7 years Lease intangibles Over lease term
Fair Value, Assets Measured on Recurring Basis	The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): March 31, 2022 December 31, 2021 Level I Level 2 Level 3 Total Level I Level 2 Level 3 Total Assets: Investments in real estate-related securities $ 102,737 $ — $ — $ 102,737 $ 93,970 $ — $ — $ 93,970 Investments in real estate debt $ — $ 59,354 $ — $ 59,354 $ — $ 14,183 $ — $ 14,183 Investments in commercial mortgage loans $ — $ — $ 233,637 $ 233,637 $ — $ — $ 140,512 $ 140,512 Total $ 102,737 $ 59,354 $ 233,637 $ 395,728 $ 93,970 $ 14,183 $ 140,512 $ 248,665 Liabilities: Loan participation $ — $ — $ 47,803 $ 47,803 $ — $ — $ — $ — Total $ — $ — $ 47,803 $ 47,803 $ — $ — $ — $ — $ —
Investment in Joint Venture at Fair Value	The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Commercial Mortgage Loans Loan Participation Balance as of December 31, 2021 $ 140,512 $ — Loan Originations 92,350 — Loan Participation Sold — 47,803 Additional Fundings 775 — Balance as of March 31, 2022 $ 233,637 $ 47,803
Disclosure Details of Significant Unobservable Input Used in Measurement of Commercial Mortgage Loans	The following table shows the quantitative information about unobservable inputs related to the Level 3 fair value measurements comprising the investments in commercial mortgage loans and loan participation as of March 31, 2022. Type Asset Class Valuation Technique Unobservable Inputs Weighted Average Commercial Mortgage Loans Various Cash Equivalency Method Discount Rate LIBOR(1) + 1.65% - LIBOR (1) + 5.25% SOFR (2) + 2.95% Loan Participation Various Cash Equivalency Method Discount Rate LIBOR(1) + 1.75%

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in Real Estate, Net consisted of the following ($ in thousands): March 31, 2022 December 31, 2021 Building and building improvements $ 892,391 $ 778,324 Land and land improvements 184,250 166,944 Furniture, fixtures and equipment 10,045 9,976 Total 1,086,686 955,244 Accumulated depreciation (53,099) (45,412) Investments in real estate, net $ 1,033,587 $ 909,832
Summary of Properties Acquired	The following table provides details of the properties acquired during the three months ended March 31, 2022 ($ in thousands): Property Name Ownership Number of Location Sector Acquisition Acquisition Price (1) Tampa Lakeland Industrial 100% 3 Tampa, FL Industrial January, 2022 54,900 610 Loop - Houston Industrial 100% 5 Houston, TX Industrial March, 2022 76,100 Single-Family Rentals 100% 8 Various Single-Family Housing Various 2,733 16 $ 133,733 (1) Acquisition price is inclusive of acquisition costs and other acquisition related adjustments. Acquisition price does not include any net liabilities assumed.
Summary of Purchase Price Allocation for Properties Acquired	The following table summarizes the purchase price allocation for the properties acquired during the three months ended March 31, 2022 ($ in thousands): Tampa Lakeland Industrial 610 Loop - Houston Industrial Single-Family Rentals Building and building improvements $ 43,523 $ 64,716 $ 2,119 Land and land improvements 8,011 8,660 612 In-place lease intangibles 2,956 2,531 2 Leasing Commissions 831 1,019 — Other intangibles (421) (826) — Total purchase price $ 54,900 $ 76,100 $ 2,733

Investments in Real Estate-Re_2

Investments in Real Estate-Related Securities (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Summary of Investments in Real-Estate Securities	The following table summarizes the Investments in Real Estate-Related Securities as of March 31, 2022 ($ in thousands): Investments in Real Balance as of December 31, 2021 $ 93,970 Additions 15,783 Disposals (2,927) Unrealized losses (7,018) Realized gains 2,929 Balance as of March 31, 2022 $ 102,737
Summary of Components of Realized and Unrealized Income From Real Estate Related Securities	The following table summarizes the components of Realized and Unrealized Income (Loss) from Real Estate-Related Securities during the three months ended March 31, 2022 and 2021 ($ in thousands): Three Months Ended 2022 2021 Unrealized (losses) gains $ (7,018) $ 1,773 Realized (losses) gains 2,929 776 Dividend income 685 332 Total $ (3,404) $ 2,881

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Collateral Type of Properties Securing the Investments in Real Estate Debt	The following table details the collateral type of the properties securing the Company's investments in real estate debt ($ in thousands): March 31, 2022 December 31, 2021 Collateral Cost Basis Fair Value Percentage based on Fair Value Cost Basis Fair Value Percentage based on Fair Value Office $ 10,064 $ 10,000 16.8 % $ 2,497 $ 2,496 17.6 % Industrial 22,302 22,062 37.2 % 5,163 5,163 36.4 % Retail 2,977 2,952 5.0 % 1,791 1,792 12.6 % NNN 1,514 1,459 2.4 % 1,513 1,511 10.7 % Life Science 1,405 1,392 2.3 % 1,428 1,426 10.1 % Multifamily 7,282 7,219 12.2 % — — — % Hotel 1,991 1,939 3.3 % — — — % Self-Storage 2,494 2,461 4.1 % — — — % Cold Storage 3,854 3,828 6.5 % — — — % Diversified 6,172 6,042 10.2 % 1,788 1,795 12.6 % Total $ 60,055 $ 59,354 100 % $ 14,180 $ 14,183 100 %
Schedule of Investment in Commercial Mortgage Loan Backed Securities Held to Maturity	Investments in Real Estate Debt Balance as of December 31, 2021 $ 14,183 Additions 45,877 Unrealized losses (702) Realized losses (4) Balance as of March 31, 2022 $ 59,354
Debt Securities, Held-to-maturity	The following tables detail the Company's Investments in Real Estate Debt ($ in thousands): March 31, 2022 Type of Security/Loan Weighted Average Coupon Weighted Average Maturity Date (1, 2) Face Amount Cost Basis Fair Value CMBS - Fixed 3.71 % 2/16/2045 $ 9,287 $ 9,090 $ 8,891 CMBS - Floating 2.51 % 7/14/2036 51,351 50,965 50,463 Total 2.69 % 11/6/2037 $ 60,638 $ 60,055 $ 59,354	December 31, 2021 Type of Security/Loan Weighted Average Coupon Weighted Average Maturity Date (1, 2) Face Amount Cost Basis Fair Value CMBS - Fixed 4.02 % 5/13/2042 $ 3,219 $ 3,300 $ 3,300 CMBS - Floating 2.10 % 1/16/2037 10,976 10,880 10,883 Total 2.54 % 4/02/2038 $ 14,195 $ 14,180 $ 14,183
Debt Securities, Held-to-maturity, Credit Quality Indicator	The following table details the credit rating of the Company's investments in real estate debt ($ in thousands): March 31, 2022 December 31, 2021 Credit Rating Cost Basis Fair Value Percentage based on Fair Value Cost Basis Fair Value Percentage based on Fair Value AAA $ 3,091 $ 3,013 5.1 % $ 1,788 $ 1,795 12.6 % AA 1,982 1,970 3.3 % — — — % A 13,217 13,097 22.1 % 996 996 7.0 % BBB 39,067 38,571 65.0 % 11,396 11,392 80.4 % BB 2,163 2,172 3.6 % — — — % B 535 531 0.9 % — — — % Total $ 60,055 $ 59,354 100 % $ 14,180 $ 14,183 100 %

Investment in International A_2

Investment in International Affiliated Funds (Tables)	3 Months Ended
	Mar. 31, 2022
Schedule of Investments [Abstract]
Equity Method Investments	The following table summarizes the equity investment in Unconsolidated International Affiliated Funds from ECF as of March 31, 2022 ($ in thousands): Investment in ECF Balance as of December 31, 2021 $ 79,097 Income distribution (463) Income from equity investment in unconsolidated international affiliated fund 917 Foreign currency translation adjustment (1,966) Balance as of March 31, 2022 $ 77,585 The following table summarizes the equity investment in Unconsolidated International Affiliated Funds from APCF as of March 31, 2022 ($ in thousands): Investment in APCF Balance as of December 31, 2021 $ 51,948 Income distribution (119) Loss from equity investment in unconsolidated international affiliated fund (58) Balance as of March 31, 2022 $ 51,771

Intangibles (Tables)

Intangibles (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): March 31, 2022 December 31, Intangible assets: In-place lease intangibles $ 58,503 $ 53,031 Above-market lease intangibles 490 493 Leasing commissions 22,666 20,559 Other intangibles 7,174 5,666 Total intangible assets 88,833 79,749 Accumulated amortization: In-place lease intangibles (19,992) (16,282) Above-market lease intangibles (180) (77) Leasing commissions (5,812) (5,055) Other intangibles (1,093) (862) Total accumulated amortization (27,077) (22,276) Intangible assets, net $ 61,756 $ 57,473 Intangible liabilities: Below-market lease intangibles $ (28,303) $ (25,841) Accumulated amortization 4,092 3,319 Intangible liabilities, net $ (24,211) $ (22,522)
Estimated Future Amortization	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter is as follows ($ in thousands): In-Place Lease Above-Market Lease Intangibles Leasing Commissions Other Below-Market 2022 (remaining) $ 9,807 $ 32 $ 1,995 $ 846 $ (2,526) 2023 6,656 54 2,824 1,123 (3,400) 2024 6,163 54 2,717 1,068 (3,320) 2025 4,658 54 2,287 821 (2,699) 2026 2,992 54 1,789 533 (2,423) Thereafter 9,385 62 5,242 1,690 (9,843) $ 39,661 $ 310 $ 16,854 $ 6,081 $ (24,211)

Credit Facility and Mortgages_2

Credit Facility and Mortgages Payable (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following is a summary of the Credit Facility ($ in thousands): Principal Balance Outstanding Indebtedness Interest Rate Maturity Date Maximum Facility Size March 31, 2022 December 31, 2021 Revolving facility L+applicable margin (1) September 30, 2024 $ 235,000 $ 195,000 $ 163,000 DDTL Facility L+applicable margin (1) September 30, 2026 100,000 75,000 75,000 Totals $ 335,000 $ 270,000 $ 238,000 (1) The weighted-average interest rate for the three months ended March 31, 2022 was 1.32%. The following table is a summary of the Company's Mortgages Payable secured by the Company’s properties ($ in thousands): Principal Balance Outstanding Indebtedness Lender Interest Rate Maturity Date Maximum Principal Amount March 31, 2022 December 31, 2021 Fixed rate mortgages payable: Main Street at Kingwood Nationwide Life Insurance Company 3.15% 12/01/26 $ 48,000 $ 48,000 $ 48,000 Tacara Steiner Ranch Brighthouse Life Insurance 2.62% 06/01/28 28,750 28,750 28,750 Signature at Hartwell Allstate/American Heritage 3.01% 12/01/28 29,500 29,500 29,500 Total fixed rate mortgages payable 106,250 106,250 Deferred financing costs, net (606) (636) Mortgages payable, net $ 105,644 $ 105,614
Schedule of Maturities of Long-term Debt	The following table presents the future principal payments due under the Credit Facility and Mortgages Payable as of March 31, 2022 ($ in thousands): Amount Year Credit Facility Mortgages Payable Total 2022 (remaining) $ — $ — $ — 2023 — — — 2024 195,000 — 195,000 2025 — — — 2026 75,000 48,000 123,000 Thereafter — 58,250 58,250 Total $ 270,000 $ 106,250 $ 376,250

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Components of Other Assets	The following table summarizes the components of Other Assets ($ in thousands): March 31, 2022 December 31, 2021 Straight-line rent receivable $ 7,068 $ 6,451 Receivables 3,523 3,245 Deferred financing costs on credit facility, net 1,627 1,710 Prepaid expenses 822 1,154 Other 890 7,985 Total $ 13,930 $ 20,545
Summary of Components of Accounts Payable, Accrued Expenses, and Other Liabilities	The following table summarizes the components of Accounts Payable, Accrued Expenses, and Other Liabilities ($ in thousands): March 31, 2022 December 31, 2021 Real estate taxes payable $ 3,554 $ 3,072 Accounts payable and accrued expenses 9,467 5,733 Prepaid rental income 3,306 2,213 Tenant security deposits 2,632 2,010 Accrued interest expense 598 462 Other 3,696 1,320 Total $ 23,253 $ 14,810

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Summary of Certain Affiliates Receive Fee and Compensation with Offering and Ongoing Management of Assets	The Advisor will receive fees and compensation, payable monthly in arrears, in connection with the offering and ongoing management of the assets of the Company, as follows: Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Advisory Fee (% of NAV) 1.25% 1.25% 1.25% 1.25% 0.65%
Summary of Upfront Selling Commissions and Manager Fees and Stockholder Servicing Fees Per Annum on Aggregate Outstanding NAV	The following table presents the upfront selling commissions and dealer manager fees for each class of shares sold in the Offerings, and the stockholder servicing fee per annum based on the aggregate outstanding NAV: Class T Shares Class S Shares Class D Shares Class I Shares Maximum Upfront Selling Commissions (% of Transaction Price) up to 3.0% up to 3.5% — — Maximum Upfront Dealer Manager Fees (% of Transaction Price) up to 0.5% — — — Stockholder Servicing Fee (% of NAV) 0.85% (1) 0.85% 0.25% — (1) Consists of an advisor stockholder servicing fee of 0.65% per annum and a dealer stockholder servicing fee of 0.20% per annum (or other amounts, provided that the sum equals 0.85%), of the aggregate NAV of outstanding Class T shares.
Schedule of Components of Due to Affiliates	The following table summarizes the components of Due to Affiliates ($ in thousands): March 31, December 31, Accrued stockholder servicing fees (1) $ 30,194 $ 25,358 Advanced organization and offering expenses 4,880 4,648 Total $ 35,074 $ 30,006 (1) The Company accrues the full amount of future stockholder servicing fees payable to the Dealer Manager for Class T, Class S and Class D shares up to the 8.75% of gross proceeds limit at the time such shares are sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offerings, which provide, among other things, for the re-allowance of the full amount of the selling commissions and the dealer manager fee and all or a portion of stockholder servicing fees received by the Dealer Manager to such selected dealers. The Company will no longer incur the stockholder servicing fee after September 2056 in connection with those Class T, Class S and Class D shares currently outstanding; the fees may end sooner if the total underwriting compensation paid in respect of the Offering reaches 10.0% of the gross offering proceeds or if the Company completes a liquidity event. The Company will incur stockholder servicing fees in connection with future issuances of Class D shares for a 35-year period from the date of issuance and seven years for Class T shares and Class S shares from date of issuance.

Tenant Leases (Tables)

Tenant Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Future Minimum Rent Expected	Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Company through the non-cancelable lease term, excluding short-term multifamily and single family rentals are as follows ($ in thousands): Year March 31, 2022 2022 (remaining) $ 33,096 2023 44,342 2024 43,770 2025 37,864 2026 28,967 2027 22,555 Thereafter 53,516 Total $ 264,110

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interest (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Capital Stock	As of March 31, 2022, the Company had authority to issue a total of 2,200,000,000 shares of capital stock consisting of the following: Classification Number of Shares Par Value Class T Shares 500,000 $ 0.01 Class S Shares 500,000 $ 0.01 Class D Shares 500,000 $ 0.01 Class I Shares 500,000 $ 0.01 Class N Shares 100,000 $ 0.01 Preferred Stock 100,000 $ 0.01 Total 2,200,000
Schedule of Common Stock Outstanding Roll Forward	The following tables detail the movement in the Company’s outstanding shares of common stock (in thousands): Three Months Ended March 31, 2022 Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Total December 31, 2021 9,201 23,809 4,649 31,460 29,731 98,850 Common stock issued 2,598 6,970 1,633 12,174 — 23,375 Distribution reinvestment plan 51 158 29 234 — 472 Common stock repurchased — (24) (10) (125) — (159) March 31, 2022 11,850 30,913 6,301 43,743 29,731 122,538
Summary of Declared Distributions	The following tables detail the aggregate distribution declared for each of the Company's share classes for the three months ended March 31, 2022: Three Months Ended March 31, 2022 Class T Common Stock Class S Common Stock Class D Common Stock Class I Common Stock Class N Common Stock Gross distribution per share of common stock $ 0.2077 $ 0.2077 $ 0.2077 $ 0.2077 $ 0.2077 Advisory fee per share of common stock (0.0127) (0.0125) (0.0127) 0.0127 (0.0068) Stockholder servicing fee per share of common stock (0.0094) (0.0093) (0.0028) — — Net distribution per share of common stock $ 0.1856 $ 0.1859 $ 0.1922 $ 0.2204 $ 0.2009

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Summary of Total Assets by Segment	The following table sets forth the total assets by segment as of March 31, 2022 and December 31, 2021 ($ in thousands): March 31, December 31, Healthcare $ 185,367 $ 185,953 Industrial 316,494 186,502 Multifamily 298,945 303,852 Office 124,421 125,563 Retail 81,905 82,791 Commercial Mortgage Loans 233,637 140,512 Single-Family Housing 99,930 100,039 Real Estate-Related Securities 162,091 108,153 International Affiliated Funds 129,356 131,046 Other (Corporate) 275,789 133,726 Total assets $ 1,907,935 $ 1,498,137
Summary of Financial Results by Segment	The following table sets forth the financial results by segment for the three months ended March 31, 2022 and 2021 ($ in thousands): Three Months Ended 2022 2021 Rental revenues Healthcare $ 4,437 $ 1,765 Industrial 5,364 3,560 Multifamily 6,448 2,380 Office 2,989 1,874 Retail 1,699 1,683 Single-family housing 731 — Total rental revenues 21,668 11,262 Rental property operating expenses Healthcare 1,302 321 Industrial 1,394 1,109 Multifamily 2,685 1,181 Office 997 555 Retail 410 348 Single-family housing 773 — Total rental property operating expenses 7,561 3,514 Depreciation and amortization (12,367) (5,484) Income from commercial mortgage loans 1,995 — Realized and unrealized (loss) income from real estate-related securities (3,404) 2,881 Realized and unrealized (loss) from real estate debt (706) — Income from equity investment in unconsolidated international affiliated funds 859 689 General and administrative expenses (2,096) (1,057) Advisory fee due to affiliate (4,706) (1,064) Interest income 330 60 Interest expense (1,796) (943) Net (loss) income (7,784) 2,830 Net income attributable to non-controlling interest in third party joint venture 19 — Net income attributable to preferred stock 4 8 Net (loss) income attributable to common stockholders $ (7,807) $ 2,822

Organization and Business Pur_2

Organization and Business Purpose - Narrative (Details) - USD ($)	Jan. 13, 2021	Jan. 31, 2018
Organization And Business Activities [Line Items]
Common stock, value, authorized	$ 5,000,000,000	$ 5,000,000,000
Primary Offering
Organization And Business Activities [Line Items]
Common stock, value, authorized	4,000,000,000	4,000,000,000
Dividend Reinvestment Plan
Organization And Business Activities [Line Items]
Common stock, value, authorized	$ 1,000,000,000	$ 1,000,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Assets (Details)	3 Months Ended
	Mar. 31, 2022
Building
Real Estate Properties [Line Items]
Estimated useful life of asset	40 years
Building, land and site improvements | Minimum
Real Estate Properties [Line Items]
Estimated useful life of asset	15 years
Building, land and site improvements | Maximum
Real Estate Properties [Line Items]
Estimated useful life of asset	40 years
Furniture, fixtures and equipment | Minimum
Real Estate Properties [Line Items]
Estimated useful life of asset	3 years
Furniture, fixtures and equipment | Maximum
Real Estate Properties [Line Items]
Estimated useful life of asset	7 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Assets Measured at Fair Value (Details) $ in Thousands	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Assets:
Investments in real estate-related securities, at fair value	$ 102,737	$ 93,970
Mortgages payable, net	105,644	105,614
Investment in commercial mortgage loans, at fair value	233,637	140,512
Loan participation, at fair value	47,803	0
Fair Value Measurement Loan Origination	92,350	140,512
Loan Participation Sold	47,803
Fair Value Measurement Additional Fundings	$ 775
LIBOR Rate
Assets:
Loans receivable, basis spread on variable rate	20.00%
SOFR
Assets:
Loans receivable, basis spread on variable rate	30.00%
Fair Value, Recurring
Assets:
Investments in real estate-related securities, at fair value	$ 102,737	93,970
Mortgages payable, net	59,354	14,183
Investment in commercial mortgage loans, at fair value	233,637	140,512
Total	395,728	248,665
Loan participation, at fair value	47,803	0
Financial and Nonfinancial Liabilities, Fair Value Disclosure	47,803	0
Fair Value, Recurring | Level I
Assets:
Investments in real estate-related securities, at fair value	102,737	93,970
Mortgages payable, net	0	0
Investment in commercial mortgage loans, at fair value	0	0
Total	102,737	93,970
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0
Fair Value, Recurring | Level 2
Assets:
Investments in real estate-related securities, at fair value	0	0
Mortgages payable, net	59,354	14,183
Investment in commercial mortgage loans, at fair value	0	0
Total	59,354	14,183
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0
Fair Value, Recurring | Level 3
Assets:
Investments in real estate-related securities, at fair value	0	0
Mortgages payable, net	0	0
Investment in commercial mortgage loans, at fair value	233,637	140,512
Total	233,637	140,512
Loan participation, at fair value	47,803	$ 0
Financial and Nonfinancial Liabilities, Fair Value Disclosure	$ 47,803
Minimum | LIBOR Rate | Measurement Input, Discount Rate
Assets:
Commercial Mortgage Loans	0.0165
Maximum | LIBOR Rate | Measurement Input, Discount Rate
Assets:
Commercial Mortgage Loans	0.0525
Weighted Average | LIBOR Rate | Measurement Input, Discount Rate
Assets:
Loan Participation	0.0175
Weighted Average | SOFR | Measurement Input, Discount Rate
Assets:
Commercial Mortgage Loans	0.0295

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)subsidiary	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Significant Of Accounting Policies [Line Items]
Restricted cash	$ 156,607		$ 94,413
Number of active TRSs | subsidiary	3
Offering costs	$ 200
Foreign currency translation adjustment	(1,966)	$ (1,261)
Total assets	1,907,935		1,498,137
Liabilities	668,953		517,053
Variable Interest Entity, Primary Beneficiary
Significant Of Accounting Policies [Line Items]
Total assets	59,500		53,500
Liabilities	30,000		29,700
Common Stock
Significant Of Accounting Policies [Line Items]
Offering costs	143	$ 166
Tenant Deposit Funds
Significant Of Accounting Policies [Line Items]
Restricted cash	500
Common Stock Subscription Funds
Significant Of Accounting Policies [Line Items]
Restricted cash	$ 156,100
Advisor
Significant Of Accounting Policies [Line Items]
Period for reimbursement of advance expenses (in months)	60 months
Organizational and offering costs	$ 4,600
Offering costs	3,500
Organization costs	1,100
Level 3 | Mortgages Payable | Secured Debt
Significant Of Accounting Policies [Line Items]
Long-term debt, fair value	$ 103,900		$ 106,300

Investments in Real Estate - Na

Investments in Real Estate - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)property	Mar. 31, 2021USD ($)
Real Estate [Abstract]
Depreciation | $	$ 7.6	$ 2.9
Number of Properties | property	16

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Building and building improvements	$ 892,391	$ 778,324
Land and land improvements	184,250	166,944
Furniture, fixtures and equipment	10,045	9,976
Total	1,086,686	955,244
Accumulated depreciation	(53,099)	(45,412)
Investments in real estate, net	$ 1,033,587	$ 909,832

Investments in Real Estate - Su

Investments in Real Estate - Summary of Properties Acquired (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)property
Real Estate Properties [Line Items]
Number of Properties | property	16
Acquisition Price | $	$ 133,733
Single-Family Rentals
Real Estate Properties [Line Items]
Ownership Interest	100.00%
Number of Properties | property	8
Acquisition Price | $	$ 2,733
610 Loop - Houston Industrial
Real Estate Properties [Line Items]
Ownership Interest	100.00%
Number of Properties | property	5
Acquisition Price | $	$ 76,100
Tampa Lakeland Industrial
Real Estate Properties [Line Items]
Ownership Interest	100.00%
Number of Properties | property	3
Acquisition Price | $	$ 54,900

Investments in Real Estate - Pu

Investments in Real Estate - Purchase Price Allocation (Details) $ in Thousands	Mar. 31, 2022USD ($)
Single-Family Rentals
Business Acquisition [Line Items]
Building and building improvements	$ 2,119
Land and land improvements	612
In-place lease intangibles	2
Leasing Commissions	0
Other intangibles	0
Total purchase price	2,733
Tampa Lakeland Industrial
Business Acquisition [Line Items]
Building and building improvements	43,523
Land and land improvements	8,011
In-place lease intangibles	2,956
Leasing Commissions	831
Other intangibles	(421)
Total purchase price	54,900
610 Loop - Houston Industrial
Business Acquisition [Line Items]
Building and building improvements	64,716
Land and land improvements	8,660
In-place lease intangibles	2,531
Leasing Commissions	1,019
Other intangibles	(826)
Total purchase price	$ 76,100

Investments in Real Estate-Re_3

Investments in Real Estate-Related Securities - Summary of Investments in Real-Estate Securities (Details) - Real Estate-Related Equity Securities $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Equity Securities At Fair Value [Roll Forward]
Balance as of December 31, 2021	$ 93,970
Additions	15,783
Disposals	(2,927)
Unrealized losses	(7,018)
Realized gains	2,929
Balance as of March 31, 2022	$ 102,737

Investments in Real Estate-Re_4

Investments in Real Estate-Related Securities - Summary of Components of Realized and Unrealized Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Unrealized gains (losses)	$ (7,018)	$ 1,773
Realized gains (losses)	2,929	776
Dividend income	685	332
Total	$ (3,404)	$ 2,881

Investments in Real Estate De_3

Investments in Real Estate Debt - Investments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities Held To Maturity Weighted Average Coupon	2.69%	2.54%
Debt Securities, Held-to-maturity, Maturity, Date	Nov. 6, 2037	Apr. 2, 2038
Debt Securities Held to Maturity, Face Amount	$ 60,638	$ 14,195
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss	60,055	14,180
Debt Securities, Held-to-maturity, Fair Value	$ 59,354	$ 14,183
Real Estate Related Commercial Mortgage Backed Securities Fixed
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities Held To Maturity Weighted Average Coupon	3.71%	4.02%
Debt Securities, Held-to-maturity, Maturity, Date	Feb. 16, 2045	May 13, 2042
Debt Securities Held to Maturity, Face Amount	$ 9,287	$ 3,219
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss	9,090	3,300
Debt Securities, Held-to-maturity, Fair Value	$ 8,891	$ 3,300
Real Estate Related Commercial Mortgage Backed Securities Floating
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities Held To Maturity Weighted Average Coupon	2.51%	2.10%
Debt Securities, Held-to-maturity, Maturity, Date	Jul. 14, 2036	Jan. 16, 2037
Debt Securities Held to Maturity, Face Amount	$ 51,351	$ 10,976
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss	50,965	10,880
Debt Securities, Held-to-maturity, Fair Value	$ 50,463	$ 10,883

Investments in Real Estate De_4

Investments in Real Estate Debt - Collateral Type of Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss	$ 60,055	$ 14,180
Debt Securities, Held-to-maturity, Fair Value	$ 59,354	$ 14,183
Mortgage Backed Securities, Held To Maturity, Percentage Based on Fair Value	100.00%	100.00%
Office Building
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss	$ 10,064	$ 2,497
Debt Securities, Held-to-maturity, Fair Value	$ 10,000	$ 2,496
Mortgage Backed Securities, Held To Maturity, Percentage Based on Fair Value	16.80%	17.60%
Industrial Property
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss	$ 22,302	$ 5,163
Debt Securities, Held-to-maturity, Fair Value	$ 22,062	$ 5,163
Mortgage Backed Securities, Held To Maturity, Percentage Based on Fair Value	37.20%	36.40%
Retail Site
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss	$ 2,977	$ 1,791
Debt Securities, Held-to-maturity, Fair Value	$ 2,952	$ 1,792
Mortgage Backed Securities, Held To Maturity, Percentage Based on Fair Value	5.00%	12.60%
Nnn
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss	$ 1,514	$ 1,513
Debt Securities, Held-to-maturity, Fair Value	$ 1,459	$ 1,511
Mortgage Backed Securities, Held To Maturity, Percentage Based on Fair Value	2.40%	10.70%
Life Science
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss	$ 1,405	$ 1,428
Debt Securities, Held-to-maturity, Fair Value	$ 1,392	$ 1,426
Mortgage Backed Securities, Held To Maturity, Percentage Based on Fair Value	2.30%	10.10%
Multifamily Unit
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss	$ 7,282	$ 0
Debt Securities, Held-to-maturity, Fair Value	$ 7,219	$ 0
Mortgage Backed Securities, Held To Maturity, Percentage Based on Fair Value	12.20%	0.00%
Hotel
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss	$ 1,991	$ 0
Debt Securities, Held-to-maturity, Fair Value	$ 1,939	$ 0
Mortgage Backed Securities, Held To Maturity, Percentage Based on Fair Value	3.30%	0.00%
Self Storage Unit
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss	$ 2,494	$ 0
Debt Securities, Held-to-maturity, Fair Value	$ 2,461	$ 0
Mortgage Backed Securities, Held To Maturity, Percentage Based on Fair Value	4.10%	0.00%
Cold Storage Unit
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss	$ 3,854	$ 0
Debt Securities, Held-to-maturity, Fair Value	$ 3,828	$ 0
Mortgage Backed Securities, Held To Maturity, Percentage Based on Fair Value	6.50%	0.00%
Diversified
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss	$ 6,172	$ 1,788
Debt Securities, Held-to-maturity, Fair Value	$ 6,042	$ 1,795
Mortgage Backed Securities, Held To Maturity, Percentage Based on Fair Value	10.20%	12.60%
Fitch, AAA Rating
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss	$ 3,091	$ 1,788
Debt Securities, Held-to-maturity, Fair Value	$ 3,013	$ 1,795
Mortgage Backed Securities, Held To Maturity, Percentage Based on Fair Value	5.10%	12.60%
Fitch, AA Rating
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss	$ 1,982	$ 0
Debt Securities, Held-to-maturity, Fair Value	$ 1,970	$ 0
Mortgage Backed Securities, Held To Maturity, Percentage Based on Fair Value	3.30%	0.00%
Fitch, A Rating
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss	$ 13,217	$ 996
Debt Securities, Held-to-maturity, Fair Value	$ 13,097	$ 996
Mortgage Backed Securities, Held To Maturity, Percentage Based on Fair Value	22.10%	7.00%
Fitch, BBB Rating
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss	$ 39,067	$ 11,396
Debt Securities, Held-to-maturity, Fair Value	$ 38,571	$ 11,392
Mortgage Backed Securities, Held To Maturity, Percentage Based on Fair Value	65.00%	80.40%
Fitch, BB Rating
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss	$ 2,163	$ 0
Debt Securities, Held-to-maturity, Fair Value	$ 2,172	$ 0
Mortgage Backed Securities, Held To Maturity, Percentage Based on Fair Value	3.60%	0.00%
Fitch, B Rating
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss	$ 535	$ 0
Debt Securities, Held-to-maturity, Fair Value	$ 531	$ 0
Mortgage Backed Securities, Held To Maturity, Percentage Based on Fair Value	0.90%	0.00%

Investments in Real Estate De_5

Investments in Real Estate Debt - Roll Forward (Details) - Real Estate Related Commercial Mortgage Backed Securities $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Investments in Real Estate Debt [Roll Forward]
Mortgage-backed Securities Held-to-maturity, Fair Value Disclosure, Beginning	$ 14,183
Debt Securities, Held-to-maturity, Purchase	45,877
Debt Securities, Held-to-maturity, Transfer, Unrealized Gain (Loss)	(702)
Debt Securities, Held-to-maturity, Sold, Realized Gain (Loss)	(4)
Mortgage-backed Securities Held-to-maturity, Fair Value Disclosure, End	$ 59,354

Investment in International A_3

Investment in International Affiliated Funds - Narrative (Details) $ in Thousands, € in Millions	Jan. 06, 2021USD ($)	Sep. 11, 2019USD ($)	Nov. 09, 2018USD ($)	Dec. 22, 2017EUR (€)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2021USD ($)
Schedule Of Investments [Line Items]
Income from equity investments in unconsolidated international affiliated funds					$ 859	$ 689
ECF
Schedule Of Investments [Line Items]
Equity method investment, investment commitment amount				€ 25			$ 28,400
Income from equity investments in unconsolidated international affiliated funds					917	(200)
ECF | Subsequent ECF Funding
Schedule Of Investments [Line Items]
Equity method investment, investment commitment amount				€ 45			$ 51,000
APCF
Schedule Of Investments [Line Items]
Equity method investment, investment commitment amount	$ 50,000		$ 10,000
Income from equity investments in unconsolidated international affiliated funds					$ (58)	$ 900
Equity method investment, additional investment commitment amount	$ 20,000	$ 20,000

Investment in International A_4

Investment in International Affiliated Funds - Summary of Components of Income from Equity Method Investment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Equity Method Investments [Roll Forward]
Income distribution	$ (582)	$ (251)
Income from equity investment in unconsolidated international affiliated fund	859	689
ECF
Schedule of Equity Method Investments [Roll Forward]
Beginning balance	79,097
Income distribution	(463)
Income from equity investment in unconsolidated international affiliated fund	917	(200)
Foreign currency translation adjustment	(1,966)
Ending balance	77,585
APCF
Schedule of Equity Method Investments [Roll Forward]
Beginning balance	51,948
Income distribution	(119)
Income from equity investment in unconsolidated international affiliated fund	(58)	$ 900
Ending balance	$ 51,771

Investment in Commercial Mort_2

Investment in Commercial Mortgage Loan - Narrative (Details)	3 Months Ended
	Mar. 31, 2022USD ($)
Investment Holdings [Line Items]
Interest income and origination fee from investment in commercial mortgage loan	$ 2,000,000
Floating-Rate Senior Mortgage And Mezzanine Loan
Investment Holdings [Line Items]
Property renovations, commitment	30,400,000
Floating-Rate Senior Mortgage And Mezzanine Loan | Mortgages
Investment Holdings [Line Items]
Maximum Principal Amount	63,000,000
Second Floating Rate Senior Mortgage and Mezzanine Loan [Member]
Investment Holdings [Line Items]
Property renovations, commitment	11,100,000
Second Floating Rate Senior Mortgage and Mezzanine Loan [Member] | Mortgages
Investment Holdings [Line Items]
Maximum Principal Amount	76,900,000
Senior Loan Portion Sold
Investment Holdings [Line Items]
Financial Instruments Sold, Not yet Purchased, Corporate Debt	47,400,000
Third Floating-Rate Senior Mortgage And Mezzanine Loan
Investment Holdings [Line Items]
Property renovations, commitment	9,300,000
Third Floating-Rate Senior Mortgage And Mezzanine Loan | Mortgages
Investment Holdings [Line Items]
Maximum Principal Amount	$ 92,400,000

Intangibles - Gross Carrying Am

Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Intangible assets:
Total intangible assets	$ 88,833	$ 79,749
Accumulated amortization:
Total accumulated amortization	(27,077)	(22,276)
Intangible assets, net	61,756	57,473
Intangible liabilities:
Intangible liabilities, net	(24,211)	(22,522)
In-place lease intangibles
Intangible assets:
Total intangible assets	58,503	53,031
Accumulated amortization:
Total accumulated amortization	(19,992)	(16,282)
Intangible assets, net	39,661
Above-market lease intangibles
Intangible assets:
Total intangible assets	490	493
Accumulated amortization:
Total accumulated amortization	(180)	(77)
Intangible assets, net	310
Leasing commissions
Intangible assets:
Total intangible assets	22,666	20,559
Accumulated amortization:
Total accumulated amortization	(5,812)	(5,055)
Intangible assets, net	16,854
Other intangibles
Intangible assets:
Total intangible assets	7,174	5,666
Accumulated amortization:
Total accumulated amortization	(1,093)	(862)
Intangible assets, net	6,081
Below-market lease intangibles
Intangible liabilities:
Below-market lease intangibles	(28,303)	(25,841)
Accumulated amortization	4,092	3,319
Intangible liabilities, net	$ (24,211)	$ (22,522)

Intangibles - Narrative (Detail

Intangibles - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Amortization expense relating to intangible assets	$ 4.8	$ 1.7
Income from amortization of intangible liabilities	$ 0.8	$ 0.2
In-place lease intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life	6 years
Above-market lease intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life	6 years
Leasing commissions
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life	7 years
Other intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life	9 years
Below-market lease intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life	12 years

Intangibles - Estimated Future

Intangibles - Estimated Future Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
In-place Lease Intangibles and Other Intangibles
Intangible assets, net	$ 61,756	$ 57,473
Below-Market Lease Intangibles
Intangible liabilities, net	(24,211)	(22,522)
In-place lease intangibles
In-place Lease Intangibles and Other Intangibles
2021 (remaining)	9,807
2023	6,656
2024	6,163
2025	4,658
2026	2,992
Thereafter	9,385
Intangible assets, net	39,661
Above-market lease intangibles
In-place Lease Intangibles and Other Intangibles
2021 (remaining)	32
2023	54
2024	54
2025	54
2026	54
Thereafter	62
Intangible assets, net	310
Leasing commissions
In-place Lease Intangibles and Other Intangibles
2021 (remaining)	1,995
2023	2,824
2024	2,717
2025	2,287
2026	1,789
Thereafter	5,242
Intangible assets, net	16,854
Other intangibles
In-place Lease Intangibles and Other Intangibles
2021 (remaining)	846
2023	1,123
2024	1,068
2025	821
2026	533
Thereafter	1,690
Intangible assets, net	6,081
Below-market lease intangibles
Below-Market Lease Intangibles
2021 (remaining)	(2,526)
2023	(3,400)
2024	(3,320)
2025	(2,699)
2026	(2,423)
Thereafter	(9,843)
Intangible liabilities, net	$ (24,211)	$ (22,522)

Credit Facility and Mortgages_3

Credit Facility and Mortgages Payable - Narrative (Details)	Sep. 30, 2021USD ($)property	Dec. 31, 2020	Dec. 31, 2019	Oct. 24, 2018USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Jun. 11, 2019USD ($)	Dec. 17, 2018USD ($)
Line of Credit Facility [Line Items]
Maximum Facility Size					$ 335,000,000
Credit facility					270,000,000		$ 238,000,000
Mortgages payable					376,250,000
Amended Credit Agreement
Line of Credit Facility [Line Items]
Credit facility					270,000,000
September 2021 Amended Credit Agreement
Line of Credit Facility [Line Items]
Maximum Facility Size	$ 335,000,000							$ 210,000,000	$ 150,000,000
Number of term extension options | property	2
Extension term	1 year
Extension fee, percentage	0.125%
Outstanding accrued interest					300,000
Interest expense					800,000	$ 400,000
Mortgages Payable
Line of Credit Facility [Line Items]
Credit facility					105,644,000		105,614,000
Outstanding accrued interest					200,000
Interest expense					800,000
Mortgages payable					106,250,000		106,250,000
Revolving facility | September 2021 Amended Credit Agreement
Line of Credit Facility [Line Items]
Maximum Facility Size	$ 235,000,000				235,000,000
Credit facility					195,000,000		163,000,000
Revolving facility | September 2021 Amended Credit Agreement | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.30%
Revolving facility | September 2021 Amended Credit Agreement | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.90%
Revolving facility | September 2021 Amended Credit Agreement | LIBOR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.30%
Revolving facility | September 2021 Amended Credit Agreement | LIBOR | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.90%
DDTL Facility | September 2021 Amended Credit Agreement
Line of Credit Facility [Line Items]
Maximum Facility Size	$ 100,000,000				100,000,000
Minimum amount of advance	$ 30,000,000
Number of advances | property	3
Unused fee, percentage	0.15%
Minimum threshold to trigger minimum unused fee, percentage of aggregate commitments	50.00%
Upfront fee (in basis points)	4000.00%
Credit facility					$ 75,000,000		$ 75,000,000
DDTL Facility | September 2021 Amended Credit Agreement | Minimum
Line of Credit Facility [Line Items]
Unused fee, percentage	0.15%
DDTL Facility | September 2021 Amended Credit Agreement | Maximum
Line of Credit Facility [Line Items]
Unused fee, percentage	0.25%
DDTL Facility | September 2021 Amended Credit Agreement | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.25%
DDTL Facility | September 2021 Amended Credit Agreement | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.85%
DDTL Facility | September 2021 Amended Credit Agreement | LIBOR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
DDTL Facility | September 2021 Amended Credit Agreement | LIBOR | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.85%
Unsecured Revolving Loans
Line of Credit Facility [Line Items]
Maximum Facility Size				$ 60,000,000
Credit facility maturity period					3 years
Unsecured Revolving Loans | Adjusted LIBOR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate				1.30%
Unsecured Revolving Loans | Adjusted LIBOR | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate				1.90%
Unsecured Revolving Loans | Credit Agreement With Accordion Feature
Line of Credit Facility [Line Items]
Maximum Facility Size				$ 500,000,000
Unsecured Revolving Loans | September 2021 Amended Credit Agreement | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.10%	1.80%

Credit Facility and Mortgages_4

Credit Facility and Mortgages Payable - Summary of Credit Facility (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Sep. 30, 2021	Jun. 11, 2019	Dec. 17, 2018
Debt Instrument [Line Items]
Maximum Facility Size	$ 335,000,000
Principal Balance Outstanding	270,000,000		$ 238,000,000
September 2021 Amended Credit Agreement
Debt Instrument [Line Items]
Maximum Facility Size				$ 335,000,000	$ 210,000,000	$ 150,000,000
Interest expense	800,000	$ 400,000
September 2021 Amended Credit Agreement | Revolving facility
Debt Instrument [Line Items]
Maximum Facility Size	235,000,000			235,000,000
Principal Balance Outstanding	$ 195,000,000		163,000,000
Weighted-average interest rate	1.32%
September 2021 Amended Credit Agreement | DDTL Facility
Debt Instrument [Line Items]
Maximum Facility Size	$ 100,000,000			$ 100,000,000
Principal Balance Outstanding	$ 75,000,000		$ 75,000,000

Credit Facility and Mortgages_5

Credit Facility and Mortgages Payable - Summary of Mortgage Payable (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total fixed rate mortgages payable	$ 376,250,000
Total	270,000,000	$ 238,000,000
Mortgages Payable
Debt Instrument [Line Items]
Total fixed rate mortgages payable	106,250,000	106,250,000
Deferred financing costs, net	(606,000)	(636,000)
Total	$ 105,644,000	105,614,000
Main Street at Kingwood
Debt Instrument [Line Items]
Interest Rate	3.15%
Maximum Principal Amount	$ 48,000,000
Total fixed rate mortgages payable	$ 48,000,000	48,000,000
Tacara Steiner Ranch
Debt Instrument [Line Items]
Interest Rate	2.62%
Maximum Principal Amount	$ 28,750,000
Total fixed rate mortgages payable	$ 28,750,000	28,750,000
Mortgages Payable, Maturing December 2028
Debt Instrument [Line Items]
Interest Rate	3.01%
Maximum Principal Amount	$ 29,500,000
Total fixed rate mortgages payable	$ 29,500,000	$ 29,500,000

Credit Facility and Mortgages_6

Credit Facility and Mortgages Payable - Long-term Debt Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
2021	$ 0
2023	0
2024	195,000
2025	0
2026	123,000
Thereafter	58,250
Total	270,000	$ 238,000
Total	376,250
Credit Facility
Debt Instrument [Line Items]
2021	0
2023	0
2024	195,000
2025	0
2026	75,000
Thereafter	0
Total	270,000
Mortgages Payable
Debt Instrument [Line Items]
2021	0
2023	0
2024	0
2025	0
2026	48,000
Thereafter	58,250
Total	105,644	105,614
Total	$ 106,250	$ 106,250

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Summary of Components of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Straight-line rent receivable	$ 7,068	$ 6,451
Receivables	3,523	3,245
Deferred financing costs on credit facility, net	1,627	1,710
Prepaid expenses	822	1,154
Other	890	7,985
Total	$ 13,930	$ 20,545

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Summary of Components of Accounts Payable, Accrued Expenses, and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Real estate taxes payable	$ 3,554	$ 3,072
Accounts payable and accrued expenses	9,467	5,733
Prepaid rental income	3,306	2,213
Tenant security deposits	2,632	2,010
Accrued interest expense	598	462
Other	3,696	1,320
Total	$ 23,253	$ 14,810

Related Party Transactions - Su

Related Party Transactions - Summary of Certain Affiliates Receive Fee and Compensation with Offering and Ongoing Management of Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Related Party Transaction [Line Items]
Rental revenue	$ 21,668	$ 11,262
Advisory fees
Related Party Transaction [Line Items]
related party expense	$ 3,600	$ 1,100
Class T Shares
Related Party Transaction [Line Items]
Advisory Fee (% of NAV)	1.25%
Class S Shares
Related Party Transaction [Line Items]
Advisory Fee (% of NAV)	1.25%
Class D Shares
Related Party Transaction [Line Items]
Advisory Fee (% of NAV)	1.25%
Class I Shares
Related Party Transaction [Line Items]
Advisory Fee (% of NAV)	1.25%
Class N Shares
Related Party Transaction [Line Items]
Advisory Fee (% of NAV)	0.65%

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)	3 Months Ended
	Mar. 31, 2022USD ($)jointVenture	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Aug. 23, 2021	Jul. 27, 2021USD ($)
Related Party Transaction [Line Items]
Due to affiliates	$ 35,074,000		$ 30,006,000
Percent of gross proceeds from primary portion of public offering	10.00%
NexCore
Related Party Transaction [Line Items]
Number of joint venture arrangements | jointVenture	3
Sparrow | Other Affiliates
Related Party Transaction [Line Items]
Single family housing project investments, commitment					$ 100,000,000
Class T Shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Class S shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Class D Shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Advisory fees
Related Party Transaction [Line Items]
related party expense	$ 3,600,000	$ 1,100,000
Management fees | NexCore
Related Party Transaction [Line Items]
related party expense	82,000	$ 15,000
Asset management fees | Sparrow | Other Affiliates
Related Party Transaction [Line Items]
Expenses from transactions with related party	109,374
Property management fees | Sparrow | Other Affiliates
Related Party Transaction [Line Items]
Expenses from transactions with related party	40,291
Project management fees | Nuveen RE PMS
Related Party Transaction [Line Items]
Maximum amount of transaction, percentage of project costs				6.00%
Development and management fees | Nuveen RE PMS
Related Party Transaction [Line Items]
Maximum amount of transaction, percentage of project costs				4.00%
Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Due to affiliates	30,194,000		$ 25,358,000
Accrued stockholder servicing fees | Class T Shares
Related Party Transaction [Line Items]
Due to affiliates	30,200,000
Accrued stockholder servicing fees | Class S shares
Related Party Transaction [Line Items]
Due to affiliates	30,200,000
Accrued stockholder servicing fees | Class D Shares
Related Party Transaction [Line Items]
Due to affiliates	30,200,000
Accounts Payable, Accrued Expenses and Other Liabilities
Related Party Transaction [Line Items]
Accrued advisory fees	$ 4,600,000

Related Party Transactions - Up

Related Party Transactions - Upfront Selling Commissions and Manager Fees and Stockholder Servicing Fees Per Annum on Aggregate Outstanding NAV (Details)	Mar. 31, 2022
Class T Shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	3.00%
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0.50%
Stockholder Servicing Fee (% of NAV)	0.85%
Class T Shares | Advisor
Related Party Transaction [Line Items]
Stockholder Servicing Fee (% of NAV)	0.65%
Class T Shares | Dealer
Related Party Transaction [Line Items]
Stockholder Servicing Fee (% of NAV)	0.20%
Class S Shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	3.50%
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0.00%
Stockholder Servicing Fee (% of NAV)	0.85%
Class D Shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	0.00%
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0.00%
Stockholder Servicing Fee (% of NAV)	0.25%
Class I Shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	0.00%
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0.00%
Stockholder Servicing Fee (% of NAV)	0.00%

Related Party Transactions - Sc

Related Party Transactions - Schedule of Components of Due to Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Due to affiliates	$ 35,074	$ 30,006
Class T Shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Class S Shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Class D Shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Due to affiliates	$ 30,194	25,358
Threshold percent of gross proceeds	10.00%
Accrued stockholder servicing fees | Class T Shares
Related Party Transaction [Line Items]
Due to affiliates	$ 30,200
Accrued stockholder servicing fees | Class S Shares
Related Party Transaction [Line Items]
Due to affiliates	30,200
Accrued stockholder servicing fees | Class D Shares
Related Party Transaction [Line Items]
Due to affiliates	$ 30,200
Period from date of issuance for future shares issued	35 years
Accrued stockholder servicing fees | Class T and S
Related Party Transaction [Line Items]
Period from date of issuance for future shares issued	7 years
Advanced organization and offering expenses
Related Party Transaction [Line Items]
Due to affiliates	$ 4,880	$ 4,648

Risks and Contingencies (Detail

Risks and Contingencies (Details) - Settlement with Office Property Tenant $ in Millions	Sep. 01, 2021USD ($)installment	Mar. 31, 2022USD ($)
Loss Contingencies [Line Items]
Amount awarded from other party | $	$ 0.5	$ 0.4
Number of equal installments of amount awarded from other party | installment	36

Tenant Leases - Narrative (Deta

Tenant Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Rental revenue	$ 21,668	$ 11,262

Tenant Leases - Schedule of Min

Tenant Leases - Schedule of Minimum Rents Expects to Receive for Industrial, Retail and Office Properties, Excluding Tenant Reimbursements of Operating Expenses (Details) $ in Thousands	Mar. 31, 2022USD ($)
Leases [Abstract]
2022 (remaining)	$ 33,096
2023	44,342
2024	43,770
2025	37,864
2026	28,967
2027	22,555
Thereafter	53,516
Total	$ 264,110

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Narrative (Details) - USD ($)	Mar. 31, 2021	Oct. 08, 2020	Jan. 04, 2019	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Jan. 02, 2019
Equity [Line Items]
Number of shares, authorized to issue (in shares)				2,200,000,000
Preferred stock preference percentage							12.00%
Quarterly distribution payable period				30 days
Dividends payable				$ 6,822,000		$ 5,323,000
Dividends				$ 17,500,000	$ 6,300,000
Repurchase fulfillment term				24 months
Common stock repurchased				$ 2,058,000	290,000
Increase in Carrying Amount of Redeemable Preferred Stock				18,000
Additional Paid-in Capital
Equity [Line Items]
Common stock repurchased				2,058,000	$ 290,000
Increase in Carrying Amount of Redeemable Preferred Stock				$ 18,000
Gross distribution per share of common stock
Equity [Line Items]
Net distributions per share of common stock (in dollars per share)				$ 0.2077
Non-employee Directors
Equity [Line Items]
Annual retainer				$ 75,000
Percent of annual compensation paid in share-based payment				25.00%
Audit Committee Chairperson
Equity [Line Items]
Annual retainer				$ 15,000
Percent of annual compensation paid in cash				75.00%
TIAA
Equity [Line Items]
Restricted stock, vesting period				1 year
Percentage of shares to be repurchased at transaction price				95.00%
Class T Shares
Equity [Line Items]
Common stock issued (in shares)				11,849,851		9,201,452
Common stock outstanding (in shares)				11,849,851		9,201,452
Net distributions per share of common stock (in dollars per share)				$ 0.1856
Class T Shares | Gross distribution per share of common stock
Equity [Line Items]
Net distributions per share of common stock (in dollars per share)				$ 0.2077
Class S Shares
Equity [Line Items]
Common stock issued (in shares)				30,913,220		23,809,171
Common stock outstanding (in shares)				30,913,220		23,809,171
Net distributions per share of common stock (in dollars per share)				$ 0.1859
Class S Shares | Gross distribution per share of common stock
Equity [Line Items]
Net distributions per share of common stock (in dollars per share)				$ 0.2077
Class D Shares
Equity [Line Items]
Common stock issued (in shares)				6,301,746		4,648,665
Common stock outstanding (in shares)				6,301,746		4,648,665
Net distributions per share of common stock (in dollars per share)				$ 0.1922
Class D Shares | Gross distribution per share of common stock
Equity [Line Items]
Net distributions per share of common stock (in dollars per share)				$ 0.2077
Class I Shares
Equity [Line Items]
Common stock issued (in shares)				43,743,078		31,460,729
Common stock outstanding (in shares)				43,743,078		31,460,729
Net distributions per share of common stock (in dollars per share)				$ 0.2204
Class I Shares | Gross distribution per share of common stock
Equity [Line Items]
Net distributions per share of common stock (in dollars per share)				$ 0.2077
Class N Shares
Equity [Line Items]
Common stock issued (in shares)				29,730,608		29,730,608
Common stock outstanding (in shares)				29,730,608		29,730,608
Net distributions per share of common stock (in dollars per share)				$ 0.2009
Class N Shares | Gross distribution per share of common stock
Equity [Line Items]
Net distributions per share of common stock (in dollars per share)				$ 0.2077
Class N Shares | TIAA
Equity [Line Items]
Common stock value under purchase agreement				$ 300,000,000
Initial investment threshold				$ 200,000
Class D and Class S and Class T and Class I | TIAA | Maximum
Equity [Line Items]
Percentage of repurchase plan limits per month				2.00%
Percentage of repurchase plan limits per quarter				5.00%
Private Placement | Additional Paid-in Capital
Equity [Line Items]
Increase in Carrying Amount of Redeemable Preferred Stock				$ 300,000
Private Placement | Series A Preferred Stock
Equity [Line Items]
Sale of stock (in shares)		125	125
Sale of stock (in dollars per share)			$ 1,000
Shares redeemed (in shares)	125

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interest - Summary of Capital Stock Issuable (Details) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock authorized (in shares)	100,000,000
Preferred stock, par value (in dollars per share)	$ 0.01
Number of shares, authorized to issue (in shares)	2,200,000,000
Class T Shares
Class of Stock [Line Items]
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class S shares
Class of Stock [Line Items]
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class D Shares
Class of Stock [Line Items]
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class I Shares
Class of Stock [Line Items]
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Class N
Class of Stock [Line Items]
Common stock authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01

Equity and Redeemable Non-con_5

Equity and Redeemable Non-controlling Interest - Summary of Sales of Common Stock (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2022shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	98,850
Issuance of common stock (in shares)	23,375
Distribution reinvestment (in shares)	472
Shares repurchased (in shares)	(159)
Ending balance (in shares)	122,538
Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	9,201
Issuance of common stock (in shares)	2,598
Distribution reinvestment (in shares)	51
Shares repurchased (in shares)	0
Ending balance (in shares)	11,850
Class S Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	23,809
Issuance of common stock (in shares)	6,970
Distribution reinvestment (in shares)	158
Shares repurchased (in shares)	(24)
Ending balance (in shares)	30,913
Class D Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	4,649
Issuance of common stock (in shares)	1,633
Distribution reinvestment (in shares)	29
Shares repurchased (in shares)	(10)
Ending balance (in shares)	6,301
Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	31,460
Issuance of common stock (in shares)	12,174
Distribution reinvestment (in shares)	234
Shares repurchased (in shares)	(125)
Ending balance (in shares)	43,743
Class N Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	29,731
Issuance of common stock (in shares)	0
Distribution reinvestment (in shares)	0
Shares repurchased (in shares)	0
Ending balance (in shares)	29,731

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interest - Summary of Declared Distributions (Details)	3 Months Ended
	Mar. 31, 2022$ / shares
Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	$ 0.2077
Class T Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.1856
Class T Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.2077
Class T Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.0127
Class T Shares | Stockholder servicing fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.0094
Class S Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.1859
Class S Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.2077
Class S Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.0125
Class S Shares | Stockholder servicing fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.0093
Class D Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.1922
Class D Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.2077
Class D Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.0127
Class D Shares | Stockholder servicing fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.0028
Class I Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.2204
Class I Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.2077
Class I Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	(0.0127)
Class I Shares | Stockholder servicing fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0
Class N Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.2009
Class N Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.2077
Class N Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.0068
Class N Shares | Stockholder servicing fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	$ 0

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	3 Months Ended
	Mar. 31, 2022segment
Segment Reporting [Abstract]
Number of reportable segments	10

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total assets	$ 1,907,935	$ 1,498,137
Operating Segments | Healthcare
Segment Reporting Information [Line Items]
Total assets	185,367	185,953
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Total assets	316,494	186,502
Operating Segments | Multifamily
Segment Reporting Information [Line Items]
Total assets	298,945	303,852
Operating Segments | Office
Segment Reporting Information [Line Items]
Total assets	124,421	125,563
Operating Segments | Retail
Segment Reporting Information [Line Items]
Total assets	81,905	82,791
Operating Segments | Single-Family Housing
Segment Reporting Information [Line Items]
Total assets	99,930	100,039
Operating Segments | Real Estate-Related Securities
Segment Reporting Information [Line Items]
Total assets	162,091	108,153
Operating Segments | International Affiliated Funds
Segment Reporting Information [Line Items]
Total assets	129,356	131,046
Other (Corporate)
Segment Reporting Information [Line Items]
Total assets	$ 275,789	$ 133,726

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Rental revenue	$ 21,668	$ 11,262
Expenses:
Rental property operating expenses	7,561	3,514
Depreciation and amortization	(12,367)	(5,484)
Income from commercial mortgage loans	1,995	0
Realized and unrealized (loss) income from real estate-related securities	(3,404)	2,881
Realized and unrealized loss from real estate debt	(706)	0
Income from equity investments in unconsolidated international affiliated funds	859	689
General and administrative expenses	(2,096)	(1,057)
Advisory fee due to affiliate	(4,706)	(1,064)
Interest income	330	60
Interest expense	(1,796)	(943)
Net (loss) income	(7,784)	2,830
Net income attributable to preferred stock	4	8
Net (loss) income attributable to common stockholders	(7,807)	2,822
Net income attributable to non-controlling interest in third party joint venture	19	0
Healthcare
Revenues
Rental revenue	4,437	1,765
Expenses:
Rental property operating expenses	1,302	321
Industrial
Revenues
Rental revenue	5,364	3,560
Expenses:
Rental property operating expenses	1,394	1,109
Multifamily
Revenues
Rental revenue	6,448	2,380
Expenses:
Rental property operating expenses	2,685	1,181
Office
Revenues
Rental revenue	2,989	1,874
Expenses:
Rental property operating expenses	997	555
Retail
Revenues
Rental revenue	1,699	1,683
Expenses:
Rental property operating expenses	410	348
Single-Family Housing
Revenues
Rental revenue	731	0
Expenses:
Rental property operating expenses	$ 773	$ 0

Subsequent Events (Details)

Subsequent Events (Details)	May 11, 2022USD ($)	May 01, 2022USD ($)$ / sharesshares	Apr. 01, 2022USD ($)$ / sharesshares	Jan. 06, 2021USD ($)	Nov. 09, 2018USD ($)	May 13, 2022USD ($)	Mar. 31, 2022USD ($)property	Mar. 31, 2021USD ($)
Subsequent Event [Line Items]
Proceeds from issuance of common stock							$ 186,528,000	$ 39,775,000
Purchase price							$ 133,733,000
Number of properties | property							16
Issuance of shares, net of offering costs							$ 282,765,000	$ 43,065,000
Non-employee Directors
Subsequent Event [Line Items]
Annual retainer							$ 75,000
Percent of annual compensation paid in share-based payment							25.00%
Audit Committee Chairperson
Subsequent Event [Line Items]
Annual retainer							$ 15,000
Percent of annual compensation paid in cash							75.00%
Floating-Rate Senior Mortgage And Mezzanine Loan
Subsequent Event [Line Items]
Property renovations, commitment							$ 30,400,000
Mortgages | Floating-Rate Senior Mortgage And Mezzanine Loan
Subsequent Event [Line Items]
Aggregate principle amount							63,000,000
APCF
Subsequent Event [Line Items]
Equity method investment, investment commitment amount				$ 50,000,000	$ 10,000,000
Single-Family Rentals
Subsequent Event [Line Items]
Purchase price							$ 2,733,000
Number of properties | property							8
Subsequent Event
Subsequent Event [Line Items]
Proceeds from issuance of common stock						$ 284,800,000
Issuance of shares, net of offering costs		$ 10,167,070	$ 12,086,101
Subsequent Event | Non-employee Directors
Subsequent Event [Line Items]
Annual retainer	$ 100,000
Percent of annual compensation paid in share-based payment	50.00%
Subsequent Event | Audit Committee Chairperson
Subsequent Event [Line Items]
Annual retainer	$ 20,000
Percent of annual compensation paid in cash	50.00%
Subsequent Event | Lead Independent Director
Subsequent Event [Line Items]
Annual retainer	$ 5,000
Subsequent Event | Class T Shares
Subsequent Event [Line Items]
Issuance of common stock (in shares) | shares		820,160	929,018
Purchase price per share (in dollars per share) | $ / shares		$ 12.93	$ 12.74
Subsequent Event | Class S shares
Subsequent Event [Line Items]
Issuance of common stock (in shares) | shares		2,568,872	2,619,257
Purchase price per share (in dollars per share) | $ / shares		$ 12.80	$ 12.61
Subsequent Event | Class D Shares
Subsequent Event [Line Items]
Issuance of common stock (in shares) | shares		507,638	586,296
Purchase price per share (in dollars per share) | $ / shares		$ 12.97	$ 12.77
Subsequent Event | Class I Shares
Subsequent Event [Line Items]
Issuance of common stock (in shares) | shares		6,270,400	7,951,531
Purchase price per share (in dollars per share) | $ / shares		$ 12.93	$ 12.74