Nuveen Global Cities REIT (NUVEEN) 10-K 24 Mar 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 24, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001711799
Document Period End Date	Dec. 31, 2022
Class T Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		112,169,005
Class S Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		46,941,946
Class D Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,461,070
Class I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		84,447,103
Class N Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		29,730,608

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Charlotte, North Carolina, USA

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Investments in real estate, net	$ 1,760,484	$ 909,832
Investments in commercial mortgage loans, at fair value	343,970	140,512
Investments in international affiliated funds	127,224	131,046
Investments in real estate-related securities, at fair value	116,164	93,970
Investments in real estate debt, at fair value	98,252	14,183
Intangible assets, net	122,991	57,473
Cash and cash equivalents	43,073	36,163
Restricted cash	32,348	94,413
Other assets	26,355	20,545
Total assets	2,670,861	1,498,137
Liabilities and Equity
Credit facility	190,000	238,000
Mortgages payable, net	187,908	105,614
Loan participations, at fair value	175,830	0
Note payable, at fair value	69,030	0
Accounts payable, accrued expenses and other liabilities	74,571	14,810
Due to affiliates	50,637	30,006
Intangible liabilities, net	40,232	22,522
Subscriptions received in advance	31,147	100,778
Distributions payable	10,065	5,323
Total liabilities	829,420	517,053
Redeemable non-controlling interest	610	258
Equity
Series A Preferred Stock	125	126
Additional paid-in capital	2,060,366	1,043,073
Accumulated deficit and cumulative distributions	(220,425)	(63,958)
Accumulated other comprehensive loss	(5,137)	(239)
Total stockholders' equity	1,836,729	979,991
Non-controlling interests attributable to third party joint ventures	4,102	835
Total equity	1,840,831	980,826
Total liabilities and equity	2,670,861	1,498,137
Class T Shares
Equity
Common stock	172	92
Class S Shares
Equity
Common stock	453	238
Class D Shares
Equity
Common stock	79	46
Class I Shares
Equity
Common stock	799	316
Class N Shares
Equity
Common stock	$ 297	$ 297

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 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)	17,285,298	9,201,452
Common stock outstanding (in shares)	17,285,298	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)	45,277,146	23,809,171
Common stock outstanding (in shares)	45,277,146	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)	8,009,944	4,648,665
Common stock outstanding (in shares)	8,009,944	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)	79,727,458	31,460,729
Common stock outstanding (in shares)	79,727,458	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 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Rental revenue	$ 115,591	$ 56,607	$ 38,357
Income from commercial mortgage loans	15,092	1,913	890
Total revenues	130,683	58,520	39,247
Expenses
Rental property operating	38,929	18,163	11,923
General and administrative	9,832	3,796	3,538
Advisory fee due to affiliate	26,851	8,781	3,326
Depreciation and amortization	65,646	29,088	17,478
Total expenses	141,258	59,828	36,265
Other income (expense)
Realized and unrealized (loss) gain from real estate-related securities	(28,570)	22,471	(485)
Realized and unrealized (loss) gain from real estate debt	(4,144)	3	0
Income from equity investments in unconsolidated international affiliated funds	3,351	2,435	1,851
Interest income	4,498	207	155
Interest expense	(16,785)	(4,705)	(3,778)
Total other income (expense)	(43,535)	20,411	(2,257)
Net (loss) income	(54,110)	19,103	725
Net (loss) income attributable to non-controlling interests in third party joint ventures	(73)	5	0
Net income attributable to preferred stock	15	19	18
Net (loss) income attributable to common stockholders	$ (54,052)	$ 19,079	$ 707
Net (loss) income per share of common stock - basic (in dollars per share)	$ (0.36)	$ 0.29	$ 0.02
Net (loss) income per share of common stock - diluted (in dollars per share)	$ (0.36)	$ 0.29	$ 0.02
Weighted-average shares of common stock outstanding, basic (in shares)	151,824,301	65,739,279	38,834,536
Weighted-average shares of common stock outstanding, diluted (in shares)	151,824,301	65,739,279	38,834,536
Commercial Mortgage Loan
Other income (expense)
Unrealized gain on note payable	$ (2,118)	$ 0	$ 0
Note Payable
Other income (expense)
Unrealized gain on note payable	$ 233	$ 0	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (54,110)	$ 19,103	$ 725
Other comprehensive (loss) income:
Foreign currency translation adjustment	(4,898)	(2,407)	2,538
Comprehensive (loss) income	(59,008)	16,696	3,263
Comprehensive (loss) income attributable to non-controlling interests in third party joint ventures	(73)	5	0
Comprehensive income attributable to preferred stock	15	19	18
Comprehensive (loss) income attributable to common stockholders	$ (58,950)	$ 16,672	$ 3,245

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Preferred Stock	Common Stock Common Stock Class T	Common Stock Common Stock Class S	Common Stock Common Stock Class D	Common Stock Common Stock Class I	Common Stock Common Stock Class N	Additional Paid-in Capital	Accumulated Deficit and Cumulative Distributions	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interests Attributable to Third Party Joint Ventures
Beginning Balance at Dec. 31, 2019	$ 316,265	$ 316,265	$ 125	$ 14	$ 1	$ 5	$ 20	$ 297	$ 336,147	$ (19,974)	$ (370)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs	80,090	80,090		18	27	8	26		80,011
Distribution Reinvestment	2,029	2,029		1			1		2,027
Stock Repurchased During Period, Value	(1,906)	(1,906)					(1)		(1,905)
Amortization of restricted stock grants	68	68							68
Net income (loss)	725	725	18							707
Distributions on common stock	(23,139)	(23,139)								(23,139)
Contribution from Series A preferred stock	125	125	125
Distribution to Series A preferred stock	(18)	(18)	(18)
Foreign currency translation adjustment	2,538	2,538									2,538
Ending Balance at Dec. 31, 2020	376,777	376,777	250	33	28	13	46	297	416,348	(42,406)	2,168	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs	622,998	622,998		59	208	32	269		622,430
Distribution Reinvestment	7,687	7,687		1	2	1	3		7,680
Preferred stock redemption	(125)	(125)	(125)
Stock Repurchased During Period, Value	(3,204)	(3,204)		(1)			(2)		(3,201)
Amortization of restricted stock grants	74	74							74
Net income (loss)	19,103	19,098	19							19,079		5
Distributions on common stock	(40,631)	(40,631)								(40,631)
Contribution from Series A preferred stock	830											830
Distribution to Series A preferred stock	(18)	(18)	(18)
Foreign currency translation adjustment	(2,407)	(2,407)									(2,407)
Allocation to redeemable non-controlling interest	(258)	(258)							(258)
Ending Balance at Dec. 31, 2021	980,826	979,991	126	92	238	46	316	297	1,043,073	(63,958)	(239)	835
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs	1,040,874	1,040,874		82	217	34	496		1,040,045
Distribution Reinvestment	39,618	39,618		3	9	2	17		39,587
Stock Repurchased During Period, Value	(62,207)	(62,207)		(5)	(11)	(3)	(30)		(62,158)
Amortization of restricted stock grants	171	171							171
Net income (loss)	(54,110)	(54,037)	15							(54,052)		(73)
Distributions on common stock	(102,415)	(102,415)								(102,415)
Contributions from non-controlling interest	3,360											3,360
Distributions to non-controlling interest	(20)											(20)
Distribution to Series A preferred stock	(16)	(16)	(16)
Foreign currency translation adjustment	(4,898)	(4,898)									(4,898)
Allocation to redeemable non-controlling interest	(352)	(352)							(352)
Ending Balance at Dec. 31, 2022	$ 1,840,831	$ 1,836,729	$ 125	$ 172	$ 453	$ 79	$ 799	$ 297	$ 2,060,366	$ (220,425)	$ (5,137)	$ 4,102

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Offering costs	$ 966	$ 735	$ 594
Common Stock
Issuance of common stock (in shares)	82,936,778	56,772,596	7,947,997

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net (loss) income	$ (54,110)	$ 19,103	$ 725
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	65,646	29,088	17,478
Unrealized loss (gain) on changes in fair value of real estate-related securities	34,086	(16,844)	(2,246)
Realized (gain) loss on sale of real estate-related securities	(1,760)	(3,692)	3,933
Unrealized loss (gain) on changes in fair value of real estate debt	4,144	(3)	0
Income from equity investments in unconsolidated international affiliated funds	3,351	2,435	1,851
Income distributions from equity investments in unconsolidated international affiliated funds	2,274	1,109	970
Straight line rent adjustment	(2,991)	(2,255)	(1,861)
Amortization of above and below-market lease intangibles	(3,368)	(2,031)	(724)
Amortization of deferred financing costs	647	622	518
Amortization of mortgage discount	355	0	0
Amortization of restricted stock grants	171	74	68
Change in assets and liabilities:
Decrease (increase) in other assets	1,188	(9,249)	(1,413)
Increase in accounts payable, accrued expenses and other liabilities	45,052	7,345	948
Net cash provided by operating activities	89,868	20,832	16,545
Cash flows from investing activities:
Acquisitions of real estate	(877,459)	(500,176)	(85,127)
Origination and fundings of commercial mortgage loans	(258,019)	(140,512)	(1,642)
Proceeds from payoff of commercial mortgage loan	51,128	0	14,375
Funding for investment in international affiliated funds	0	(81,116)	(9,855)
Capital improvements to real estate	(11,092)	(7,054)	(2,567)
Deposits on investments in real estate	0	(566)	0
Purchase of real estate-related securities	(106,448)	(60,129)	(29,722)
Proceeds from sale of real estate-related securities	51,928	26,747	23,223
Purchases of real estate debt	(99,075)	(14,180)	0
Proceeds from sale of real estate debt	10,862	0	0
Net cash used in investing activities	(1,238,175)	(776,986)	(91,315)
Cash flows from financing activities:
Proceeds from issuance of common stock	951,244	638,104	75,908
Repurchase of common stock	(50,660)	(2,873)	(1,906)
Offering costs paid	(966)	(752)	(574)
Borrowings under credit facility	357,000	532,723	103,500
Repayments on credit facility	(405,000)	(424,000)	(82,000)
Borrowings under mortgages payable	20,173	58,250	0
Borrowing on note payable	69,263	0	0
Payment of deferred financing costs	(366)	(2,175)	(34)
Proceeds from sale of loan participations	177,145	0	0
Payment of offering and organization costs due to affiliate	(1,097)	0	0
Proceeds from issuance of preferred stock	0	0	125
Repurchase of preferred stock	0	(125)	0
Contributions from non-controlling interests in third party joint ventures	3,360	830	0
Distributions to preferred stockholders	(16)	(18)	(18)
Distributions to non-controlling interests in third party joint ventures	(20)	0	0
Subscriptions received in advance	31,147	100,778	5,945
Distributions	(58,055)	(29,683)	(26,176)
Net cash provided by financing activities	1,093,152	871,059	74,770
Net (decrease) increase in cash and cash equivalents and restricted cash during the period	(55,155)	114,905	0
Cash and cash equivalents and restricted cash, beginning of period	130,576	15,671	15,671
Cash and cash equivalents and restricted cash, end of period	75,421	130,576	15,671
Reconciliation of cash and cash equivalents and restricted cash to the Consolidated Balance Sheets, end of period:
Cash and cash equivalents	43,073	36,163	9,726
Restricted cash	32,348	94,413	5,945
Total cash and cash equivalents and restricted cash	75,421	130,576	15,671
Supplemental disclosures:
Interest paid	13,453	3,783	3,296
Series A preferred stock costs	0	0	3
Right-of-use asset obtained in exchange for new operating lease liability (non-cash transaction)	2,123	0	0
Non-cash investing and financing activities:
Assumption of other assets and liabilities in conjunction with acquisitions of investments in real estate	12,648	(785)	(378)
Accrued capital expenditures	10,055	445	(114)
Right-of-use assets obtained in exchange for new finance lease liabilities	2,531	0	0
Assumption of mortgages payable in conjunction with acquisitions of investments in real estate	62,132	0	0
Accrued distributions	(4,742)	(3,258)	3,037
Accrued stockholder servicing fees	21,728	20,632	4,726
Distribution reinvestments	39,618	7,687	2,027
Allocation to redeemable non-controlling interest	352	258	0
Note Payable
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Unrealized gain on note payable	(233)	0	0
Commercial Mortgage Loan
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Unrealized gain on note payable	$ 2,118	$ 0	$ 0

Organization and Business Purpo

Organization and Business Purpose	12 Months Ended
	Dec. 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 ("NRE"). 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 (the “Initial Public Offering”). The IPO Registration Statement was initially declared effective on January 31, 2018 and the Initial Public Offering terminated on July 2, 2021.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying 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 December 31, 2022 and 2021 and for the years ended December 31, 2022, 2021 and 2020. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and the applicable rules and regulations of the SEC. All intercompany balances and transactions have been eliminated in consolidation. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumption that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates. 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. Each of the Company’s joint ventures are considered to be a VIE or VOE. The Company consolidates these entities because it has the ability to direct the most significant activities of the joint ventures, including unilateral decision making on the disposition of the investments. 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 December 31, 2022, and December 31, 2021, the total assets and liabilities of the Company’s consolidated VIEs and VOEs were $186.7 million and $98.0 million, and $53.5 million and $29.7 million, respectively. Such amounts are included on the Company’s Consolidated Balance Sheets. The Company has limited contractual rights to obtain the financial records of its consolidated single-family housing, retail, student housing, self-storage and direct international portfolios 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, these 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. 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 Gain (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”), which are securities backed by one or more mortgage loans secured by real estate assets. The Company classifies its CMBS as trading securities and records such investments at fair value. As such, the resulting unrealized gains and losses of its CMBS are recorded as a component of Realized and Unrealized Gain (Loss) from 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. 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 Income (Loss) from Equity Investment in Unconsolidated International Affiliated Funds on the Company’s Consolidated Statements 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. The Company uses the cumulative earnings approach to classify its distribution received from equity method investments. Under the cumulative earnings approach, distributions received are considered returns on investment and classified as cash inflows from operating activities, unless the investor’s cumulative distributions received less distributions received in prior periods that were determined to be returns on investment exceed cumulative equity in earnings recognized by the investor. When such an excess occurs, the current-period distribution up to this excess is considered a return of investment and classified as cash inflows from investing activities. Investments in Commercial Mortgage Loans The Company originates commercial mortgage loans and elects 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 are stated at fair value and initially valued at the face amount of the loan funding. Subsequently, the commercial mortgage loans are 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 is 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 Loans on the Company’s Consolidated Statements of Operations. Unrealized gains and losses are recorded as a component of Unrealized 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 Sheets or, in other cases, the sale will be recognized and the senior loan interest will no longer be included in its 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 at fair value on the Consolidated Balance Sheets, however this gross presentation does not impact Stockholders’ Equity or Net Income. When the sales are recognized, the Consolidated Balance Sheets only includes the remaining subordinate loan. Note Payable The Company finances the acquisition of certain mortgage loans through the use of "note-on-note" transactions in which the Company pledges mortgage loans as collateral to secure a loan which is equal in value to a specified percentage of the estimated fair value of the pledged collateral. These "note-on-note" transactions are recorded in Note Payable on the Consolidated Balance Sheets and are carried at fair value through the adoption of the fair value option allowed under ASC 825. Financing costs related to the Company's note payable are expensed as incurred and recorded in Interest Expense on the Consolidated Statements of Operations. 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 deferred financing 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 mortgages 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. Unamortized deferred financing costs related to the Company's mortgages payable are charged to interest expense upon early repayment or significant modification of the mortgages payable and fully amortized deferred financing costs are removed from the books upon maturity. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage and legal fees, are recorded as a component of Intangible Assets, Net on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease. Unamortized deferred leasing costs are charged to amortization expense upon early termination or significant modification of the leases and fully amortized deferred leasing costs are removed from the books upon lease expiration. 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. The Company's 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, which consists of CMBS, are reported at fair value. 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 Company's loan participations and note payable are carried at fair value based on significant unobservable inputs and have been classified as Level 3. 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): December 31, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate-related securities $ 116,164 $ — $ — $ 116,164 $ 93,970 $ — $ — $ 93,970 Investments in real estate debt — 98,252 — 98,252 — 14,183 — 14,183 Investments in commercial mortgage loans — — 343,970 343,970 — — 140,512 140,512 Total $ 116,164 $ 98,252 $ 343,970 $ 558,386 $ 93,970 $ 14,183 $ 140,512 $ 248,665 Liabilities: Loan participations — — 175,830 175,830 — — — — Note payable — — 69,030 69,030 — — — — Total $ — $ — $ 244,860 $ 244,860 $ — $ — $ — $ — The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Commercial Mortgage Loans Loan Participations Note Payable Balance as of December 31, 2021 $ 140,512 $ — $ — Loan originations 229,095 — — Loan participations sold — 157,397 — Commercial mortgage loan sold (51,128) — — Additional fundings 28,924 19,748 — Net unrealized loss on assets (3,433) (a) — — Net unrealized gain on liabilities — (1,315) (233) Financings proceeds — — 69,263 Balance as of December 31, 2022 $ 343,970 $ 175,830 $ 69,030 (a) Includes Unrealized Loss on Commercial Mortgage Loans of $(2.1) million, combined with unrealized loss of $(1.3) million associated with loan participations. 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, loan participations and note payable as of December 31, 2022. Type Asset Class Valuation Technique Unobservable Inputs Range (Weighted Average) Commercial Mortgage Loans Various Discounted Cash Flow Method Equivalency Rate LIBOR (1) + 2.15% - 6.40% (3.21%) SOFR (2) + 2.05% - 6.47% (3.46%) Loan Participations Various Discounted Cash Flow Method Equivalency Rate LIBOR (1) + 2.15% (2.15%) SOFR (2) + 2.05% - 2.10% (2.07%) Note Payable Various Discounted Cash Flow Method Equivalency Rate SOFR (2) + 1.80% (1.80%) (1) LIBOR as of December 31, 2022 was 4.3%. As of December 31, 2022, the carrying value of the Credit Facility approximated fair value. The fair value of the Company's mortgages payable was $178.6 million and $106.3 million as of December 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 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. The Company evaluates the collectability of receivables related to rental revenue on an individual lease basis. Management exercises judgment in assessing collectability and considers the length of time a receivable has been outstanding, tenant credit-worthiness, payment history, available information about the financial condition of the tenant, and current economic trends, among other factors. Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue. Income from Commercial Mortgage Loans — 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 December 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 December 31, 2022, the Company had $32.3 million of restricted cash. The restricted cash consisted of $1.2 million of tenant security deposits and $31.1 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 ended 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 is subject to federal corporate income tax to the extent it distributes less than 100% of its REIT taxable income (including for this purpose its net capital gain) to its shareholders. The Company will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions it pays in any calendar year are less than the sum of 85% of its ordinary income, 95% of its net capital gains, and 100% of its undistributed income from prior years. The Company is also subject to a number of other organizational and operational requirements. 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. The Company’s dealings with the TRSs must be arm’s length in nature or be permitted under the Code. Otherwise, the Company may be subject to 100% penalty tax, or our TRSs may be denied deductions. A domestic TRS is subject to US corporate federal income tax and state income or franchise tax. The Cayman Islands TRSs are not subject to US corporate federal income tax or Cayman Islands taxes. As of December 31, 2022, the Company had five active TRSs: the Company uses two Cayman Islands TRSs to hold its investments in the International Affiliated Funds, one Luxembourg TRS to hold minority interests in direct European investments, one domestic TRS to hold the senior portions of the commercial mortgage loans, and one domestic TRS for self-storage, nonrental-related business. The asset tests that apply to REITs limit the Company's ownership of the securities of its TRSs to no more than 20% of the value of the Company's total assets. 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. Interest and penalties related to unrecognized tax positions are included in income tax expense, and no amount has been accrued. Income tax returns for tax years 2018 through 2022 remain subject to governmental examination. Deferred Taxes As of December 31, 2022, the Company had a deferred tax liability of $2.3 million that is recorded in Accounts Payable, Accrued Expenses and Other Liabilities on the Company’s Consolidated Balance Sheets. The deferred tax liability is a value-based tax, calculated on the difference between acquisition cost and current tax basis, and was assumed during the acquisition of the multi-family portfolio in Copenhagen, Denmark. 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 agreed to 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. The Company's NAV reached $1.0 billion in October 2021 and as of December 31, 2022, had reimbursed the Advisor $1.1 million for such costs. The Advisor and its affiliates have 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, of which $3.6 million and $4.6 million remain outstanding as of December 31, 2022 and December 31, 2021, respectively. These organization and offering costs are recorded as Due to Affiliates on the Company’s Consolidated Balance Sheets. Offering costs are currently charged to equity as such amounts are incurred. For the years ended December 31, 2022, 2021 and 2020, the Company charged $1.0 million, $0.7 million and $0.6 million, respectively, 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 financial position and results of operations of the Company's wholly owned mult

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate Investments in Real Estate, Net consisted of the following ($ in thousands): December 31, 2022 December 31, 2021 Building and building improvements $ 1,522,540 $ 778,324 Land and land improvements 312,989 166,944 Furniture, fixtures and equipment 13,285 9,976 Total 1,848,814 955,244 Accumulated depreciation (88,330) (45,412) Investments in real estate, net $ 1,760,484 $ 909,832 For the years ended December 31, 2022, 2021 and 2020, depreciation expense was $42.9 million, $18.7 million and $12.0 million, respectively. During the year ended December 31, 2022, the Company acquired five industrial, four self-storage, one medical office, one multifamily, one retail and 127 single-family real estate investments. The following table provides details of the properties acquired during the year ended December 31, 2022 ($ in thousands): Sectors Purchase Price (1) Number of Transactions Number of Properties Sq. Ft. (in thousands)/Units Medical Office $ 292,016 1 10 662 Sq. Ft Industrial 380,912 5 19 3,225 Sq. Ft. Retail 130,371 1 5 496 Sq. Ft. Self-Storage 48,270 4 4 2,358 Units Multifamily 37,818 1 4 84 Units Single-Family Rentals 50,204 127 127 250 Sq. Ft. $ 939,591 139 169 (1) Purchase price is inclusive of acquisition costs and other acquisition related adjustments. Purchase price does not include any net liabilities, mortgage notes or mortgage discounts assumed. The following table provides details of the properties acquired during the year ended December 31, 2021 ($ in thousands): Sectors Purchase Price (1) Number of Transactions Number of Properties Sq. Ft. (in thousands)/Units Medical Office $ 144,945 6 11 569 Sq. Ft Industrial 25,539 2 2 201 Sq. Ft. Multifamily 216,554 3 3 1,030 Units Office 21,431 1 1 85 Sq. Ft. Single-Family Rentals 91,707 257 257 526 Sq. Ft. $ 500,176 269 274 (1) Purchase price is inclusive of acquisition costs and other acquisition related adjustments. Purchase price does not include any net liabilities, mortgage notes or mortgage discounts assumed. The following table summarizes the purchase price allocation for the properties acquired during the years ended December 31, 2022 and 2021 ($ in thousands): For the Year Ended December 31, 2022 For the Year Ended December 31, 2021 Building and building improvements $ 728,644 $ 388,116 Land and land improvements 145,958 86,838 In-place lease intangibles 34,087 22,522 Furniture, fixtures and equipment 409 6,092 Leasing commissions 19,855 8,548 Other intangibles 10,638 (11,940) Total purchase price $ 939,591 $ 500,176 Mortgage notes assumed (69,657) (29,500) Discount on assumed mortgage notes 7,525 — Non-controlling interest (3,347) — Net purchase price $ 874,112 $ 470,676

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments in Real Estate-Related Securities	Investments in Real Estate-Related Securities As of December 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 December 31, 2022 ($ in thousands): Investments in Real Balance as of December 31, 2021 $ 93,970 Additions 106,448 Disposals (51,928) Unrealized losses (34,086) Realized gains 1,760 Balance at December 31, 2022 $ 116,164 The following table summarizes the components of Realized and Unrealized Income (Loss) from Real Estate-Related Securities during the years ended December 31, 2022, 2021 and 2020 ($ in thousands): For the Year Ended December 31, 2022 2021 2020 Unrealized (losses) gains $ (34,086) $ 16,844 $ 2,246 Realized gains (losses) 1,760 3,692 (3,933) Dividend income 3,756 1,935 1,202 Total $ (28,570) $ 22,471 $ (485)

Investments in Real Estate Debt

Investments in Real Estate Debt	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments in Real Estate Debt	Investments in Real Estate Debt The following tables detail the Company's Investments in Real Estate Debt ($ in thousands): December 31, 2022 Type of Security/Loan Weighted Average Coupon Weighted Average Maturity Date (1, 2) Face Amount Cost Basis Fair Value CMBS - Fixed 3.83 % 9/25/2043 $ 19,541 $ 18,324 $ 17,157 CMBS - Floating 6.48 % 4/28/2037 86,035 84,068 81,095 Total 5.99 % 7/5/2038 $ 105,576 $ 102,392 $ 98,252 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): December 31, 2022 December 31, 2021 Collateral Cost Basis Fair Value Percentage based on Fair Value Cost Basis Fair Value Percentage based on Fair Value Industrial $ 31,069 $ 29,979 30.5 % $ 5,163 $ 5,163 36.4 % Multifamily 17,457 17,083 17.3 % — — — % Office 13,148 12,194 12.4 % 2,497 2,496 17.6 % Diversified 10,833 10,179 10.4 % 1,788 1,795 12.6 % Cold Storage 9,799 9,664 9.8 % — — — % Hotel 4,798 4,637 4.7 % — — — % Retail 4,245 4,106 4.2 % 1,791 1,792 12.6 % Net Lease 3,907 3,493 3.6 % 1,513 1,511 10.7 % Manu Housing 3,149 3,148 3.2 % — — — % Self-Storage 2,494 2,330 2.4 % — — — % Life Science 1,493 1,439 1.5 % 1,428 1,426 10.1 % Total $ 102,392 $ 98,252 100.0 % $ 14,180 $ 14,183 100.0 % The following table details the credit rating of the Company's investments in Real Estate Debt ($ in thousands): December 31, 2022 December 31, 2021 Credit Rating (1) Cost Basis Fair Value Percentage based on Fair Value Cost Basis Fair Value Percentage based on Fair Value AAA $ 3,528 $ 3,347 3.4 % $ 1,788 $ 1,795 12.6 % AA 9,903 9,861 10.0 % — — — % A 25,406 24,364 24.8 % 996 996 7.0 % BBB 60,856 58,254 59.3 % 11,396 11,392 80.4 % BB 2,164 2,021 2.1 % — — — % B 535 405 0.4 % — — — % Total $ 102,392 $ 98,252 100.0 % $ 14,180 $ 14,183 100.0 % (1) Composite rating at the time of purchase. The following table summarizes the Investments in Real Estate Debt as of December 31, 2022 ($ in thousands): Investments in Real Estate Debt Balance as of December 31, 2021 $ 14,183 Additions 99,075 Disposals (10,862) Unrealized losses (4,144) Balance at December 31, 2022 $ 98,252

Investment in International Aff

Investment in International Affiliated Funds	12 Months Ended
	Dec. 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 $51.0 million (€45.0 million). As of December 31, 2022, the Company had fully satisfied both commitments. The Company has a 6% interest in ECF. As described in Note 2, the Company records its investment in ECF using the equity method on its Consolidated Balance Sheets. While the Company has strategies to manage the foreign exchange risk associated with its investment made in Euros, there can be no assurance that these strategies will be successful or that foreign exchange fluctuations will not negatively impact the Company’s financial performance and results of operations in a material manner. The following table summarizes the equity investment in unconsolidated international affiliated funds from ECF as of December 31, 2022 ($ in thousands): Investment in ECF Balance as of December 31, 2021 $ 79,097 Income distributions (1,413) Income from equity investment in unconsolidated international affiliated fund 5,567 Foreign currency translation adjustment (4,898) Balance at December 31, 2022 $ 78,353 The income (loss) from equity investments in unconsolidated international affiliated funds from ECF for the years ended December 31, 2022, 2021 and 2020 was $5.6 million, $1.5 million and $(0.2) million, 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 $50.0 million. As of December 31, 2022, the Company has fully funded its total commitment. As described in Note 2, the Company records its investment in APCF using the equity method on its Consolidated Balance Sheets. The Company has a 6% interest in APCF. The following table summarizes the equity investment in unconsolidated international affiliated funds from APCF as of December 31, 2022 ($ in thousands): Investment in APCF Balance as of December 31, 2021 $ 51,948 Income distributions (861) Loss from equity investment in unconsolidated international affiliated fund (2,216) Balance at December 31, 2022 $ 48,871

Investments in Commercial Mortg

Investments in Commercial Mortgage Loans	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investment in Commercial Mortgage Loans	Investments in Commercial Mortgage Loans The following table summarizes the investments in commercial mortgage loans as of December 31, 2022 ($ in thousands): Investment Name Origination Date Loan Type Property Type Location Interest Rate Maturity Date Periodic Payment Terms Commitment Amount Principal Receivable Fair Value 9-90 Corporate Center (1) 11/9/2021 Senior Office Framingham, MA LIBOR + 175 bps 11/9/2024 Interest only $72,033 $59,226 $58,810 9-90 Corporate Center 11/9/2021 Mezzanine Office Framingham, MA LIBOR + 575 bps 11/9/2024 Interest only $23,344 $19,742 $19,520 Panorama House (1) 11/16/2021 Senior Multifamily Roseville, CA SOFR + 165 bps 12/9/2025 Interest only $66,488 $66,488 $65,750 Panorama House 11/16/2021 Mezzanine Multifamily Roseville, CA SOFR + 597 bps 12/9/2025 Interest only $22,163 $22,163 $21,870 Tucson IV 3/28/2022 Senior Multifamily Tuscon, AZ SOFR + 295 bps 4/9/2025 Interest only $76,260 $70,642 $70,910 Tucson IV 3/28/2022 Mezzanine Multifamily Tuscon, AZ SOFR + 295 bps 4/9/2025 Interest only $25,420 $23,547 $21,820 Dolce Living Royal Palm (1) 7/8/2022 Senior Multifamily Kissimmee, FL SOFR + 185 bps 7/9/2024 Interest only $51,432 $51,432 $51,270 Dolce Living Royal Palm 7/8/2022 Mezzanine Multifamily Kissimmee, FL SOFR + 525 bps 7/9/2024 Interest only $17,144 $17,144 $17,080 Luxe Scottsdale 7/19/2022 Mezzanine Multifamily Scottsdale, AZ SOFR + 570 bps 8/9/2025 Interest only $17,043 $17,043 $16,940 Total $343,970 1 During the year ended December 31, 2022, the Company sold four senior loans to unaffiliated parties, three of which the Company retained the subordinate mortgages, receiving total proceeds of $208.5 million, which are net of disposition fees and additional fundings. Three of the sales did not qualify for sale accounting under GAAP and as such, the loans were not de-recognized. For the year ended December 31, 2022, the Company had unrealized losses on our commercial mortgage loans of $2.1 million. For the years ended December 31, 2021 and 2020, the Company did not have any unrealized losses on our commercial mortgage loans. For the years ended December 31, 2022, 2021 and 2020, the Company recognized interest income and loan origination fee income from our investment in commercial mortgage loans of $15.1 million, $1.9 million and $0.8 million, respectively. The following is a reconciliation of the beginning and ending balances for the Company’s investment in commercial mortgage loans for the year ended December 31, 2022 ($ in thousands): Investment in Commercial Mortgage Loans Balance as of December 31, 2021 $ 140,512 Loan originations 229,095 Sale of senior note (51,128) Additional fundings 28,924 Net unrealized loss (1) (3,433) Balance as of December 31, 2022 $ 343,970

Intangibles

Intangibles	12 Months Ended
	Dec. 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): December 31, 2022 December 31, Intangible assets: In-place lease intangibles $ 95,325 $ 53,031 Above-market lease intangibles 13,030 493 Leasing commissions 41,757 20,559 Other intangibles 18,881 5,666 Total intangible assets 168,993 79,749 Accumulated amortization: In-place lease intangibles (33,200) (16,282) Above-market lease intangibles (943) (77) Leasing commissions (9,034) (5,055) Other intangibles (2,825) (862) Total accumulated amortization (46,002) (22,276) Intangible assets, net $ 122,991 $ 57,473 Intangible liabilities: Below-market lease intangibles $ (47,785) $ (25,841) Accumulated amortization 7,553 3,319 Intangible liabilities, net $ (40,232) $ (22,522) Amortization expense relating to intangible assets was $23.7 million , $8.5 million and $4.3 million, respectively, for the years ended December 31, 2022, 2021 and 2020. Income (loss) from the amortization of intangible liabilities was $4.2 million, $2.1 million and $0.7 million, respectively, for the years ended December 31, 2022, 2021 and 2020. The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter is as follows ($ in thousands): In-Place Lease Above-Market Lease Intangibles Below-Market Leasing Commissions Other 2023 $ 16,279 $ 1,817 $ (6,088) $ 5,686 $ 3,470 2024 10,654 1,852 (5,470) 5,216 2,793 2025 8,683 1,786 (5,018) 4,646 2,475 2026 6,434 1,727 (4,526) 3,842 1,990 2027 5,070 1,688 (3,921) 3,161 1,604 Thereafter 15,005 3,217 (15,209) 10,172 3,724 Total $ 62,125 $ 12,087 $ (40,232) $ 32,723 $ 16,056 As of December 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

Credit Facility	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Credit Facility	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 provided 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”). On September 30, 2021, Wells Fargo Bank, N.A., 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 December 31, 2022 December 31, 2021 Revolving facility L+applicable margin (1) September 30, 2024 $ 235,000 90,000 $ 163,000 DDTL facility L+applicable margin (1) September 30, 2026 100,000 100,000 75,000 Credit facility $ 335,000 $ 190,000 $ 238,000 (1) The weighted-average interest rate for the year ended December 31, 2022 was 2.92%. As of December 31, 2022 and 2021, the Company had $190.0 million and $238.0 million, respectively in borrowings and had outstanding accrued interest of $3.2 million and $0.2 million, respectively, under the Credit Facility. For the years ended December 31, 2022, 2021 and 2020, the Company incurred $6.3 million, $1.9 million and $1.7 million, respectively in interest expense under the Credit Facility. As of December 31, 2022, the Company was in compliance with all loan covenants with respect to the Credit Agreement. The following table presents future principal payments due under the Credit Facility as of December 31, 2022 ($ in thousands): Year Credit Facility 2023 $ — 2024 90,000 2025 — 2026 100,000 2027 — Thereafter — Total $ 190,000 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 December 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 Tacara Steiner Ranch Brighthouse Life Insurance 2.62% 06/01/28 28,750 28,750 Signature at Hartwell Allstate/American Heritage 3.01% 12/01/28 29,500 29,500 GFI Grocery Anchored Portfolio Nationwide/Amerant/Synovus 2.98% - 3.40% Various 69,634 — CASA Nord Portfolio Nyrkredit Realkredit 5.21% (1) 12/31/32 20,173 — Total mortgages payable 196,057 106,250 Deferred financing costs, net (865) (636) Discount on assumed mortgage notes (7,284) — Mortgages payable, net $ 187,908 $ 105,614 (1) CASA Nord entered into an interest rate swap on January 3, 2023 which fixed the rate at 3.18% For the years ended December 31, 2022, 2021 and 2020 the Company incurred $3.5 million, $1.9 million and $1.5 million, respectively, in interest expense on mortgages payable. The following table presents the future principal payments due under the mortgages payable as of December 31, 2022 ($ in thousands): Year Mortgages Payable 2023 $ 328 2024 542 2025 1,486 2026 54,639 2027 15,641 Thereafter 123,421 Total $ 196,057 The Company finances the acquisition of certain commercial mortgage loans through the use of "note-on-note" transactions. The notes bear interest based on competitive market rates determined at the time of issuance. The notes involve leverage risk and also the risk that the market value of the collateral will decline below the amount of the funding advanced. As of December 31, 2022, the Company has one note outstanding with Capital One which matures on April 9, 2025. As of December 31, 2022, the total principal amount of the note was $69.3 million and the Company had $0.2 million in accrued interest outstanding. Interest expense incurred for the year ended December 31, 2022 was $1.7 million based on a rate of SOFR plus 1.65%. The following is a reconciliation of the beginning and ending balances for the Company's note payable for the year ended December 31, 2022 ($ in thousands) Note Payable Balance as of December 31, 2021 $ — Financing proceeds 69,263 Net unrealized gain (233) Balance as of December 31, 2022 $ 69,030 The following table presents the future principal payments due under the Note Payable as of December 31, 2022 ($ in thousands): Year Note Payable 2023 $ — 2024 — 2025 69,263 2026 — 2027 — Thereafter — Total $ 69,263

Mortgages Payable

Mortgages Payable	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
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 provided 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”). On September 30, 2021, Wells Fargo Bank, N.A., 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 December 31, 2022 December 31, 2021 Revolving facility L+applicable margin (1) September 30, 2024 $ 235,000 90,000 $ 163,000 DDTL facility L+applicable margin (1) September 30, 2026 100,000 100,000 75,000 Credit facility $ 335,000 $ 190,000 $ 238,000 (1) The weighted-average interest rate for the year ended December 31, 2022 was 2.92%. As of December 31, 2022 and 2021, the Company had $190.0 million and $238.0 million, respectively in borrowings and had outstanding accrued interest of $3.2 million and $0.2 million, respectively, under the Credit Facility. For the years ended December 31, 2022, 2021 and 2020, the Company incurred $6.3 million, $1.9 million and $1.7 million, respectively in interest expense under the Credit Facility. As of December 31, 2022, the Company was in compliance with all loan covenants with respect to the Credit Agreement. The following table presents future principal payments due under the Credit Facility as of December 31, 2022 ($ in thousands): Year Credit Facility 2023 $ — 2024 90,000 2025 — 2026 100,000 2027 — Thereafter — Total $ 190,000 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 December 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 Tacara Steiner Ranch Brighthouse Life Insurance 2.62% 06/01/28 28,750 28,750 Signature at Hartwell Allstate/American Heritage 3.01% 12/01/28 29,500 29,500 GFI Grocery Anchored Portfolio Nationwide/Amerant/Synovus 2.98% - 3.40% Various 69,634 — CASA Nord Portfolio Nyrkredit Realkredit 5.21% (1) 12/31/32 20,173 — Total mortgages payable 196,057 106,250 Deferred financing costs, net (865) (636) Discount on assumed mortgage notes (7,284) — Mortgages payable, net $ 187,908 $ 105,614 (1) CASA Nord entered into an interest rate swap on January 3, 2023 which fixed the rate at 3.18% For the years ended December 31, 2022, 2021 and 2020 the Company incurred $3.5 million, $1.9 million and $1.5 million, respectively, in interest expense on mortgages payable. The following table presents the future principal payments due under the mortgages payable as of December 31, 2022 ($ in thousands): Year Mortgages Payable 2023 $ 328 2024 542 2025 1,486 2026 54,639 2027 15,641 Thereafter 123,421 Total $ 196,057 The Company finances the acquisition of certain commercial mortgage loans through the use of "note-on-note" transactions. The notes bear interest based on competitive market rates determined at the time of issuance. The notes involve leverage risk and also the risk that the market value of the collateral will decline below the amount of the funding advanced. As of December 31, 2022, the Company has one note outstanding with Capital One which matures on April 9, 2025. As of December 31, 2022, the total principal amount of the note was $69.3 million and the Company had $0.2 million in accrued interest outstanding. Interest expense incurred for the year ended December 31, 2022 was $1.7 million based on a rate of SOFR plus 1.65%. The following is a reconciliation of the beginning and ending balances for the Company's note payable for the year ended December 31, 2022 ($ in thousands) Note Payable Balance as of December 31, 2021 $ — Financing proceeds 69,263 Net unrealized gain (233) Balance as of December 31, 2022 $ 69,030 The following table presents the future principal payments due under the Note Payable as of December 31, 2022 ($ in thousands): Year Note Payable 2023 $ — 2024 — 2025 69,263 2026 — 2027 — Thereafter — Total $ 69,263

Note Payable

Note Payable	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Note 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 provided 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”). On September 30, 2021, Wells Fargo Bank, N.A., 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 December 31, 2022 December 31, 2021 Revolving facility L+applicable margin (1) September 30, 2024 $ 235,000 90,000 $ 163,000 DDTL facility L+applicable margin (1) September 30, 2026 100,000 100,000 75,000 Credit facility $ 335,000 $ 190,000 $ 238,000 (1) The weighted-average interest rate for the year ended December 31, 2022 was 2.92%. As of December 31, 2022 and 2021, the Company had $190.0 million and $238.0 million, respectively in borrowings and had outstanding accrued interest of $3.2 million and $0.2 million, respectively, under the Credit Facility. For the years ended December 31, 2022, 2021 and 2020, the Company incurred $6.3 million, $1.9 million and $1.7 million, respectively in interest expense under the Credit Facility. As of December 31, 2022, the Company was in compliance with all loan covenants with respect to the Credit Agreement. The following table presents future principal payments due under the Credit Facility as of December 31, 2022 ($ in thousands): Year Credit Facility 2023 $ — 2024 90,000 2025 — 2026 100,000 2027 — Thereafter — Total $ 190,000 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 December 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 Tacara Steiner Ranch Brighthouse Life Insurance 2.62% 06/01/28 28,750 28,750 Signature at Hartwell Allstate/American Heritage 3.01% 12/01/28 29,500 29,500 GFI Grocery Anchored Portfolio Nationwide/Amerant/Synovus 2.98% - 3.40% Various 69,634 — CASA Nord Portfolio Nyrkredit Realkredit 5.21% (1) 12/31/32 20,173 — Total mortgages payable 196,057 106,250 Deferred financing costs, net (865) (636) Discount on assumed mortgage notes (7,284) — Mortgages payable, net $ 187,908 $ 105,614 (1) CASA Nord entered into an interest rate swap on January 3, 2023 which fixed the rate at 3.18% For the years ended December 31, 2022, 2021 and 2020 the Company incurred $3.5 million, $1.9 million and $1.5 million, respectively, in interest expense on mortgages payable. The following table presents the future principal payments due under the mortgages payable as of December 31, 2022 ($ in thousands): Year Mortgages Payable 2023 $ 328 2024 542 2025 1,486 2026 54,639 2027 15,641 Thereafter 123,421 Total $ 196,057 The Company finances the acquisition of certain commercial mortgage loans through the use of "note-on-note" transactions. The notes bear interest based on competitive market rates determined at the time of issuance. The notes involve leverage risk and also the risk that the market value of the collateral will decline below the amount of the funding advanced. As of December 31, 2022, the Company has one note outstanding with Capital One which matures on April 9, 2025. As of December 31, 2022, the total principal amount of the note was $69.3 million and the Company had $0.2 million in accrued interest outstanding. Interest expense incurred for the year ended December 31, 2022 was $1.7 million based on a rate of SOFR plus 1.65%. The following is a reconciliation of the beginning and ending balances for the Company's note payable for the year ended December 31, 2022 ($ in thousands) Note Payable Balance as of December 31, 2021 $ — Financing proceeds 69,263 Net unrealized gain (233) Balance as of December 31, 2022 $ 69,030 The following table presents the future principal payments due under the Note Payable as of December 31, 2022 ($ in thousands): Year Note Payable 2023 $ — 2024 — 2025 69,263 2026 — 2027 — Thereafter — Total $ 69,263

Other Assets and Other Liabilit

Other Assets and Other Liabilities	12 Months Ended
	Dec. 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 December 31, 2022 December 31, 2021 Straight-line rent receivable $ 9,442 $ 6,451 Receivables 7,788 3,245 Right-of-use asset - finance leases 2,531 — Right-of-use asset - operating lease 2,123 — Prepaid expenses 2,057 1,154 Deferred financing costs on credit facility, net 1,140 1,710 Other 1,274 7,985 Total $ 26,355 $ 20,545 The following table summarizes the components of Accounts Payable, Accrued Expenses and Other Liabilities December 31, 2022 December 31, 2021 Accounts payable and accrued expenses $ 41,980 $ 5,733 Real estate taxes payable 6,794 3,072 Tenant security deposits 6,531 2,010 Lease liability - finance leases 2,531 — Lease liability - operating lease 2,123 — Prepaid rental income 2,332 2,213 Accrued interest expense 3,794 462 Deferred tax liability 2,273 — Other 6,213 1,320 Total $ 74,571 $ 14,810

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 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 management 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 December 31, 2022 and 2021, the Company had accrued advisory fees of approximately $2.3 million and $1.2 million, respectively, which has been included in Accounts Payable, Accrued Expenses and Other Liabilities on the Company’s Consolidated Balance Sheets. For the years ended December 31, 2022, 2021 and 2020, the Company incurred advisory fee expenses of $20.8 million, $7.0 million and $2.9 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. The Company has 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 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 eight joint venture arrangements with NexCore as of December 31, 2022, which have not incurred any promote payments. Additionally, as part of this engagement, the Company may pay acquisition fees to NexCore for sourcing deals. 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 $150.0 million to acquire single family rentals identified by Sparrow. During the year ended December 31, 2022, the Company entered in an agreement with Frigatebird CP Holdings LLC ("MyPlace"), an affiliate of TIAA, to assist the Company in acquiring and managing self-storage properties in the United States. MyPlace is a vertically integrated company with acquisition, asset, property and construction management capabilities. As part of the joint venture arrangement with MyPlace, if certain internal rate of return hurdles are met, MyPlace will participate in the profits based on a set criteria once each member has received distributions in excess of hurdle rates or at the crystallization event. MyPlace has the ability to exercise the crystallization event between the fifth and seventh anniversaries from the effective date of the agreement. The Company has not incurred any MyPlace fees as of December 31, 2022. The Company entered into a master services agreement with Nuveen Real Estate Project Management Services, LLC (“Nuveen RE PMS”), an affiliate of the Advisor, for the purpose of Nuveen RE PMS providing professional services in connection with certain of the Company's real estate investments. For project management services provided by Nuveen RE PMS, the Company will pay Nuveen RE PMS fees determined by the estimated total cost of the any project; provided that such fees shall not exceed 6% of project costs. For development and management services provided by Nuveen RE PMS, the Company will pay Nuveen RE PMS fees to be determined by the complexity and size of the project; provided that such fees shall not exceed 4% of project costs. No fees have been incurred by the Company to Nuveen RE PMS as of December 31, 2022. The following table is a summary of the Company’s affiliated service providers and the fees incurred by the Company to those service providers ($ in thousands): For the Year Ended December 31, 2022 2021 NexCore Property Management $ 397 $ 149 Acquisition Services 129 414 Sparrow Property Management 468 29 Asset Management 493 155 $ 1,487 $ 747 Other Related Party Transactions The following table summarizes the components of Due to Affiliates ($ in thousands): December 31, December 31, Accrued stockholder servicing fees (1) $ 47,086 $ 25,358 Advanced organization and offering expenses 3,551 4,648 Total $ 50,637 $ 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 8.75% of gross proceeds 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 29.5-year period from the date of issuance and seven years for Class T shares and Class S shares from date of issuance, assuming the maximum up-front selling commissions and dealer manager fees are paid. See "Note 17. Equity and Redeemable Non-controlling Interest" for additional information related to TIAA's purchase of $300.0 million Class N shares of the Company's common stock through its wholly-owned subsidiary. See "Note 6. Investment in International Affiliated Funds" for additional information related to the Company's investment in International Affiliated Funds.

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 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	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Risks and Contingencies	Risks and Contingencies 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 December 31, 2022, the Company had no significant geographic concentrations of risk. Additionally, the Company had no significant concentrations of tenants, as no single tenant had annual contract rent that made up more than 7% of the rental income of the Company. There are no significant lease expirations scheduled to occur over the next twelve months. In the normal course of business, 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.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	Leases Lessor 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 years ended December 31, 2022, 2021 and 2020 was $115.6 million, $56.6 million and $38.4 million, respectively. Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Company through the non-cancelable lease term, excluding short-term multifamily, self-storage and single family rentals are as follows ($ in thousands): Year December 31, 2022 2023 $ 82,857 2024 80,643 2025 72,591 2026 61,181 2027 50,437 Thereafter 150,626 Total $ 498,335 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. Lessee Certain of the Company’s investments in real estate are subject to ground leases for which the Company is a lessee. The Company’s ground leases are classified as either operating leases or finance leases based on the characteristics of each lease. As of December 31, 2022, the Company had one ground lease classified as operating and two ground leases classified as finance. The right-of-use assets and lease liabilities related to ground leases are reflected within Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities on the Company’s Consolidated Balance Sheets, respectively. Each of the Company’s ground leases were acquired as part of the acquisition of real estate, and no incremental costs were incurred for such ground leases. The leases do not contain material residual value guarantees or material restrictive covenants. The Company’s ground leases are non-cancelable and certain leases contain renewal options. The balances of the right-of-use assets and lease liabilities related to the Company's ground leases as of December 31, 2022 are as follows ($ in thousands): Assets: Right-of-use asset - finance leases $ 2,531 Right-of-use asset - operating lease 2,123 Liabilities: Lease liability - finance leases 2,531 Lease liability - operating lease 2,123 The Company utilized its incremental borrowing rate at the time of entering such leases, which was 8.43%, to determine its lease liabilities. As of December 31, 2022, the weighted average remaining lease term of the Company’s operating lease and finance leases was 38 years and 45 years, respectively. Aggregate future minimum annual payments for ground leases held by the Company are as follows ($ in thousands): Operating Lease Finance Leases 2023 $ 154 $ 219 2024 154 219 2025 158 219 2026 166 219 2027 169 219 Thereafter 7,695 8,808 Total undiscounted future lease payments 8,496 9,903 Difference between undiscounted cash flows and discounted cash flows (6,373) (7,372) Total lease liability $ 2,123 $ 2,531

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interest	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	Equity and Redeemable Non-controlling Interest Authorized Capital As of December 31, 2022, the Company had authority to issue a total of 2.2 billion 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 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. 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 December 31, 2022, the Company had issued and outstanding 17,285,298 shares of Class T common stock, 45,277,146 shares of Class S common stock, 8,009,944 shares of Class D common stock, 79,727,458 shares of Class I common stock and 29,730,608 shares of Class N common stock. The following table details the movement in the Company's outstanding shares of common stock (in thousands) for the years ended December 31, 2022, 2021 and 2020: Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Total January 1, 2020 1,377 70 573 1,966 29,731 33,717 Common Stock Issued 1,818 2,734 819 2,577 — 7,948 Distribution Reinvestment 68 30 36 60 — 194 Vested Stock Grant — — — 6 — 6 Common Stock Repurchased (15) (2) (22) (148) — (187) December 31, 2020 3,248 2,832 1,406 4,461 29,731 41,678 Common Stock Issued 5,862 20,802 3,219 26,890 — 56,773 Distribution Reinvestment 114 223 54 283 — 674 Vested Stock Grant — — — 6 — 6 Common Stock Repurchased (23) (48) (30) (180) — (281) December 31, 2021 9,201 23,809 4,649 31,460 29,731 98,850 Common Stock Issued 8,232 21,643 3,478 49,584 — 82,937 Distribution Reinvestment 311 929 170 1,655 — 3,065 Vested Stock Grant — — — 7 — 7 Common Stock Repurchased (459) (1,104) (287) (2,979) — (4,829) December 31, 2022 17,285 45,277 8,010 79,727 29,731 180,030 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 the Company's 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 Through June 30, 2022, the Company’s independent directors received a $75,000 annual retainer and the chairperson of the audit committee received an additional $15,000 annual retainer. The Company paid 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. Effective July 1, 2022, each independent director receives a $100,000 annual retainer, the chairperson of the audit committee receives an additional $20,000 annual retainer and the lead independent director receives an additional $5,000 annual retainer. The Company pays 50% of this compensation in cash, unrestricted stock, or a combination thereof in quarterly installments and the remaining 50% in the form of an annual grant of restricted stock based on the most recent transaction price. The restricted stock 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. The Company’s distribution policy reflects its intention to pay distributions monthly, 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 December 31, 2022 and December 31, 2021, the Company had accrued $10.1 million and $5.3 million, respectively. For the years ended December 31, 2022, 2021 and 2020, the Company declared and paid distributions of $97.7 million, $37.8 million and $21.1 million, respectively. Each class of common stock receives the same gross distribution per share, which was $0.8564 per share for the year ended December 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 table details the net distribution for each of the Company's share classes for the year ended December 31, 2022: Year Ended December 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 $ 0.8564 $ 0.8564 $ 0.8564 $ 0.8564 $ 0.8564 Advisory fee per share of common stock (0.1517) (0.1500) (0.1523) (0.1518) (0.0817) Stockholder servicing fee per share of common stock (0.1108) (0.1099) (0.0335) — — Net distribution per share of common stock $ 0.5939 $ 0.5965 $ 0.6706 $ 0.7046 $ 0.7747 The following table details the net distribution for each of the Company's share classes for the year ended December 31, 2021: Year Ended December 31, 2021 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 $ 0.7447 $ 0.7447 $ 0.7447 $ 0.7447 $ 0.7447 Advisory fee per share of common stock (0.1321) (0.1311) (0.1330) (0.1328) (0.0708) Stockholder servicing fee per share of common stock (0.0978) (0.0971) (0.0289) — — Net distribution per share of common stock $ 0.5148 $ 0.5165 $ 0.5828 $ 0.6119 $ 0.6739 The following table details the net distribution for each of the Company's share classes for the year ended December 31, 2020: Year Ended December 31, 2020 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 $ 0.6840 $ 0.6840 $ 0.6840 $ 0.6840 $ 0.6840 Advisory fee per share of common stock (0.1143) (0.1214) (0.1120) (0.1081) (0.0569) Stockholder servicing fee per share of common stock (0.0919) (0.0845) (0.0324) — — Net distribution per share of common stock $ 0.4778 $ 0.4781 $ 0.5396 $ 0.5759 $ 0.6271 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 year ended December 31, 2022, the Company repurchased shares of its common stock for $62.2 million. For the year ended December 31, 2021, the Company repurchased shares of its common stock for $3.2 million. The Company had no unfulfilled repurchase requests during the year ended December 31, 2022. Redeemable Non-Controlling Interest The Company's affiliated partner has a redeemable non-controlling interest in a 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 December 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 $0.6 million and $0.3 million as of December 31, 2022 and December 31, 2021.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company operates in eleven reportable segments: healthcare properties, industrial properties, commercial mortgage loans, multifamily properties, retail properties, single-family housing, International Affiliated Funds, office properties, real estate-related securities, self-storage properties 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 financial results by segment for the years ended December 31, 2022 and 2021 ($ in thousands): December 31, December 31, Industrial $ 569,607 $ 186,502 Healthcare 476,894 185,953 Commercial Mortgage Loan 343,970 140,512 Multifamily 292,081 303,852 Retail 223,248 82,791 Single Family Housing 148,796 100,039 International Affiliated Funds 127,224 131,046 Office 120,322 125,563 Real Estate-Related Securities (1) 214,416 108,153 Self-Storage 48,951 — Other (Corporate) 105,352 133,726 Total assets $ 2,670,861 $ 1,498,137 (1) Includes real estate-related securities and real estate debt as shown on the Company's Consolidated Balance Sheets. The following table sets forth the financial results by segment for the years ended December 31, 2022, 2021 and 2020 ($ in thousands): For the Year Ended December 31, 2022 2021 2020 Rental revenues Industrial $ 31,250 $ 14,830 $ 10,381 Healthcare 27,399 11,788 4,372 Multifamily 26,951 13,314 9,351 Office 12,691 9,229 7,470 Retail 9,548 7,215 6,783 Self-Storage 923 — — Single-family housing 6,829 231 — Total rental revenues 115,591 56,607 38,357 Rental property operating expenses Industrial 8,803 4,769 2,915 Healthcare 7,854 2,760 1,010 Multifamily 11,720 5,765 4,520 Office 3,576 2,611 2,123 Retail 2,620 1,480 1,355 Self-Storage 518 — — Single-family housing 3,838 778 — Total rental property operating expenses 38,929 18,163 11,923 Depreciation and amortization (65,646) (29,088) (17,478) Income from commercial mortgage loans 15,092 1,913 890 Realized and unrealized (loss) income from real estate-related securities (28,570) 22,471 (485) Realized and unrealized loss from real estate debt (4,144) 3 — Realized and unrealized loss on commercial mortgage loans (2,118) — — Unrealized loss on note payable 233 — — Income from equity investments in unconsolidated international affiliated funds 3,351 2,435 1,851 General and administrative expenses (9,832) (3,796) (3,538) Advisory fee due to affiliate (26,851) (8,781) (3,326) Interest income 4,498 207 155 Interest expense (16,785) (4,705) (3,778) Net (loss) income (54,110) 19,103 725 Net (loss) income attributable to non-controlling interests in third party joint ventures (73) 5 — Net income attributable to preferred stock 15 19 18 Net (loss) income attributable to common stockholders $ (54,052) $ 19,079 $ 707

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Investments On March 1, 2023, the Company acquired a self-storage property located in Brighton, Colorado, for approximately $13.8 million. In February 2023, the Company amended its Credit Agreement to increase the Credit Facility to $455 million in aggregate commitments, comprised of a $321 million revolving facility and a delayed draw term loan facility of $134 million, with an accordion feature that may increase aggregate commitments up to $800 million. The Credit Facility will convert to SOFR effective May 1, 2023, with all other terms remaining the same.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Initial Costs Gross Amount at Which Carried at Close of Period (a) Property Location Property Type Year Built Year Acquired Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total Accumulated Depreciation Depreciable Lives Aurora IL Multi-Family 2013 2017 5,894 44,713 1,056 5,964 45,699 51,663 (6,470) 15 - 40 years Phoenix, AZ Industrial 1998 2017 3,891 11,337 224 3,891 11,561 15,452 (1,712) 15 - 40 years Denver & Golden, CO Industrial Various 2017 8,773 38,496 1,025 8,773 39,521 48,294 (6,311) 15 - 40 years Austin, TX Multi-Family 2017 2018 8,385 36,319 758 8,385 37,077 45,462 (4,828) 15 - 40 years Atlanta, GA Office 1970 2018 4,472 25,598 155 4,472 25,753 30,225 (3,571) 15 - 40 years Houston, TX Retail 2016 2018 10,708 74,419 431 10,708 74,850 85,558 (10,625) 15 - 40 years Henderson, NV Industrial 2017 2018 4,475 18,316 (354) 4,475 17,962 22,437 (2,338) 15 - 40 years Salt Lake City, UT Office 2017 2019 3,964 32,945 234 3,963 33,180 37,143 (4,507) 15 - 40 years Moreno Valley, CA Industrial 1993 2019 4,376 13,157 520 4,376 13,677 18,053 (1,818) 15 - 40 years San Antonio, TX Healthcare 1972 2019 6,124 26,338 819 6,124 27,157 33,281 (3,986) 15 - 40 years Boston, MA Industrial 1973 2020 11,612 36,842 4 11,612 36,846 48,458 (2,816) 15 - 40 years Atlanta, GA (Other) Healthcare 2017 2020 1,422 7,795 5 1,422 7,800 9,222 (741) 15 - 40 years Chicago, IL Healthcare 1986 2020 2,867 6,903 9 2,867 6,912 9,779 (938) 15 - 40 years San Antonio, TX (Industrial) Industrial 1983 2020 2,815 7,129 216 2,815 7,345 10,160 (590) 15 - 40 years Boulder, CO Healthcare 1984 2021 3,645 7,895 419 3,645 8,314 11,959 (798) 15 - 40 years Sugar Land, TX Healthcare 2007 2021 3,129 9,200 207 3,128 9,408 12,536 (605) 15 - 40 years Huntersville, NC Multi-Family 2016 2021 6,552 61,509 738 6,552 62,247 68,799 (2,607) 15 - 40 years San Diego, CA Healthcare 1996 2021 10,586 36,814 5,269 10,767 41,902 52,669 (3,360) 15 - 40 years Morrisville, NC Office 1990 2021 3,953 16,390 202 3,943 16,602 20,545 (1,349) 15 - 40 years Langhome, PA Healthcare 1987 2021 6,918 16,947 1,244 6,861 18,248 25,109 (2,043) 15 - 40 years Langhome, PA Healthcare 1988 2021 3,714 9,830 266 3,714 10,096 13,810 (747) 15 - 40 years Roseville, CA Healthcare 1996 2021 3,464 24,439 1,008 3,611 25,300 28,911 (1,724) 15 - 40 years McKinney, TX Multi-Family 2002 2021 7,903 78,125 1,246 7,903 79,371 87,274 (2,262) 15 - 40 years Houston, TX Industrial 2003 2021 2,056 11,315 (40) 2,056 11,275 13,331 (463) 15 - 40 years Schertz, TX Industrial 2007 2021 3,037 7,856 — 3,037 7,856 10,893 (378) 15 - 40 years Seneca, SC Multi-Family 2021 2021 5,004 42,994 91 5,004 43,085 48,089 (1,858) 15 - 40 years Various Single-Family Various 2021 26,878 64,797 55,201 39,124 107,752 146,876 (3,841) 15 - 40 years Tampa, FL Industrial 1979 2022 8,011 43,689 33 8,011 43,722 51,733 (1,423) 15 - 40 years Houston, TX Industrial 1973 2022 8,660 64,967 3 8,660 64,970 73,630 (1,628) 15 - 40 years Brooklyn Park & Burnsville, MN Industrial Various 2022 12,972 37,549 — 12,972 37,549 50,521 (928) 15 - 40 years Orlando, FL Retail 2008 2022 7,056 19,700 37 7,056 19,737 26,793 (172) 15 - 40 years Hudson, FL Retail 1994 2022 4,446 9,250 — 4,446 9,250 13,696 (96) 15 - 40 years Tampa, FL Retail 2004 2022 6,669 15,977 30 6,669 16,007 22,676 (155) 15 - 40 years Coral Springs, FL Retail 1998 2022 7,926 23,589 — 7,926 23,589 31,515 (178) 15 - 40 years Winter Garden, FL Retail 2007 2022 5,799 20,759 18 5,799 20,777 26,576 (193) 15 - 40 years Palm Bay, FL Self-Storage 1996 2022 580 4,228 8 587 4,229 4,816 (50) 15 - 40 years Sugar Land, TX Self-Storage 2019 2022 770 19,009 1 770 19,010 19,780 (217) 15 - 40 years Houston, TX Self-Storage 1980 2022 1,250 7,785 — 1,250 7,785 9,035 (52) 15 - 40 years Pflugerville, TX Self-Storage 2014 2022 1,100 11,703 — 1,100 11,703 12,803 — 15 - 40 years Wilsonville, OR Industrial 1986 2022 12,730 46,470 — 12,730 46,470 59,200 (641) 15 - 40 years Atlanta, GA Healthcare Various 2022 15,442 43,234 8 15,442 43,242 58,684 (991) 15 - 40 years McKinney, TX Healthcare Various 2022 182 71,284 — 182 71,284 71,466 (1,188) 15 - 40 years Clearwater, FL Healthcare 2011 2022 3,936 15,029 696 3,936 15,725 19,661 (322) 15 - 40 years Tampa, FL Healthcare 2012 2022 303 17,529 — 303 17,529 17,832 (308) 15 - 40 years Tampa, FL Healthcare 1979 2022 4,845 25,046 — 4,845 25,046 29,891 (489) 15 - 40 years Pittsburgh, PA Healthcare 1999 2022 3,028 61,501 — 3,028 61,501 64,529 (1,002) 15 - 40 years Fort Worth, Haslet & Roanoke, TX Industrial Various 2022 21,413 105,645 — 21,413 105,645 127,058 (779) 15 - 40 years Copenhagen, DK Multi-Family Various 2022 6,672 30,974 — 6,672 30,974 37,646 — 15 - 40 years (a) The aggregate cost for federal income tax purposes at December 31, 2022 was approximately $1.8 billion. Nuveen Global Cities REIT, Inc. Real Estate and Accumulated Depreciation December 31, 2022 (in thousands) Schedule III The total included on Schedule III does not include Furniture, Fixtures and Equipment totaling $13.3 million. Accumulated Depreciation does not include $4.2 million of accumulated depreciation related to Furniture, Fixtures and Equipment. Changes in rental properties and accumulated depreciation for the years ended December 31, 2022, 2021 and 2020, are as follows ($ in thousands): Rental Properties 2022 2021 2020 Balance at beginning of period $ 945,268 $ 462,849 $ 384,260 Additions 890,261 482,419 78,589 Balance at end of period $ 1,835,529 $ 945,268 $ 462,849 Accumulated Depreciation 2022 2021 2020 Balance at beginning of period $ 42,557 $ 24,737 $ 13,431 Additions 41,541 17,820 11,306 Balance at end of period $ 84,098 $ 42,557 $ 24,737

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying 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 December 31, 2022 and 2021 and for the years ended December 31, 2022, 2021 and 2020. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and the applicable rules and regulations of the SEC.
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. Each of the Company’s joint ventures are considered to be a VIE or VOE. The Company consolidates these entities because it has the ability to direct the most significant activities of the joint ventures, including unilateral decision making on the disposition of the investments. 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 December 31, 2022, and December 31, 2021, the total assets and liabilities of the Company’s consolidated VIEs and VOEs were $186.7 million and $98.0 million, and $53.5 million and $29.7 million, respectively. Such amounts are included on the Company’s Consolidated Balance Sheets.
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. During the periods presented, no such impairment occurred.
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 Gain (Loss) from Real Estate-Related Securities on the Company’s Consolidated Statements of Operations.
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”), which are securities backed by one or more mortgage loans secured by real estate assets. The Company classifies its CMBS as trading securities and records such investments at fair value. As such, the resulting unrealized gains and losses of its CMBS are recorded as a component of Realized and Unrealized Gain (Loss) from 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	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. 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 Income (Loss) from Equity Investment in Unconsolidated International Affiliated Funds on the Company’s Consolidated Statements 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. The Company uses the cumulative earnings approach to classify its distribution received from equity method investments. Under the cumulative earnings approach, distributions received are considered returns on investment and classified as cash inflows from operating activities, unless the investor’s cumulative distributions received less distributions received in prior periods that were determined to be returns on investment exceed cumulative equity in earnings recognized by the investor. When such an excess occurs, the current-period distribution up to this excess is considered a return of investment and classified as cash inflows from investing activities.
Investments in Commercial Mortgage Loan	Investments in Commercial Mortgage Loans The Company originates commercial mortgage loans and elects 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 are stated at fair value and initially valued at the face amount of the loan funding. Subsequently, the commercial mortgage loans are 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 is 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 Loans on the Company’s Consolidated Statements of Operations. Unrealized gains and losses are recorded as a component of Unrealized 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	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 Sheets or, in other cases, the sale will be recognized and the senior loan interest will no longer be included in its 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 at fair value on the Consolidated Balance Sheets, however this gross presentation does not impact Stockholders’ Equity or Net Income. When the sales are recognized, the Consolidated Balance Sheets only includes the remaining subordinate loan.
Note Payable	Note Payable The Company finances the acquisition of certain mortgage loans through the use of "note-on-note" transactions in which the Company pledges mortgage loans as collateral to secure a loan which is equal in value to a specified percentage of the estimated fair value of the pledged collateral. These "note-on-note" transactions are recorded in Note Payable on the Consolidated Balance Sheets and are carried at fair value through the adoption of the fair value option allowed under ASC 825. Financing costs related to the Company's note payable are expensed as incurred and recorded in Interest Expense on the 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 deferred financing 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 mortgages 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. Unamortized deferred financing costs related to the Company's mortgages payable are charged to interest expense upon early repayment or significant modification of the mortgages payable and fully amortized deferred financing costs are removed from the books upon maturity. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage and legal fees, are recorded as a component of Intangible Assets, Net on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease. Unamortized deferred leasing costs are charged to amortization expense upon early termination or significant modification of the leases and fully amortized deferred leasing costs are removed from the books upon lease expiration.
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. The Company's 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, which consists of CMBS, are reported at fair value. 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.
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 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. The Company evaluates the collectability of receivables related to rental revenue on an individual lease basis. Management exercises judgment in assessing collectability and considers the length of time a receivable has been outstanding, tenant credit-worthiness, payment history, available information about the financial condition of the tenant, and current economic trends, among other factors. Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue. Income from Commercial Mortgage Loans — 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 December 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 December 31, 2022, the Company had $32.3 million of restricted cash. The restricted cash consisted of $1.2 million of tenant security deposits and $31.1 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 ended 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 is subject to federal corporate income tax to the extent it distributes less than 100% of its REIT taxable income (including for this purpose its net capital gain) to its shareholders. The Company will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions it pays in any calendar year are less than the sum of 85% of its ordinary income, 95% of its net capital gains, and 100% of its undistributed income from prior years. The Company is also subject to a number of other organizational and operational requirements. 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. The Company’s dealings with the TRSs must be arm’s length in nature or be permitted under the Code. Otherwise, the Company may be subject to 100% penalty tax, or our TRSs may be denied deductions. A domestic TRS is subject to US corporate federal income tax and state income or franchise tax. The Cayman Islands TRSs are not subject to US corporate federal income tax or Cayman Islands taxes. As of December 31, 2022, the Company had five active TRSs: the Company uses two Cayman Islands TRSs to hold its investments in the International Affiliated Funds, one Luxembourg TRS to hold minority interests in direct European investments, one domestic TRS to hold the senior portions of the commercial mortgage loans, and one domestic TRS for self-storage, nonrental-related business. The asset tests that apply to REITs limit the Company's ownership of the securities of its TRSs to no more than 20% of the value of the Company's total assets. 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. Interest and penalties related to unrecognized tax positions are included in income tax expense, and no amount has been accrued. Income tax returns for tax years 2018 through 2022 remain subject to governmental examination. Deferred Taxes As of December 31, 2022, the Company had a deferred tax liability of $2.3 million that is recorded in Accounts Payable, Accrued Expenses and Other Liabilities on the Company’s Consolidated Balance Sheets. The deferred tax liability is a value-based tax, calculated on the difference between acquisition cost and current tax basis, and was assumed during the acquisition of the multi-family portfolio in Copenhagen, Denmark.
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 agreed to 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. The Company's NAV reached $1.0 billion in October 2021 and as of December 31, 2022, had reimbursed the Advisor $1.1 million for such costs. The Advisor and its affiliates have 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, of which $3.6 million and $4.6 million remain outstanding as of December 31, 2022 and December 31, 2021, respectively. These organization and offering costs are recorded as Due to Affiliates on the Company’s Consolidated Balance Sheets.
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 financial position and results of operations of the Company's wholly owned multifamily property CASA Nord located in Copenhagen, DK ("CASA Nord") is measured using the local currency (Danish Krone) as the functional currency and are translated into U.S. dollars for purposes of recording the related activity. Net income (loss), which includes CASA Nord's income and expense, 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 (loss) income of approximately $(4.9) million, $(2.4) million and $2.5 million, respectively, for the years ended December 31, 2022, 2021 and 2020. The financial position and results of operations of APCF are 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 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 adopted the guidance and it did not have a material impact to the Company. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). The amendments in ASU 2022-06 extend the period of time preparers can utilize the reference rate reform relief guidance. ASU 2022-06 is effective for all entities upon issuance. To ensure the relief in Topic 848 covers the period of time during which a significant number of modifications may take place, the ASU defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. Management adopted the guidance and it did not have a material impact to the Company.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 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): December 31, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate-related securities $ 116,164 $ — $ — $ 116,164 $ 93,970 $ — $ — $ 93,970 Investments in real estate debt — 98,252 — 98,252 — 14,183 — 14,183 Investments in commercial mortgage loans — — 343,970 343,970 — — 140,512 140,512 Total $ 116,164 $ 98,252 $ 343,970 $ 558,386 $ 93,970 $ 14,183 $ 140,512 $ 248,665 Liabilities: Loan participations — — 175,830 175,830 — — — — Note payable — — 69,030 69,030 — — — — Total $ — $ — $ 244,860 $ 244,860 $ — $ — $ — $ —
Investment in Joint Venture at Fair Value	The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Commercial Mortgage Loans Loan Participations Note Payable Balance as of December 31, 2021 $ 140,512 $ — $ — Loan originations 229,095 — — Loan participations sold — 157,397 — Commercial mortgage loan sold (51,128) — — Additional fundings 28,924 19,748 — Net unrealized loss on assets (3,433) (a) — — Net unrealized gain on liabilities — (1,315) (233) Financings proceeds — — 69,263 Balance as of December 31, 2022 $ 343,970 $ 175,830 $ 69,030 (a) Includes Unrealized Loss on Commercial Mortgage Loans of $(2.1) million, combined with unrealized loss of $(1.3) million associated with loan participations. The following is a reconciliation of the beginning and ending balances for the Company's note payable for the year ended December 31, 2022 ($ in thousands) Note Payable Balance as of December 31, 2021 $ — Financing proceeds 69,263 Net unrealized gain (233) Balance as of December 31, 2022 $ 69,030
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, loan participations and note payable as of December 31, 2022. Type Asset Class Valuation Technique Unobservable Inputs Range (Weighted Average) Commercial Mortgage Loans Various Discounted Cash Flow Method Equivalency Rate LIBOR (1) + 2.15% - 6.40% (3.21%) SOFR (2) + 2.05% - 6.47% (3.46%) Loan Participations Various Discounted Cash Flow Method Equivalency Rate LIBOR (1) + 2.15% (2.15%) SOFR (2) + 2.05% - 2.10% (2.07%) Note Payable Various Discounted Cash Flow Method Equivalency Rate SOFR (2) + 1.80% (1.80%) (1) LIBOR as of December 31, 2022 was 4.3%.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in Real Estate, Net consisted of the following ($ in thousands): December 31, 2022 December 31, 2021 Building and building improvements $ 1,522,540 $ 778,324 Land and land improvements 312,989 166,944 Furniture, fixtures and equipment 13,285 9,976 Total 1,848,814 955,244 Accumulated depreciation (88,330) (45,412) Investments in real estate, net $ 1,760,484 $ 909,832
Schedule of Asset Acquisition	The following table provides details of the properties acquired during the year ended December 31, 2022 ($ in thousands): Sectors Purchase Price (1) Number of Transactions Number of Properties Sq. Ft. (in thousands)/Units Medical Office $ 292,016 1 10 662 Sq. Ft Industrial 380,912 5 19 3,225 Sq. Ft. Retail 130,371 1 5 496 Sq. Ft. Self-Storage 48,270 4 4 2,358 Units Multifamily 37,818 1 4 84 Units Single-Family Rentals 50,204 127 127 250 Sq. Ft. $ 939,591 139 169 (1) Purchase price is inclusive of acquisition costs and other acquisition related adjustments. Purchase price does not include any net liabilities, mortgage notes or mortgage discounts assumed. The following table provides details of the properties acquired during the year ended December 31, 2021 ($ in thousands): Sectors Purchase Price (1) Number of Transactions Number of Properties Sq. Ft. (in thousands)/Units Medical Office $ 144,945 6 11 569 Sq. Ft Industrial 25,539 2 2 201 Sq. Ft. Multifamily 216,554 3 3 1,030 Units Office 21,431 1 1 85 Sq. Ft. Single-Family Rentals 91,707 257 257 526 Sq. Ft. $ 500,176 269 274 (1) Purchase price is inclusive of acquisition costs and other acquisition related adjustments. Purchase price does not include any net liabilities, mortgage notes or mortgage discounts assumed.
Summary of Purchase Price Allocation for Properties Acquired	The following table summarizes the purchase price allocation for the properties acquired during the years ended December 31, 2022 and 2021 ($ in thousands): For the Year Ended December 31, 2022 For the Year Ended December 31, 2021 Building and building improvements $ 728,644 $ 388,116 Land and land improvements 145,958 86,838 In-place lease intangibles 34,087 22,522 Furniture, fixtures and equipment 409 6,092 Leasing commissions 19,855 8,548 Other intangibles 10,638 (11,940) Total purchase price $ 939,591 $ 500,176 Mortgage notes assumed (69,657) (29,500) Discount on assumed mortgage notes 7,525 — Non-controlling interest (3,347) — Net purchase price $ 874,112 $ 470,676

Investments in Real Estate-Re_2

Investments in Real Estate-Related Securities (Tables)	12 Months Ended
	Dec. 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 December 31, 2022 ($ in thousands): Investments in Real Balance as of December 31, 2021 $ 93,970 Additions 106,448 Disposals (51,928) Unrealized losses (34,086) Realized gains 1,760 Balance at December 31, 2022 $ 116,164
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 years ended December 31, 2022, 2021 and 2020 ($ in thousands): For the Year Ended December 31, 2022 2021 2020 Unrealized (losses) gains $ (34,086) $ 16,844 $ 2,246 Realized gains (losses) 1,760 3,692 (3,933) Dividend income 3,756 1,935 1,202 Total $ (28,570) $ 22,471 $ (485)

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Held-to-maturity	The following tables detail the Company's Investments in Real Estate Debt ($ in thousands): December 31, 2022 Type of Security/Loan Weighted Average Coupon Weighted Average Maturity Date (1, 2) Face Amount Cost Basis Fair Value CMBS - Fixed 3.83 % 9/25/2043 $ 19,541 $ 18,324 $ 17,157 CMBS - Floating 6.48 % 4/28/2037 86,035 84,068 81,095 Total 5.99 % 7/5/2038 $ 105,576 $ 102,392 $ 98,252 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
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): December 31, 2022 December 31, 2021 Collateral Cost Basis Fair Value Percentage based on Fair Value Cost Basis Fair Value Percentage based on Fair Value Industrial $ 31,069 $ 29,979 30.5 % $ 5,163 $ 5,163 36.4 % Multifamily 17,457 17,083 17.3 % — — — % Office 13,148 12,194 12.4 % 2,497 2,496 17.6 % Diversified 10,833 10,179 10.4 % 1,788 1,795 12.6 % Cold Storage 9,799 9,664 9.8 % — — — % Hotel 4,798 4,637 4.7 % — — — % Retail 4,245 4,106 4.2 % 1,791 1,792 12.6 % Net Lease 3,907 3,493 3.6 % 1,513 1,511 10.7 % Manu Housing 3,149 3,148 3.2 % — — — % Self-Storage 2,494 2,330 2.4 % — — — % Life Science 1,493 1,439 1.5 % 1,428 1,426 10.1 % Total $ 102,392 $ 98,252 100.0 % $ 14,180 $ 14,183 100.0 %
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): December 31, 2022 December 31, 2021 Credit Rating (1) Cost Basis Fair Value Percentage based on Fair Value Cost Basis Fair Value Percentage based on Fair Value AAA $ 3,528 $ 3,347 3.4 % $ 1,788 $ 1,795 12.6 % AA 9,903 9,861 10.0 % — — — % A 25,406 24,364 24.8 % 996 996 7.0 % BBB 60,856 58,254 59.3 % 11,396 11,392 80.4 % BB 2,164 2,021 2.1 % — — — % B 535 405 0.4 % — — — % Total $ 102,392 $ 98,252 100.0 % $ 14,180 $ 14,183 100.0 % (1) Composite rating at the time of purchase.
Schedule of Investment in Commercial Mortgage Loan Backed Securities Held to Maturity	The following table summarizes the Investments in Real Estate Debt as of December 31, 2022 ($ in thousands): Investments in Real Estate Debt Balance as of December 31, 2021 $ 14,183 Additions 99,075 Disposals (10,862) Unrealized losses (4,144) Balance at December 31, 2022 $ 98,252

Investment in International A_2

Investment in International Affiliated Funds (Tables)	12 Months Ended
	Dec. 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 December 31, 2022 ($ in thousands): Investment in ECF Balance as of December 31, 2021 $ 79,097 Income distributions (1,413) Income from equity investment in unconsolidated international affiliated fund 5,567 Foreign currency translation adjustment (4,898) Balance at December 31, 2022 $ 78,353 The following table summarizes the equity investment in unconsolidated international affiliated funds from APCF as of December 31, 2022 ($ in thousands): Investment in APCF Balance as of December 31, 2021 $ 51,948 Income distributions (861) Loss from equity investment in unconsolidated international affiliated fund (2,216) Balance at December 31, 2022 $ 48,871

Investments in Commercial Mor_2

Investments in Commercial Mortgage Loans (Tables)	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	The following table summarizes the investments in commercial mortgage loans as of December 31, 2022 ($ in thousands): Investment Name Origination Date Loan Type Property Type Location Interest Rate Maturity Date Periodic Payment Terms Commitment Amount Principal Receivable Fair Value 9-90 Corporate Center (1) 11/9/2021 Senior Office Framingham, MA LIBOR + 175 bps 11/9/2024 Interest only $72,033 $59,226 $58,810 9-90 Corporate Center 11/9/2021 Mezzanine Office Framingham, MA LIBOR + 575 bps 11/9/2024 Interest only $23,344 $19,742 $19,520 Panorama House (1) 11/16/2021 Senior Multifamily Roseville, CA SOFR + 165 bps 12/9/2025 Interest only $66,488 $66,488 $65,750 Panorama House 11/16/2021 Mezzanine Multifamily Roseville, CA SOFR + 597 bps 12/9/2025 Interest only $22,163 $22,163 $21,870 Tucson IV 3/28/2022 Senior Multifamily Tuscon, AZ SOFR + 295 bps 4/9/2025 Interest only $76,260 $70,642 $70,910 Tucson IV 3/28/2022 Mezzanine Multifamily Tuscon, AZ SOFR + 295 bps 4/9/2025 Interest only $25,420 $23,547 $21,820 Dolce Living Royal Palm (1) 7/8/2022 Senior Multifamily Kissimmee, FL SOFR + 185 bps 7/9/2024 Interest only $51,432 $51,432 $51,270 Dolce Living Royal Palm 7/8/2022 Mezzanine Multifamily Kissimmee, FL SOFR + 525 bps 7/9/2024 Interest only $17,144 $17,144 $17,080 Luxe Scottsdale 7/19/2022 Mezzanine Multifamily Scottsdale, AZ SOFR + 570 bps 8/9/2025 Interest only $17,043 $17,043 $16,940 Total $343,970
Summary of Loan Terms	The following is a reconciliation of the beginning and ending balances for the Company’s investment in commercial mortgage loans for the year ended December 31, 2022 ($ in thousands): Investment in Commercial Mortgage Loans Balance as of December 31, 2021 $ 140,512 Loan originations 229,095 Sale of senior note (51,128) Additional fundings 28,924 Net unrealized loss (1) (3,433) Balance as of December 31, 2022 $ 343,970

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 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): December 31, 2022 December 31, Intangible assets: In-place lease intangibles $ 95,325 $ 53,031 Above-market lease intangibles 13,030 493 Leasing commissions 41,757 20,559 Other intangibles 18,881 5,666 Total intangible assets 168,993 79,749 Accumulated amortization: In-place lease intangibles (33,200) (16,282) Above-market lease intangibles (943) (77) Leasing commissions (9,034) (5,055) Other intangibles (2,825) (862) Total accumulated amortization (46,002) (22,276) Intangible assets, net $ 122,991 $ 57,473 Intangible liabilities: Below-market lease intangibles $ (47,785) $ (25,841) Accumulated amortization 7,553 3,319 Intangible liabilities, net $ (40,232) $ (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 Below-Market Leasing Commissions Other 2023 $ 16,279 $ 1,817 $ (6,088) $ 5,686 $ 3,470 2024 10,654 1,852 (5,470) 5,216 2,793 2025 8,683 1,786 (5,018) 4,646 2,475 2026 6,434 1,727 (4,526) 3,842 1,990 2027 5,070 1,688 (3,921) 3,161 1,604 Thereafter 15,005 3,217 (15,209) 10,172 3,724 Total $ 62,125 $ 12,087 $ (40,232) $ 32,723 $ 16,056

Credit Facility (Tables)

Credit Facility (Tables)	12 Months Ended
	Dec. 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 December 31, 2022 December 31, 2021 Revolving facility L+applicable margin (1) September 30, 2024 $ 235,000 90,000 $ 163,000 DDTL facility L+applicable margin (1) September 30, 2026 100,000 100,000 75,000 Credit facility $ 335,000 $ 190,000 $ 238,000 (1) The weighted-average interest rate for the year ended December 31, 2022 was 2.92%. 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 December 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 Tacara Steiner Ranch Brighthouse Life Insurance 2.62% 06/01/28 28,750 28,750 Signature at Hartwell Allstate/American Heritage 3.01% 12/01/28 29,500 29,500 GFI Grocery Anchored Portfolio Nationwide/Amerant/Synovus 2.98% - 3.40% Various 69,634 — CASA Nord Portfolio Nyrkredit Realkredit 5.21% (1) 12/31/32 20,173 — Total mortgages payable 196,057 106,250 Deferred financing costs, net (865) (636) Discount on assumed mortgage notes (7,284) — Mortgages payable, net $ 187,908 $ 105,614 (1) CASA Nord entered into an interest rate swap on January 3, 2023 which fixed the rate at 3.18%
Schedule of Maturities of Long-term Debt	The following table presents future principal payments due under the Credit Facility as of December 31, 2022 ($ in thousands): Year Credit Facility 2023 $ — 2024 90,000 2025 — 2026 100,000 2027 — Thereafter — Total $ 190,000 The following table presents the future principal payments due under the mortgages payable as of December 31, 2022 ($ in thousands): Year Mortgages Payable 2023 $ 328 2024 542 2025 1,486 2026 54,639 2027 15,641 Thereafter 123,421 Total $ 196,057 The following table presents the future principal payments due under the Note Payable as of December 31, 2022 ($ in thousands): Year Note Payable 2023 $ — 2024 — 2025 69,263 2026 — 2027 — Thereafter — Total $ 69,263

Mortgages Payable (Tables)

Mortgages Payable (Tables)	12 Months Ended
	Dec. 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 December 31, 2022 December 31, 2021 Revolving facility L+applicable margin (1) September 30, 2024 $ 235,000 90,000 $ 163,000 DDTL facility L+applicable margin (1) September 30, 2026 100,000 100,000 75,000 Credit facility $ 335,000 $ 190,000 $ 238,000 (1) The weighted-average interest rate for the year ended December 31, 2022 was 2.92%. 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 December 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 Tacara Steiner Ranch Brighthouse Life Insurance 2.62% 06/01/28 28,750 28,750 Signature at Hartwell Allstate/American Heritage 3.01% 12/01/28 29,500 29,500 GFI Grocery Anchored Portfolio Nationwide/Amerant/Synovus 2.98% - 3.40% Various 69,634 — CASA Nord Portfolio Nyrkredit Realkredit 5.21% (1) 12/31/32 20,173 — Total mortgages payable 196,057 106,250 Deferred financing costs, net (865) (636) Discount on assumed mortgage notes (7,284) — Mortgages payable, net $ 187,908 $ 105,614 (1) CASA Nord entered into an interest rate swap on January 3, 2023 which fixed the rate at 3.18%
Schedule of Maturities of Long-term Debt	The following table presents future principal payments due under the Credit Facility as of December 31, 2022 ($ in thousands): Year Credit Facility 2023 $ — 2024 90,000 2025 — 2026 100,000 2027 — Thereafter — Total $ 190,000 The following table presents the future principal payments due under the mortgages payable as of December 31, 2022 ($ in thousands): Year Mortgages Payable 2023 $ 328 2024 542 2025 1,486 2026 54,639 2027 15,641 Thereafter 123,421 Total $ 196,057 The following table presents the future principal payments due under the Note Payable as of December 31, 2022 ($ in thousands): Year Note Payable 2023 $ — 2024 — 2025 69,263 2026 — 2027 — Thereafter — Total $ 69,263

Note Payable (Tables)

Note Payable (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Investment in Joint Venture at Fair Value	The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Commercial Mortgage Loans Loan Participations Note Payable Balance as of December 31, 2021 $ 140,512 $ — $ — Loan originations 229,095 — — Loan participations sold — 157,397 — Commercial mortgage loan sold (51,128) — — Additional fundings 28,924 19,748 — Net unrealized loss on assets (3,433) (a) — — Net unrealized gain on liabilities — (1,315) (233) Financings proceeds — — 69,263 Balance as of December 31, 2022 $ 343,970 $ 175,830 $ 69,030 (a) Includes Unrealized Loss on Commercial Mortgage Loans of $(2.1) million, combined with unrealized loss of $(1.3) million associated with loan participations. The following is a reconciliation of the beginning and ending balances for the Company's note payable for the year ended December 31, 2022 ($ in thousands) Note Payable Balance as of December 31, 2021 $ — Financing proceeds 69,263 Net unrealized gain (233) Balance as of December 31, 2022 $ 69,030
Schedule of Maturities of Long-term Debt	The following table presents future principal payments due under the Credit Facility as of December 31, 2022 ($ in thousands): Year Credit Facility 2023 $ — 2024 90,000 2025 — 2026 100,000 2027 — Thereafter — Total $ 190,000 The following table presents the future principal payments due under the mortgages payable as of December 31, 2022 ($ in thousands): Year Mortgages Payable 2023 $ 328 2024 542 2025 1,486 2026 54,639 2027 15,641 Thereafter 123,421 Total $ 196,057 The following table presents the future principal payments due under the Note Payable as of December 31, 2022 ($ in thousands): Year Note Payable 2023 $ — 2024 — 2025 69,263 2026 — 2027 — Thereafter — Total $ 69,263

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	12 Months Ended
	Dec. 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 December 31, 2022 December 31, 2021 Straight-line rent receivable $ 9,442 $ 6,451 Receivables 7,788 3,245 Right-of-use asset - finance leases 2,531 — Right-of-use asset - operating lease 2,123 — Prepaid expenses 2,057 1,154 Deferred financing costs on credit facility, net 1,140 1,710 Other 1,274 7,985 Total $ 26,355 $ 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 December 31, 2022 December 31, 2021 Accounts payable and accrued expenses $ 41,980 $ 5,733 Real estate taxes payable 6,794 3,072 Tenant security deposits 6,531 2,010 Lease liability - finance leases 2,531 — Lease liability - operating lease 2,123 — Prepaid rental income 2,332 2,213 Accrued interest expense 3,794 462 Deferred tax liability 2,273 — Other 6,213 1,320 Total $ 74,571 $ 14,810

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 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 management 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%
Schedule of Components of Due to Affiliates	The following table is a summary of the Company’s affiliated service providers and the fees incurred by the Company to those service providers ($ in thousands): For the Year Ended December 31, 2022 2021 NexCore Property Management $ 397 $ 149 Acquisition Services 129 414 Sparrow Property Management 468 29 Asset Management 493 155 $ 1,487 $ 747 The following table summarizes the components of Due to Affiliates ($ in thousands): December 31, December 31, Accrued stockholder servicing fees (1) $ 47,086 $ 25,358 Advanced organization and offering expenses 3,551 4,648 Total $ 50,637 $ 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 8.75% of gross proceeds 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 29.5-year period from the date of issuance and seven years for Class T shares and Class S shares from date of issuance, assuming the maximum up-front selling commissions and dealer manager fees are paid.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 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, self-storage and single family rentals are as follows ($ in thousands): Year December 31, 2022 2023 $ 82,857 2024 80,643 2025 72,591 2026 61,181 2027 50,437 Thereafter 150,626 Total $ 498,335
Schedule of Right-of-use Assets and Lease Liabilities	The balances of the right-of-use assets and lease liabilities related to the Company's ground leases as of December 31, 2022 are as follows ($ in thousands): Assets: Right-of-use asset - finance leases $ 2,531 Right-of-use asset - operating lease 2,123 Liabilities: Lease liability - finance leases 2,531 Lease liability - operating lease 2,123
Schedule of Future Minimum Annual Payments for Ground Leases	Aggregate future minimum annual payments for ground leases held by the Company are as follows ($ in thousands): Operating Lease Finance Leases 2023 $ 154 $ 219 2024 154 219 2025 158 219 2026 166 219 2027 169 219 Thereafter 7,695 8,808 Total undiscounted future lease payments 8,496 9,903 Difference between undiscounted cash flows and discounted cash flows (6,373) (7,372) Total lease liability $ 2,123 $ 2,531

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interest (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of Capital Stock	As of December 31, 2022, the Company had authority to issue a total of 2.2 billion 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 table details the movement in the Company's outstanding shares of common stock (in thousands) for the years ended December 31, 2022, 2021 and 2020: Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Total January 1, 2020 1,377 70 573 1,966 29,731 33,717 Common Stock Issued 1,818 2,734 819 2,577 — 7,948 Distribution Reinvestment 68 30 36 60 — 194 Vested Stock Grant — — — 6 — 6 Common Stock Repurchased (15) (2) (22) (148) — (187) December 31, 2020 3,248 2,832 1,406 4,461 29,731 41,678 Common Stock Issued 5,862 20,802 3,219 26,890 — 56,773 Distribution Reinvestment 114 223 54 283 — 674 Vested Stock Grant — — — 6 — 6 Common Stock Repurchased (23) (48) (30) (180) — (281) December 31, 2021 9,201 23,809 4,649 31,460 29,731 98,850 Common Stock Issued 8,232 21,643 3,478 49,584 — 82,937 Distribution Reinvestment 311 929 170 1,655 — 3,065 Vested Stock Grant — — — 7 — 7 Common Stock Repurchased (459) (1,104) (287) (2,979) — (4,829) December 31, 2022 17,285 45,277 8,010 79,727 29,731 180,030
Summary of Declared Distributions	The following table details the net distribution for each of the Company's share classes for the year ended December 31, 2022: Year Ended December 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 $ 0.8564 $ 0.8564 $ 0.8564 $ 0.8564 $ 0.8564 Advisory fee per share of common stock (0.1517) (0.1500) (0.1523) (0.1518) (0.0817) Stockholder servicing fee per share of common stock (0.1108) (0.1099) (0.0335) — — Net distribution per share of common stock $ 0.5939 $ 0.5965 $ 0.6706 $ 0.7046 $ 0.7747 The following table details the net distribution for each of the Company's share classes for the year ended December 31, 2021: Year Ended December 31, 2021 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 $ 0.7447 $ 0.7447 $ 0.7447 $ 0.7447 $ 0.7447 Advisory fee per share of common stock (0.1321) (0.1311) (0.1330) (0.1328) (0.0708) Stockholder servicing fee per share of common stock (0.0978) (0.0971) (0.0289) — — Net distribution per share of common stock $ 0.5148 $ 0.5165 $ 0.5828 $ 0.6119 $ 0.6739 The following table details the net distribution for each of the Company's share classes for the year ended December 31, 2020: Year Ended December 31, 2020 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 $ 0.6840 $ 0.6840 $ 0.6840 $ 0.6840 $ 0.6840 Advisory fee per share of common stock (0.1143) (0.1214) (0.1120) (0.1081) (0.0569) Stockholder servicing fee per share of common stock (0.0919) (0.0845) (0.0324) — — Net distribution per share of common stock $ 0.4778 $ 0.4781 $ 0.5396 $ 0.5759 $ 0.6271

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Summary of Total Assets by Segment	The following table sets forth the financial results by segment for the years ended December 31, 2022 and 2021 ($ in thousands): December 31, December 31, Industrial $ 569,607 $ 186,502 Healthcare 476,894 185,953 Commercial Mortgage Loan 343,970 140,512 Multifamily 292,081 303,852 Retail 223,248 82,791 Single Family Housing 148,796 100,039 International Affiliated Funds 127,224 131,046 Office 120,322 125,563 Real Estate-Related Securities (1) 214,416 108,153 Self-Storage 48,951 — Other (Corporate) 105,352 133,726 Total assets $ 2,670,861 $ 1,498,137 (1) Includes real estate-related securities and real estate debt as shown on the Company's Consolidated Balance Sheets.
Summary of Financial Results by Segment	The following table sets forth the financial results by segment for the years ended December 31, 2022, 2021 and 2020 ($ in thousands): For the Year Ended December 31, 2022 2021 2020 Rental revenues Industrial $ 31,250 $ 14,830 $ 10,381 Healthcare 27,399 11,788 4,372 Multifamily 26,951 13,314 9,351 Office 12,691 9,229 7,470 Retail 9,548 7,215 6,783 Self-Storage 923 — — Single-family housing 6,829 231 — Total rental revenues 115,591 56,607 38,357 Rental property operating expenses Industrial 8,803 4,769 2,915 Healthcare 7,854 2,760 1,010 Multifamily 11,720 5,765 4,520 Office 3,576 2,611 2,123 Retail 2,620 1,480 1,355 Self-Storage 518 — — Single-family housing 3,838 778 — Total rental property operating expenses 38,929 18,163 11,923 Depreciation and amortization (65,646) (29,088) (17,478) Income from commercial mortgage loans 15,092 1,913 890 Realized and unrealized (loss) income from real estate-related securities (28,570) 22,471 (485) Realized and unrealized loss from real estate debt (4,144) 3 — Realized and unrealized loss on commercial mortgage loans (2,118) — — Unrealized loss on note payable 233 — — Income from equity investments in unconsolidated international affiliated funds 3,351 2,435 1,851 General and administrative expenses (9,832) (3,796) (3,538) Advisory fee due to affiliate (26,851) (8,781) (3,326) Interest income 4,498 207 155 Interest expense (16,785) (4,705) (3,778) Net (loss) income (54,110) 19,103 725 Net (loss) income attributable to non-controlling interests in third party joint ventures (73) 5 — Net income attributable to preferred stock 15 19 18 Net (loss) income attributable to common stockholders $ (54,052) $ 19,079 $ 707

Organization and Business Pur_2

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

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) security subsidiary	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Significant Of Accounting Policies [Line Items]
Total assets	$ 2,670,861	$ 1,498,137
Liabilities	829,420	517,053
Restricted cash	$ (32,348)	(94,413)
Number of active TRSs | subsidiary	5
Number of held TRSs | security	2
Deferred tax liabilities	$ 2,300
Due to affiliates	50,637	30,006
Offering costs	966	735	$ 594
Foreign currency translation adjustment	$ (4,898)	(2,407)	$ 2,538
Advisor
Significant Of Accounting Policies [Line Items]
Period for reimbursement of advance expenses (in months)	60 months
Investments in and advances to affiliates, advanced expenses reimbursement NAV threshold	$ 1,000,000
Payment of reimbursement for organization and offering expenses	1,100
Organizational and offering costs	4,600
Offering costs	3,500
Organization costs	1,100
Due to affiliates	3,600	4,600
Tenant Deposit Funds
Significant Of Accounting Policies [Line Items]
Restricted cash	(1,200)
Common Stock Subscription Funds
Significant Of Accounting Policies [Line Items]
Restricted cash	(31,100)
Level 3 | Mortgages Payable | Secured Debt
Significant Of Accounting Policies [Line Items]
Long-term debt, fair value	178,600	106,300
Variable Interest Entity, Primary Beneficiary
Significant Of Accounting Policies [Line Items]
Total assets	186,700	53,500
Liabilities	$ 98,000	$ 29,700

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Assets (Details)	12 Months Ended
	Dec. 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_6

Summary of Significant Accounting Policies - Assets Measured at Fair Value (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Assets:
Investments in real estate-related securities	$ 116,164	$ 93,970
Investments in real estate debt	1,760,484	909,832
Investments in commercial mortgage loans	343,970	140,512
Liabilities:
Loan participations	175,830	0
Note payable	69,030	0
Investments in Commercial Mortgage Loans
Beginning balance	140,512
Loan originations	229,095
Commercial mortgage loan sold	(51,128)
Additional fundings	28,924
Net unrealized loss on assets	(3,433)
Ending balance	343,970	140,512
Loan Participations
Beginning balance	0
Loan participations sold	157,397
Additional fundings	19,748
Net unrealized loss on assets	(1,315)
Ending balance	175,830	0
Note Payable
Beginning balance	0
Net unrealized loss on assets	(233)
Financings proceeds	69,263	0	$ 0
Ending balance	$ 69,030	0
LIBOR
Note Payable
Loans receivable, basis spread on variable rate	4.30%
LIBOR | Measurement Input, Discount Rate
Note Payable
Loan Participations	0.0215
LIBOR | Measurement Input, Discount Rate | Weighted Average
Note Payable
Commercial mortgage loans	0.0321
Loan Participations	0.0215
LIBOR | Measurement Input, Discount Rate | Minimum
Note Payable
Commercial mortgage loans	0.0215
LIBOR | Measurement Input, Discount Rate | Maximum
Note Payable
Commercial mortgage loans	0.0640
SOFR
Note Payable
Loans receivable, basis spread on variable rate	4.30%
SOFR | Measurement Input, Discount Rate
Note Payable
Note Payable	1.80%
SOFR | Measurement Input, Discount Rate | Weighted Average
Note Payable
Commercial mortgage loans	0.0346
Loan Participations	0.0207
Note Payable	1.80%
SOFR | Measurement Input, Discount Rate | Minimum
Note Payable
Commercial mortgage loans	0.0205
Loan Participations	0.0205
SOFR | Measurement Input, Discount Rate | Maximum
Note Payable
Commercial mortgage loans	0.0647
Loan Participations	0.0210
Fair Value, Recurring
Assets:
Investments in real estate-related securities	$ 116,164	93,970
Investments in real estate debt	98,252	14,183
Investments in commercial mortgage loans	343,970	140,512
Total	558,386	248,665
Liabilities:
Loan participations	175,830	0
Note payable	69,030	0
Total	244,860	0
Investments in Commercial Mortgage Loans
Beginning balance	140,512
Ending balance	343,970	140,512
Loan Participations
Beginning balance	0
Ending balance	175,830	0
Note Payable
Beginning balance	0
Ending balance	69,030	0
Fair Value, Recurring | Level 1
Assets:
Investments in real estate-related securities	116,164	93,970
Investments in real estate debt	0	0
Investments in commercial mortgage loans	0	0
Total	116,164	93,970
Liabilities:
Loan participations	0	0
Note payable	0	0
Total	0	0
Investments in Commercial Mortgage Loans
Beginning balance	0
Ending balance	0	0
Loan Participations
Beginning balance	0
Ending balance	0	0
Note Payable
Beginning balance	0
Ending balance	0	0
Fair Value, Recurring | Level 2
Assets:
Investments in real estate-related securities	0	0
Investments in real estate debt	98,252	14,183
Investments in commercial mortgage loans	0	0
Total	98,252	14,183
Liabilities:
Loan participations	0	0
Note payable	0	0
Total	0	0
Investments in Commercial Mortgage Loans
Beginning balance	0
Ending balance	0	0
Loan Participations
Beginning balance	0
Ending balance	0	0
Note Payable
Beginning balance	0
Ending balance	0	0
Fair Value, Recurring | Level 3
Assets:
Investments in real estate-related securities	0	0
Investments in real estate debt	0	0
Investments in commercial mortgage loans	343,970	140,512
Total	343,970	140,512
Liabilities:
Loan participations	175,830	0
Note payable	69,030	0
Total	244,860	0
Investments in Commercial Mortgage Loans
Beginning balance	140,512
Ending balance	343,970	140,512
Loan Participations
Beginning balance	0
Ending balance	175,830	0
Note Payable
Beginning balance	0
Ending balance	$ 69,030	$ 0

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Building and building improvements	$ 1,522,540	$ 778,324
Land and land improvements	312,989	166,944
Furniture, fixtures and equipment	13,285	9,976
Total	1,848,814	955,244
Accumulated depreciation	(88,330)	(45,412)
Investments in real estate, net	$ 1,760,484	$ 909,832

Investments in Real Estate - Na

Investments in Real Estate - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) transaction property	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($)
Real Estate Properties [Line Items]
Depreciation | $	$ 42.9	$ 18.7	$ 12
Number of properties	169	274
Number of Transactions	139	269
Industrial
Real Estate Properties [Line Items]
Number of properties	5
Self Storage Investments
Real Estate Properties [Line Items]
Number of properties	4
Medical Office
Real Estate Properties [Line Items]
Number of properties	10	11
Number of Transactions	1	6
Multifamily
Real Estate Properties [Line Items]
Number of properties	1
Retail
Real Estate Properties [Line Items]
Number of properties	1
Single-Family Rentals
Real Estate Properties [Line Items]
Number of properties	127	257
Number of Transactions	127	257

Investments in Real Estate - Su

Investments in Real Estate - Summary of Properties Acquired (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) ft² transaction property unit	Dec. 31, 2021 USD ($) ft² property unit
Real Estate Properties [Line Items]
Purchase Price | $	$ 939,591	$ 500,176
Number of Transactions	139	269
Number of Properties	169	274
Medical Office
Real Estate Properties [Line Items]
Purchase Price | $	$ 292,016	$ 144,945
Number of Transactions	1	6
Number of Properties	10	11
Sq. Ft. | ft²	662	569
Industrial
Real Estate Properties [Line Items]
Purchase Price | $	$ 380,912	$ 25,539
Number of Transactions	5	2
Number of Properties	19	2
Sq. Ft. | ft²	3,225	201
Retail
Real Estate Properties [Line Items]
Purchase Price | $	$ 130,371
Number of Transactions	1
Number of Properties	5
Sq. Ft. | ft²	496
Self-Storage
Real Estate Properties [Line Items]
Purchase Price | $	$ 48,270
Number of Transactions	4
Number of Properties	4
Units | unit	2,358
Multi-Family
Real Estate Properties [Line Items]
Purchase Price | $	$ 37,818	$ 216,554
Number of Transactions	1	3
Number of Properties	4	3
Units | unit	84	1,030
Office
Real Estate Properties [Line Items]
Purchase Price | $		$ 21,431
Number of Transactions		1
Number of Properties		1
Sq. Ft. | ft²		85
Single-Family Rentals
Real Estate Properties [Line Items]
Purchase Price | $	$ 50,204	$ 91,707
Number of Transactions	127	257
Number of Properties	127	257
Sq. Ft. | ft²	250	526

Investments in Real Estate - Pu

Investments in Real Estate - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Building and building improvements	$ 728,644	$ 388,116
Land and land improvements	145,958	86,838
In-place lease intangibles	34,087	22,522
Furniture, fixtures and equipment	409	6,092
Leasing commissions	19,855	8,548
Other intangibles	10,638	(11,940)
Total purchase price	939,591	500,176
Mortgage notes assumed	(69,657)	(29,500)
Discount on assumed mortgage notes	7,525	0
Non-controlling interest	(3,347)	0
Net purchase price	$ 874,112	$ 470,676

Investments in Real Estate-Re_3

Investments in Real Estate-Related Securities - Summary of Investments in Real-Estate Securities (Details) - Investments in Real Estate-Related Securities $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Equity Securities At Fair Value [Roll Forward]
Balance as of December 31, 2021	$ 93,970
Additions	106,448
Disposals	(51,928)
Unrealized losses	(34,086)
Realized gains	1,760
Balance at December 31, 2022	$ 116,164

Investments in Real Estate-Re_4

Investments in Real Estate-Related Securities - Summary of Components of Realized and Unrealized Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Unrealized (losses) gains	$ (34,086)	$ 16,844	$ 2,246
Realized gains (losses)	1,760	3,692	(3,933)
Dividend income	3,756	1,935	1,202
Total	$ (28,570)	$ 22,471	$ (485)

Investments in Real Estate De_3

Investments in Real Estate Debt - Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]
Weighted Average Coupon	5.99%	2.54%
Weighted Average Maturity Date	Jul. 05, 2038	Apr. 02, 2038
Face Amount	$ 105,576	$ 14,195
Cost Basis	102,392	14,180
Fair Value	$ 98,252	$ 14,183
CMBS - Fixed
Schedule of Held-to-maturity Securities [Line Items]
Weighted Average Coupon	3.83%	4.02%
Weighted Average Maturity Date	Sep. 25, 2043	May 13, 2042
Face Amount	$ 19,541	$ 3,219
Cost Basis	18,324	3,300
Fair Value	$ 17,157	$ 3,300
CMBS - Floating
Schedule of Held-to-maturity Securities [Line Items]
Weighted Average Coupon	6.48%	2.10%
Weighted Average Maturity Date	Apr. 28, 2037	Jan. 16, 2037
Face Amount	$ 86,035	$ 10,976
Cost Basis	84,068	10,880
Fair Value	$ 81,095	$ 10,883

Investments in Real Estate De_4

Investments in Real Estate Debt - Collateral Type of Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 102,392	$ 14,180
Fair Value	$ 98,252	$ 14,183
Percentage based on Fair Value	100%	100%
Fitch, AAA Rating
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 3,528	$ 1,788
Fair Value	$ 3,347	$ 1,795
Percentage based on Fair Value	3.40%	12.60%
Fitch, AA Rating
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 9,903	$ 0
Fair Value	$ 9,861	$ 0
Percentage based on Fair Value	10%	0%
Fitch, A Rating
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 25,406	$ 996
Fair Value	$ 24,364	$ 996
Percentage based on Fair Value	24.80%	7%
Fitch, BBB Rating
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 60,856	$ 11,396
Fair Value	$ 58,254	$ 11,392
Percentage based on Fair Value	59.30%	80.40%
Fitch, BB Rating
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 2,164	$ 0
Fair Value	$ 2,021	$ 0
Percentage based on Fair Value	2.10%	0%
Fitch, B Rating
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 535	$ 0
Fair Value	$ 405	$ 0
Percentage based on Fair Value	0.40%	0%
Industrial
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 31,069	$ 5,163
Fair Value	$ 29,979	$ 5,163
Percentage based on Fair Value	30.50%	36.40%
Multifamily
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 17,457	$ 0
Fair Value	$ 17,083	$ 0
Percentage based on Fair Value	17.30%	0%
Office
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 13,148	$ 2,497
Fair Value	$ 12,194	$ 2,496
Percentage based on Fair Value	12.40%	17.60%
Diversified
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 10,833	$ 1,788
Fair Value	$ 10,179	$ 1,795
Percentage based on Fair Value	10.40%	12.60%
Cold Storage
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 9,799	$ 0
Fair Value	$ 9,664	$ 0
Percentage based on Fair Value	9.80%	0%
Hotel
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 4,798	$ 0
Fair Value	$ 4,637	$ 0
Percentage based on Fair Value	4.70%	0%
Retail
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 4,245	$ 1,791
Fair Value	$ 4,106	$ 1,792
Percentage based on Fair Value	4.20%	12.60%
Net Lease
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 3,907	$ 1,513
Fair Value	$ 3,493	$ 1,511
Percentage based on Fair Value	3.60%	10.70%
Manu Housing
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 3,149	$ 0
Fair Value	$ 3,148	$ 0
Percentage based on Fair Value	3.20%	0%
Self-Storage
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 2,494	$ 0
Fair Value	$ 2,330	$ 0
Percentage based on Fair Value	2.40%	0%
Life Science
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 1,493	$ 1,428
Fair Value	$ 1,439	$ 1,426
Percentage based on Fair Value	1.50%	10.10%

Investments in Real Estate De_5

Investments in Real Estate Debt - Roll Forward (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Investments in Real Estate Debt [Roll Forward]
Disposals	$ (10,862)
Real Estate Related Commercial Mortgage Backed Securities
Investments in Real Estate Debt [Roll Forward]
Balance as of December 31, 2021	14,183
Additions	99,075
Unrealized losses	(4,144)
Balance at December 31, 2022	$ 98,252

Investment in International A_3

Investment in International Affiliated Funds - Narrative (Details) $ in Thousands, € in Millions	1 Months Ended	12 Months Ended			46 Months Ended	47 Months Ended	82 Months Ended
	Nov. 30, 2018 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)
Schedule Of Investments [Line Items]
Income from equity investments in unconsolidated international affiliated funds		$ 3,351	$ 2,435	$ 1,851
ECF
Schedule Of Investments [Line Items]
Equity method investment, investment commitment amount							$ 28,400	€ 25
Equity method investment ownership percent		6%					6%	6%
Income from equity investments in unconsolidated international affiliated funds		$ (5,567)	(1,500)	200
ECF | Subsequent ECF Funding
Schedule Of Investments [Line Items]
Equity method investment, investment commitment amount							$ 51,000	€ 45
APCF
Schedule Of Investments [Line Items]
Equity method investment, investment commitment amount	$ 10,000					$ 50,000
Equity method investment ownership percent		6%					6%	6%
Income from equity investments in unconsolidated international affiliated funds		$ (2,216)	$ 900	$ 2,000
Equity method investment, additional investment commitment amount one					$ 20,000
Equity Method Investment, Additional Investment Commitment Amount Two					$ 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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Roll Forward]
Income distributions	$ (2,274)	$ (1,109)	$ (970)
Income from equity investments in unconsolidated international affiliated funds	(3,351)	(2,435)	(1,851)
ECF
Schedule of Equity Method Investments [Roll Forward]
Beginning balance	79,097
Income distributions	(1,413)
Income from equity investments in unconsolidated international affiliated funds	5,567	1,500	(200)
Foreign currency translation adjustment	(4,898)
Ending balance	78,353	79,097
APCF
Schedule of Equity Method Investments [Roll Forward]
Beginning balance	51,948
Income distributions	(861)
Income from equity investments in unconsolidated international affiliated funds	2,216	(900)	$ (2,000)
Ending balance	$ 48,871	$ 51,948

Investments in Commercial Mor_3

Investments in Commercial Mortgage Loans - Schedule of Investments in Commercial Mortgage Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) seniorLoan
Summary of Investment Holdings [Line Items]
Fair Value	$ 343,970
LIBOR
Summary of Investment Holdings [Line Items]
Interest Rate	4.30%
SOFR
Summary of Investment Holdings [Line Items]
Interest Rate	4.30%
Senior Loan Portion Sold
Summary of Investment Holdings [Line Items]
Number of loans | seniorLoan	4
Financial instruments sold, not yet purchased, corporate debt	$ 208,500
Number of senior loans retained subordinated mortgage | seniorLoan	3
Number of loans not qualified for sale accounting | seniorLoan	3
9-90 Corporate Center | Senior | Office | Massachusetts, MA | Framingham
Summary of Investment Holdings [Line Items]
Commitment Amount	$ 72,033
Principal Receivable	59,226
Fair Value	$ 58,810
9-90 Corporate Center | Senior | Office | Massachusetts, MA | Framingham | LIBOR
Summary of Investment Holdings [Line Items]
Interest Rate	1.75%
9-90 Corporate Center | Mezzanine | Office | Massachusetts, MA | Framingham
Summary of Investment Holdings [Line Items]
Commitment Amount	$ 23,344
Principal Receivable	19,742
Fair Value	$ 19,520
9-90 Corporate Center | Mezzanine | Office | Massachusetts, MA | Framingham | LIBOR
Summary of Investment Holdings [Line Items]
Interest Rate	5.75%
Panorama House | Senior | Multifamily | California, CA | Roseville
Summary of Investment Holdings [Line Items]
Commitment Amount	$ 66,488
Principal Receivable	66,488
Fair Value	$ 65,750
Panorama House | Senior | Multifamily | California, CA | Roseville | SOFR
Summary of Investment Holdings [Line Items]
Interest Rate	1.65%
Panorama House | Mezzanine | Multifamily | California, CA | Roseville
Summary of Investment Holdings [Line Items]
Commitment Amount	$ 22,163
Principal Receivable	22,163
Fair Value	$ 21,870
Panorama House | Mezzanine | Multifamily | California, CA | Roseville | SOFR
Summary of Investment Holdings [Line Items]
Interest Rate	5.97%
Tucson IV | Senior | Multifamily | Arizona, AZ | Tuscon
Summary of Investment Holdings [Line Items]
Commitment Amount	$ 76,260
Principal Receivable	70,642
Fair Value	$ 70,910
Tucson IV | Senior | Multifamily | Arizona, AZ | Tuscon | SOFR
Summary of Investment Holdings [Line Items]
Interest Rate	2.95%
Tucson IV | Mezzanine | Multifamily | Arizona, AZ | Tuscon
Summary of Investment Holdings [Line Items]
Commitment Amount	$ 25,420
Principal Receivable	23,547
Fair Value	$ 21,820
Tucson IV | Mezzanine | Multifamily | Arizona, AZ | Tuscon | SOFR
Summary of Investment Holdings [Line Items]
Interest Rate	2.95%
Dolce Living Royal Palm | Senior | Multifamily | Florida, FL | Kissimmee
Summary of Investment Holdings [Line Items]
Commitment Amount	$ 51,432
Principal Receivable	51,432
Fair Value	$ 51,270
Dolce Living Royal Palm | Senior | Multifamily | Florida, FL | Kissimmee | SOFR
Summary of Investment Holdings [Line Items]
Interest Rate	1.85%
Dolce Living Royal Palm | Mezzanine | Multifamily | Florida, FL | Kissimmee
Summary of Investment Holdings [Line Items]
Commitment Amount	$ 17,144
Principal Receivable	17,144
Fair Value	$ 17,080
Dolce Living Royal Palm | Mezzanine | Multifamily | Florida, FL | Kissimmee | SOFR
Summary of Investment Holdings [Line Items]
Interest Rate	5.25%
Luxe Scottsdale | Mezzanine | Multifamily | Arizona, AZ | Scottsdale
Summary of Investment Holdings [Line Items]
Commitment Amount	$ 17,043
Principal Receivable	17,043
Fair Value	$ 16,940
Luxe Scottsdale | Mezzanine | Multifamily | Arizona, AZ | Scottsdale | SOFR
Summary of Investment Holdings [Line Items]
Interest Rate	5.70%

Investments in Commercial Mor_4

Investments in Commercial Mortgage Loans - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Realized and unrealized loss on commercial mortgage loans	$ (2,100)
Income from commercial mortgage loans	$ 15,092	$ 1,913	$ 890

Investments in Commercial Mor_5

Investments in Commercial Mortgage Loans - Summary of Loan Terms (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Financing Receivable, After Allowance For Credit Loss [Roll Forward]
Balance as of December 31, 2022	$ 343,970
Commercial Mortgage Loan
Financing Receivable, After Allowance For Credit Loss [Roll Forward]
Balance as of December 31, 2021	140,512
Loan originations	229,095
Sale of senior note	(51,128)
Additional fundings	28,924
Net unrealized loss	(3,433)
Balance as of December 31, 2022	343,970
Net unrealized loss	2,100
Debt Securities
Financing Receivable, After Allowance For Credit Loss [Roll Forward]
Net unrealized loss	$ 1,300

Intangibles - Gross Carrying Am

Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Intangible assets:
Total intangible assets	$ 168,993	$ 79,749
Accumulated amortization:
Total accumulated amortization	(46,002)	(22,276)
Intangible assets, net	122,991	57,473
Intangible liabilities:
Intangible liabilities, net	(40,232)	(22,522)
In-place lease intangibles
Intangible assets:
Total intangible assets	95,325	53,031
Accumulated amortization:
Total accumulated amortization	(33,200)	(16,282)
Intangible assets, net	62,125
Above-market lease intangibles
Intangible assets:
Total intangible assets	13,030	493
Accumulated amortization:
Total accumulated amortization	(943)	(77)
Intangible assets, net	12,087
Leasing commissions
Intangible assets:
Total intangible assets	41,757	20,559
Accumulated amortization:
Total accumulated amortization	(9,034)	(5,055)
Intangible assets, net	32,723
Other intangibles
Intangible assets:
Total intangible assets	18,881	5,666
Accumulated amortization:
Total accumulated amortization	(2,825)	(862)
Intangible assets, net	16,056
Below-market lease intangibles
Intangible liabilities:
Below-market lease intangibles	(47,785)	(25,841)
Accumulated amortization	7,553	3,319
Intangible liabilities, net	$ (40,232)	$ (22,522)

Intangibles - Narrative (Detail

Intangibles - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Amortization expense relating to intangible assets	$ 23.7	$ 8.5	$ 4.3
Income from amortization of intangible liabilities	$ 4.2	$ (2.1)	$ (0.7)
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	Dec. 31, 2022	Dec. 31, 2021
In-place Lease Intangibles and Other Intangibles
Intangible assets, net	$ 122,991	$ 57,473
Below-Market Lease Intangibles
Intangible liabilities, net	(40,232)	(22,522)
In-place lease intangibles
In-place Lease Intangibles and Other Intangibles
2023	16,279
2024	10,654
2025	8,683
2026	6,434
2027	5,070
Thereafter	15,005
Intangible assets, net	62,125
Above-market lease intangibles
In-place Lease Intangibles and Other Intangibles
2023	1,817
2024	1,852
2025	1,786
2026	1,727
2027	1,688
Thereafter	3,217
Intangible assets, net	12,087
Leasing commissions
In-place Lease Intangibles and Other Intangibles
2023	5,686
2024	5,216
2025	4,646
2026	3,842
2027	3,161
Thereafter	10,172
Intangible assets, net	32,723
Other intangibles
In-place Lease Intangibles and Other Intangibles
2023	3,470
2024	2,793
2025	2,475
2026	1,990
2027	1,604
Thereafter	3,724
Intangible assets, net	16,056
Below-market lease intangibles
Below-Market Lease Intangibles
2023	(6,088)
2024	(5,470)
2025	(5,018)
2026	(4,526)
2027	(3,921)
Thereafter	(15,209)
Intangible liabilities, net	$ (40,232)	$ (22,522)

Credit Facility - Narrative (De

Credit Facility - Narrative (Details)		12 Months Ended
	Sep. 30, 2021 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Oct. 24, 2018 USD ($)
Unsecured Revolving Loans
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity					$ 60,000,000
Credit Agreement With Accordion Feature
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity					$ 500,000,000
Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 335,000,000
Credit facility		190,000,000	$ 238,000,000
Line of Credit | September 2021 Amended Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 335,000,000
Number of term extension options | property	2
Extension term	1 year
Extension fee, percentage	0.125%
Outstanding accrued interest		3,200,000	200,000
Interest expense		6,300,000	1,900,000	$ 1,700,000
Line of Credit | September 2021 Amended Credit Agreement | Revolving facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 235,000,000	235,000,000
Credit facility		90,000,000	163,000,000
Line of Credit | September 2021 Amended Credit Agreement | DDTL facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 100,000,000	100,000,000
Number of advances | property	3
Minimum amount of advance	$ 30,000,000
Unused fee, percentage	0.15%
Minimum threshold to trigger minimum unused fee, percentage of aggregate commitments	50%
Upfront fee (in basis points)	0.40%
Credit facility		$ 100,000,000	$ 75,000,000
Line of Credit | September 2021 Amended Credit Agreement | Minimum | DDTL facility
Line of Credit Facility [Line Items]
Unused fee, percentage	0.15%
Line of Credit | September 2021 Amended Credit Agreement | Minimum | Base Rate | Revolving facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.30%
Line of Credit | September 2021 Amended Credit Agreement | Minimum | Base Rate | DDTL facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.25%
Line of Credit | September 2021 Amended Credit Agreement | Minimum | LIBOR | Revolving facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.30%
Line of Credit | September 2021 Amended Credit Agreement | Minimum | LIBOR | DDTL facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
Line of Credit | September 2021 Amended Credit Agreement | Maximum | DDTL facility
Line of Credit Facility [Line Items]
Unused fee, percentage	0.25%
Line of Credit | September 2021 Amended Credit Agreement | Maximum | Base Rate | Revolving facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.90%
Line of Credit | September 2021 Amended Credit Agreement | Maximum | Base Rate | DDTL facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.85%
Line of Credit | September 2021 Amended Credit Agreement | Maximum | LIBOR | Revolving facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.90%
Line of Credit | September 2021 Amended Credit Agreement | Maximum | LIBOR | DDTL facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.85%

Credit Facility - Summary of Cr

Credit Facility - Summary of Credit Facility (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2021
Line of Credit
Debt Instrument [Line Items]
Maximum Facility Size	$ 335,000,000
Principal Balance Outstanding	$ 190,000,000	$ 238,000,000
September 2021 Amended Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Maximum Facility Size			$ 335,000,000
September 2021 Amended Credit Agreement | Revolving facility
Debt Instrument [Line Items]
Weighted-average interest rate	2.92%
September 2021 Amended Credit Agreement | Revolving facility | Line of Credit
Debt Instrument [Line Items]
Maximum Facility Size	$ 235,000,000		235,000,000
Principal Balance Outstanding	90,000,000	163,000,000
September 2021 Amended Credit Agreement | DDTL facility | Line of Credit
Debt Instrument [Line Items]
Maximum Facility Size	100,000,000		$ 100,000,000
Principal Balance Outstanding	$ 100,000,000	$ 75,000,000

Credit Facility - Long-term Deb

Credit Facility - Long-term Debt Maturities (Details) - Line of Credit - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total	$ 190,000	$ 238,000
Credit Facility
Debt Instrument [Line Items]
2023	0
2024	90,000
2025	0
2026	100,000
2027	0
Total	$ 190,000

Mortgages Payable - Summary of

Mortgages Payable - Summary of Mortgages Payable (Details) - USD ($) $ in Thousands	Jan. 03, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Deferred financing costs, net		$ (1,140)	$ (1,710)
Discount on assumed mortgage notes		(7,284)	0
Mortgages
Debt Instrument [Line Items]
Deferred financing costs, net		(865)	(636)
Total		187,908	105,614
Mortgages Payable
Debt Instrument [Line Items]
Total		196,057
Mortgages Payable | Mortgages
Debt Instrument [Line Items]
Principal Balance Outstanding		$ 196,057	106,250
Main Street at Kingwood | Mortgages
Debt Instrument [Line Items]
Interest Rate		3.15%
Principal Balance Outstanding		$ 48,000	48,000
Tacara Steiner Ranch | Mortgages
Debt Instrument [Line Items]
Interest Rate		2.62%
Principal Balance Outstanding		$ 28,750	28,750
Signature at Hartwell | Mortgages
Debt Instrument [Line Items]
Interest Rate		3.01%
Principal Balance Outstanding		$ 29,500	29,500
GFI Grocery Anchored Portfolio | Mortgages
Debt Instrument [Line Items]
Principal Balance Outstanding		$ 69,634	0
GFI Grocery Anchored Portfolio | Mortgages | Minimum
Debt Instrument [Line Items]
Interest Rate		2.98%
GFI Grocery Anchored Portfolio | Mortgages | Maximum
Debt Instrument [Line Items]
Interest Rate		3.40%
CASA Nord Portfolio | Mortgages
Debt Instrument [Line Items]
Interest Rate		5.21%
Principal Balance Outstanding		$ 20,173	$ 0
CASA Nord Portfolio | Mortgages | Interest Rate Swap | Subsequent Event
Debt Instrument [Line Items]
Interest Rate	3.18%

Mortgages Payable - Narrative (

Mortgages Payable - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Mortgages Payable | Mortgages
Debt Instrument [Line Items]
Interest expense	$ 3.5	$ 1.9	$ 1.5

Mortgages Payable - Long-term D

Mortgages Payable - Long-term Debt Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Line of Credit
Debt Instrument [Line Items]
Total	$ 190,000	$ 238,000
Mortgages Payable
Debt Instrument [Line Items]
2023	328
2024	542
2025	1,486
2026	54,639
2027	15,641
Thereafter	123,421
Total	196,057
Amended Credit Agreement | Line of Credit
Debt Instrument [Line Items]
2023	0
2024	90,000
2025	0
2026	100,000
2027	0
Thereafter	0
Total	$ 190,000

Note Payable - Narrative (Detai

Note Payable - Narrative (Details) - Tuscon Loan Asset - Notes Payable $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Mortgages payable	$ 69.3
Outstanding accrued interest	0.2
Interest expense	$ 1.7
SOFR
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	1.65%

Note Payable - Summary of Note

Note Payable - Summary of Note Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Beginning balance	$ 0
Financings proceeds	69,263	$ 0	$ 0
Net unrealized gain	(233)
Ending balance	$ 69,030	$ 0

Note Payable - Long-term Debt M

Note Payable - Long-term Debt Maturities (Details) - Tuscon Loan Asset $ in Thousands	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
2023	$ 0
2024	0
2025	69,263
2026	0
2027	0
Thereafter	0
Total	$ 69,263

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Summary of Components of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Straight-line rent receivable	$ 9,442	$ 6,451
Receivables	7,788	3,245
Right-of-use asset - finance leases	2,531	0
Right-of-use asset - operating lease	2,123	0
Prepaid expenses	2,057	1,154
Deferred financing costs on credit facility, net	1,140	1,710
Other	1,274	7,985
Total	$ 26,355	$ 20,545
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total

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	Dec. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Accounts payable and accrued expenses	$ 41,980	$ 5,733
Real estate taxes payable	6,794	3,072
Tenant security deposits	6,531	2,010
Lease liability - finance leases	2,531	0
Lease liability - operating lease	2,123	0
Prepaid rental income	2,332	2,213
Accrued interest expense	3,794	462
Deferred tax liability	2,273	0
Other	6,213	1,320
Total	$ 74,571	$ 14,810
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total

Related Party Transactions - Su

Related Party Transactions - Summary of Certain Affiliates Receive Fee and Compensation with Offering and Ongoing Management of Assets (Details)	12 Months Ended
	Dec. 31, 2022
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) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) jointVenture	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Sparrow | Other Affiliates
Related Party Transaction [Line Items]
Single family housing project investments, commitment	$ 150
Class N Shares | TIAA
Related Party Transaction [Line Items]
Common stock value under purchase agreement	300
Advisory fees
Related Party Transaction [Line Items]
Due to related party	$ 20.8	$ 7	$ 2.9
Acquisition Fees | NexCore
Related Party Transaction [Line Items]
Number of joint venture arrangements | jointVenture	8
Project management fees | Nuveen RE PMS
Related Party Transaction [Line Items]
Maximum amount of transaction, percentage of project costs	6%
Development and management fees | Nuveen RE PMS
Related Party Transaction [Line Items]
Maximum amount of transaction, percentage of project costs	4%
Accounts Payable, Accrued Expenses and Other Liabilities | Advisory fees
Related Party Transaction [Line Items]
Due to related party	$ 2.3	$ 1.2

Related Party Transactions - Sc

Related Party Transactions - Schedule of Affiliated Service Providers and the Fees Incurred (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Fees paid to affiliate	$ 1,487	$ 747
Property management fees | NexCore
Related Party Transaction [Line Items]
Fees paid to affiliate	397	149
Property management fees | Sparrow
Related Party Transaction [Line Items]
Fees paid to affiliate	468	29
Acquisition Services Fee | NexCore
Related Party Transaction [Line Items]
Fees paid to affiliate	129	414
Acquisition Services Fee | Sparrow
Related Party Transaction [Line Items]
Fees paid to affiliate	$ 493	$ 155

Related Party Transactions - _2

Related Party Transactions - Schedule of Components of Due to Affiliates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Due to affiliates	$ 50,637	$ 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	$ 47,086	25,358
Threshold percent of gross proceeds	10%
Accrued stockholder servicing fees | Class D Shares
Related Party Transaction [Line Items]
Period from date of issuance for future shares issued	29 years 6 months
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	$ 3,551	$ 4,648

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Rental revenue	$ 115,591	$ 56,607	$ 38,357
Weighted-average discount rate	8.43%
Operating lease, weighted average remaining lease term	38 years
Finance lease, weighted average remaining lease term	45 years

Leases - Schedule of Minimum Re

Leases - Schedule of Minimum Rents Expects to Receive for Industrial, Retail and Office Properties, Excluding Tenant Reimbursements of Operating Expenses (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 82,857
2024	80,643
2025	72,591
2026	61,181
2027	50,437
Thereafter	150,626
Total	$ 498,335

Leases - Schedule of Right-of-u

Leases - Schedule of Right-of-use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Right-of-use asset - finance leases	$ 2,531	$ 0
Right-of-use asset - operating lease	2,123	0
Liabilities:
Lease liability - finance leases	2,531	0
Lease liability - operating lease	$ 2,123	$ 0

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Annual Payments for Ground Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 154
2024	154
2025	158
2026	166
2027	169
Thereafter	7,695
Total undiscounted future lease payments	8,496
Difference between undiscounted cash flows and discounted cash flows	(6,373)
Lease liability - operating lease	2,123	$ 0
2023	219
2024	219
2025	219
2026	219
2027	219
Thereafter	8,808
Total undiscounted future lease payments	9,903
Difference between undiscounted cash flows and discounted cash flows	(7,372)
Lease liability - finance leases	$ 2,531	$ 0

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Narrative (Details) - USD ($)						3 Months Ended	12 Months Ended
	Jul. 01, 2022	Jun. 30, 2022	Mar. 31, 2021	Oct. 08, 2020	Jan. 04, 2019	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 02, 2019
Equity [Line Items]
Number of shares, authorized to issue (in shares)						2,200,000,000	2,200,000,000
Preferred stock preference percentage										12%
Restricted stock, vesting period	1 year	1 year
Dividends payable						$ 10,065,000	$ 10,065,000	$ 5,323,000
Dividends							$ 97,700,000	37,800,000	$ 21,100,000
Repurchase fulfillment term							24 months
Least number of months required for satisfaction of requests							1 month
Properly submitted repurchase requests (in percent)							100%
Number of minimum days for which no investments will be made							30 days
Stock repurchased							$ 62,207,000	3,204,000	1,906,000
Increase in preferred stock							352,000	258,000
Additional Paid-in Capital
Equity [Line Items]
Stock repurchased							62,158,000	3,201,000	$ 1,905,000
Increase in preferred stock							352,000	$ 258,000
Gross distribution per share of common stock
Equity [Line Items]
Net distributions per share of common stock (in dollars per share)						$ 0.8564
Non-employee Directors
Equity [Line Items]
Annual retainer	$ 100,000						$ 75,000
Percent of annual compensation paid in share-based payment	50%						25%
Audit Committee Chairperson
Equity [Line Items]
Annual retainer	$ 20,000						$ 15,000
Percent of annual compensation paid in cash	50%						75%
Lead Independent Director
Equity [Line Items]
Annual retainer	$ 5,000
TIAA
Equity [Line Items]
Restricted stock, vesting period							1 year
Percentage of shares to be repurchased at transaction price							95%
Class T Shares
Equity [Line Items]
Common stock issued (in shares)						17,285,298	17,285,298	9,201,452
Common stock outstanding (in shares)						17,285,298	17,285,298	9,201,452
Net distributions per share of common stock (in dollars per share)							$ 0.5939	$ 0.5148	$ 0.4778
Class T Shares | Gross distribution per share of common stock
Equity [Line Items]
Net distributions per share of common stock (in dollars per share)							$ 0.8564	$ 0.7447	0.6840
Class S Shares
Equity [Line Items]
Common stock issued (in shares)						45,277,146	45,277,146	23,809,171
Common stock outstanding (in shares)						45,277,146	45,277,146	23,809,171
Net distributions per share of common stock (in dollars per share)							$ 0.5965	$ 0.5165	0.4781
Class S Shares | Gross distribution per share of common stock
Equity [Line Items]
Net distributions per share of common stock (in dollars per share)							$ 0.8564	$ 0.7447	0.6840
Class D Shares
Equity [Line Items]
Common stock issued (in shares)						8,009,944	8,009,944	4,648,665
Common stock outstanding (in shares)						8,009,944	8,009,944	4,648,665
Net distributions per share of common stock (in dollars per share)							$ 0.6706	$ 0.5828	0.5396
Class D Shares | Gross distribution per share of common stock
Equity [Line Items]
Net distributions per share of common stock (in dollars per share)							$ 0.8564	$ 0.7447	0.6840
Class I Shares
Equity [Line Items]
Common stock issued (in shares)						79,727,458	79,727,458	31,460,729
Common stock outstanding (in shares)						79,727,458	79,727,458	31,460,729
Net distributions per share of common stock (in dollars per share)							$ 0.7046	$ 0.6119	0.5759
Class I Shares | Gross distribution per share of common stock
Equity [Line Items]
Net distributions per share of common stock (in dollars per share)							$ 0.8564	$ 0.7447	0.6840
Class N Shares
Equity [Line Items]
Common stock issued (in shares)						29,730,608	29,730,608	29,730,608
Common stock outstanding (in shares)						29,730,608	29,730,608	29,730,608
Net distributions per share of common stock (in dollars per share)							$ 0.7747	$ 0.6739	0.6271
Class N Shares | Gross distribution per share of common stock
Equity [Line Items]
Net distributions per share of common stock (in dollars per share)							$ 0.8564	$ 0.7447	$ 0.6840
Class N Shares | TIAA
Equity [Line Items]
Common stock value under purchase agreement						$ 300,000,000	$ 300,000,000
Initial investment threshold						$ 200,000	$ 200,000
Class N Shares | TIAA | Minimum
Equity [Line Items]
Percentage of repurchase plan limits per month							0.67%
Class N Shares | TIAA | Maximum
Equity [Line Items]
Percentage of repurchase plan limits per quarter							1.67%
Class D and Class S and Class T and Class I | TIAA | Maximum
Equity [Line Items]
Percentage of repurchase plan limits per month							2%
Percentage of repurchase plan limits per quarter							5%
Private Placement | Additional Paid-in Capital
Equity [Line Items]
Increase in preferred stock							$ 600,000	$ 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	Dec. 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
Class N Shares
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 shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	98,850	41,678	33,717
Common stock issued (in shares)	82,937	56,773	7,948
Distribution reinvestment plan (in shares)	3,065	674	194
Vested stock grant (in shares)	7	6	6
Common stock repurchased (in shares)	(4,829)	(281)	(187)
Ending balance (in shares)	180,030	98,850	41,678
Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	9,201	3,248	1,377
Common stock issued (in shares)	8,232	5,862	1,818
Distribution reinvestment plan (in shares)	311	114	68
Vested stock grant (in shares)	0	0	0
Common stock repurchased (in shares)	(459)	(23)	(15)
Ending balance (in shares)	17,285	9,201	3,248
Class S Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	23,809	2,832	70
Common stock issued (in shares)	21,643	20,802	2,734
Distribution reinvestment plan (in shares)	929	223	30
Vested stock grant (in shares)	0	0	0
Common stock repurchased (in shares)	(1,104)	(48)	(2)
Ending balance (in shares)	45,277	23,809	2,832
Class D Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	4,649	1,406	573
Common stock issued (in shares)	3,478	3,219	819
Distribution reinvestment plan (in shares)	170	54	36
Vested stock grant (in shares)	0	0	0
Common stock repurchased (in shares)	(287)	(30)	(22)
Ending balance (in shares)	8,010	4,649	1,406
Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	31,460	4,461	1,966
Common stock issued (in shares)	49,584	26,890	2,577
Distribution reinvestment plan (in shares)	1,655	283	60
Vested stock grant (in shares)	7	6	6
Common stock repurchased (in shares)	(2,979)	(180)	(148)
Ending balance (in shares)	79,727	31,460	4,461
Class N Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	29,731	29,731	29,731
Common stock issued (in shares)	0	0	0
Distribution reinvestment plan (in shares)	0	0	0
Vested stock grant (in shares)	0	0	0
Common stock repurchased (in shares)	0	0	0
Ending balance (in shares)	29,731	29,731	29,731

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interest - Summary of Declared Distributions (Details) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	$ (0.8564)
Class T Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)		$ (0.5939)	$ (0.5148)	$ (0.4778)
Class T Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)		(0.8564)	(0.7447)	(0.6840)
Class T Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)		(0.1517)	(0.1321)	(0.1143)
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)		(0.1108)	(0.0978)	(0.0919)
Class S Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)		(0.5965)	(0.5165)	(0.4781)
Class S Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)		(0.8564)	(0.7447)	(0.6840)
Class S Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)		(0.1500)	(0.1311)	(0.1214)
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)		(0.1099)	(0.0971)	(0.0845)
Class D Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)		(0.6706)	(0.5828)	(0.5396)
Class D Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)		(0.8564)	(0.7447)	(0.6840)
Class D Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)		(0.1523)	(0.1330)	(0.1120)
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)		(0.0335)	(0.0289)	(0.0324)
Class I Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)		(0.7046)	(0.6119)	(0.5759)
Class I Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)		(0.8564)	(0.7447)	(0.6840)
Class I Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)		(0.1518)	(0.1328)	(0.1081)
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	0	0
Class N Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)		(0.7747)	(0.6739)	(0.6271)
Class N Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)		(0.8564)	(0.7447)	(0.6840)
Class N Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)		(0.0817)	(0.0708)	(0.0569)
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	$ 0	$ 0

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	11

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total assets	$ 2,670,861	$ 1,498,137
Industrial
Segment Reporting Information [Line Items]
Total assets	569,607	186,502
Healthcare
Segment Reporting Information [Line Items]
Total assets	476,894	185,953
Commercial Mortgage Loan
Segment Reporting Information [Line Items]
Total assets	343,970	140,512
Multifamily
Segment Reporting Information [Line Items]
Total assets	292,081	303,852
Retail
Segment Reporting Information [Line Items]
Total assets	223,248	82,791
Single Family Housing
Segment Reporting Information [Line Items]
Total assets	148,796	100,039
International Affiliated Funds
Segment Reporting Information [Line Items]
Total assets	127,224	131,046
Office
Segment Reporting Information [Line Items]
Total assets	120,322	125,563
Real Estate-Related Securities
Segment Reporting Information [Line Items]
Total assets	214,416	108,153
Self-Storage
Segment Reporting Information [Line Items]
Total assets	48,951	0
Other (Corporate)
Segment Reporting Information [Line Items]
Total assets	$ 105,352	$ 133,726

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Rental revenue	$ 115,591	$ 56,607	$ 38,357
Expenses:
Rental property operating expenses	38,929	18,163	11,923
Depreciation and amortization	(65,646)	(29,088)	(17,478)
Income from commercial mortgage loans	15,092	1,913	890
Realized and unrealized (loss) income from real estate-related securities	(28,570)	22,471	(485)
Realized and unrealized (loss) gain from real estate debt	(4,144)	3	0
Realized and unrealized loss on commercial mortgage loans	(2,100)
Income from equity investments in unconsolidated international affiliated funds	3,351	2,435	1,851
General and administrative expenses	(9,832)	(3,796)	(3,538)
Advisory fee due to affiliate	(26,851)	(8,781)	(3,326)
Interest income	4,498	207	155
Interest expense	(16,785)	(4,705)	(3,778)
Net (loss) income	(54,110)	19,103	725
Net (loss) income attributable to non-controlling interests in third party joint ventures	(73)	5	0
Net income attributable to preferred stock	15	19	18
Net (loss) income attributable to common stockholders	(54,052)	19,079	707
Commercial Mortgage Loan
Expenses:
Unrealized gain on note payable	(2,118)	0	0
Note Payable
Expenses:
Unrealized gain on note payable	233	0	0
Healthcare
Revenues
Rental revenue	31,250	14,830	10,381
Expenses:
Rental property operating expenses	8,803	4,769	2,915
Healthcare
Revenues
Rental revenue	27,399	11,788	4,372
Expenses:
Rental property operating expenses	7,854	2,760	1,010
Multifamily
Revenues
Rental revenue	26,951	13,314	9,351
Expenses:
Rental property operating expenses	11,720	5,765	4,520
Office
Revenues
Rental revenue	12,691	9,229	7,470
Expenses:
Rental property operating expenses	3,576	2,611	2,123
Retail
Revenues
Rental revenue	9,548	7,215	6,783
Expenses:
Rental property operating expenses	2,620	1,480	1,355
Self-Storage
Revenues
Rental revenue	923	0	0
Expenses:
Rental property operating expenses	518	0	0
Single Family Housing
Revenues
Rental revenue	6,829	231	0
Expenses:
Rental property operating expenses	$ 3,838	$ 778	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Mar. 01, 2023	Feb. 28, 2023	Dec. 31, 2022	Oct. 24, 2018
Line of Credit
Subsequent Event [Line Items]
Maximum Facility Size			$ 335,000,000
Credit Agreement With Accordion Feature
Subsequent Event [Line Items]
Maximum Facility Size				$ 500,000,000
Subsequent Event | Colorado, CO
Subsequent Event [Line Items]
Payments to acquire real estate	$ 13,800,000
Subsequent Event | Credit Agreement With Accordion Feature
Subsequent Event [Line Items]
Maximum Facility Size		$ 800,000,000
Subsequent Event | February 2023 Amended Credit Agreement | Line of Credit
Subsequent Event [Line Items]
Maximum Facility Size		455,000,000
Subsequent Event | February 2023 Amended Credit Agreement | Line of Credit | Revolving facility
Subsequent Event [Line Items]
Maximum Facility Size		321,000,000
Subsequent Event | February 2023 Amended Credit Agreement | Line of Credit | DDTL facility
Subsequent Event [Line Items]
Maximum Facility Size		$ 134,000,000

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total	$ 1,835,529	$ 945,268	$ 462,849	$ 384,260
Accumulated Depreciation	$ (84,098)	$ (42,557)	$ (24,737)	$ (13,431)
Aurora | Illinois, IL | Multi-Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	2013
Year Acquired	2017
Initial Cost of Land	$ 5,894
Initial Cost of Building and Improvements	44,713
Costs Capitalized Subsequent to Acquisition	1,056
Gross Amount at Which Carried at Close of Period, Land	5,964
Gross Amount at Which Carried at Close of Period, Building and Improvements	45,699
Total	51,663
Accumulated Depreciation	$ (6,470)
Aurora | Illinois, IL | Minimum | Multi-Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Aurora | Illinois, IL | Maximum | Multi-Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Phoenix | Arizona, AZ | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	1998
Year Acquired	2017
Initial Cost of Land	$ 3,891
Initial Cost of Building and Improvements	11,337
Costs Capitalized Subsequent to Acquisition	224
Gross Amount at Which Carried at Close of Period, Land	3,891
Gross Amount at Which Carried at Close of Period, Building and Improvements	11,561
Total	15,452
Accumulated Depreciation	$ (1,712)
Phoenix | Arizona, AZ | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Phoenix | Arizona, AZ | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Denver And Golden | Colorado, CO | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Acquired	2017
Initial Cost of Land	$ 8,773
Initial Cost of Building and Improvements	38,496
Costs Capitalized Subsequent to Acquisition	1,025
Gross Amount at Which Carried at Close of Period, Land	8,773
Gross Amount at Which Carried at Close of Period, Building and Improvements	39,521
Total	48,294
Accumulated Depreciation	$ (6,311)
Denver And Golden | Colorado, CO | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Denver And Golden | Colorado, CO | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Austin | Texas, TX | Multi-Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	2017
Year Acquired	2018
Initial Cost of Land	$ 8,385
Initial Cost of Building and Improvements	36,319
Costs Capitalized Subsequent to Acquisition	758
Gross Amount at Which Carried at Close of Period, Land	8,385
Gross Amount at Which Carried at Close of Period, Building and Improvements	37,077
Total	45,462
Accumulated Depreciation	$ (4,828)
Austin | Texas, TX | Minimum | Multi-Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Austin | Texas, TX | Maximum | Multi-Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Atlanta | Georgia, GA | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	1970
Year Acquired	2018
Initial Cost of Land	$ 4,472
Initial Cost of Building and Improvements	25,598
Costs Capitalized Subsequent to Acquisition	155
Gross Amount at Which Carried at Close of Period, Land	4,472
Gross Amount at Which Carried at Close of Period, Building and Improvements	25,753
Total	30,225
Accumulated Depreciation	$ (3,571)
Atlanta | Georgia, GA | Minimum | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Atlanta | Georgia, GA | Maximum | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Houston One | Texas, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	2016
Year Acquired	2018
Initial Cost of Land	$ 10,708
Initial Cost of Building and Improvements	74,419
Costs Capitalized Subsequent to Acquisition	431
Gross Amount at Which Carried at Close of Period, Land	10,708
Gross Amount at Which Carried at Close of Period, Building and Improvements	74,850
Total	85,558
Accumulated Depreciation	$ (10,625)
Houston One | Texas, TX | Minimum | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Houston One | Texas, TX | Maximum | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Henderson | Nevada, NV | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	2017
Year Acquired	2018
Initial Cost of Land	$ 4,475
Initial Cost of Building and Improvements	18,316
Costs Capitalized Subsequent to Acquisition	(354)
Gross Amount at Which Carried at Close of Period, Land	4,475
Gross Amount at Which Carried at Close of Period, Building and Improvements	17,962
Total	22,437
Accumulated Depreciation	$ (2,338)
Henderson | Nevada, NV | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Henderson | Nevada, NV | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Salt Lake City | Utah, UT | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	2017
Year Acquired	2019
Initial Cost of Land	$ 3,964
Initial Cost of Building and Improvements	32,945
Costs Capitalized Subsequent to Acquisition	234
Gross Amount at Which Carried at Close of Period, Land	3,963
Gross Amount at Which Carried at Close of Period, Building and Improvements	33,180
Total	37,143
Accumulated Depreciation	$ (4,507)
Salt Lake City | Utah, UT | Minimum | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Salt Lake City | Utah, UT | Maximum | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Moreno Valley | California, CA | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	1993
Year Acquired	2019
Initial Cost of Land	$ 4,376
Initial Cost of Building and Improvements	13,157
Costs Capitalized Subsequent to Acquisition	520
Gross Amount at Which Carried at Close of Period, Land	4,376
Gross Amount at Which Carried at Close of Period, Building and Improvements	13,677
Total	18,053
Accumulated Depreciation	$ (1,818)
Moreno Valley | California, CA | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Moreno Valley | California, CA | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
San Antonio One | Texas, TX | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	1972
Year Acquired	2019
Initial Cost of Land	$ 6,124
Initial Cost of Building and Improvements	26,338
Costs Capitalized Subsequent to Acquisition	819
Gross Amount at Which Carried at Close of Period, Land	6,124
Gross Amount at Which Carried at Close of Period, Building and Improvements	27,157
Total	33,281
Accumulated Depreciation	$ (3,986)
San Antonio One | Texas, TX | Minimum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
San Antonio One | Texas, TX | Maximum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Boston | Massachusetts, MA | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	1973
Year Acquired	2020
Initial Cost of Land	$ 11,612
Initial Cost of Building and Improvements	36,842
Costs Capitalized Subsequent to Acquisition	4
Gross Amount at Which Carried at Close of Period, Land	11,612
Gross Amount at Which Carried at Close of Period, Building and Improvements	36,846
Total	48,458
Accumulated Depreciation	$ (2,816)
Boston | Massachusetts, MA | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Boston | Massachusetts, MA | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Atlanta One | Georgia, GA | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	2017
Year Acquired	2020
Initial Cost of Land	$ 1,422
Initial Cost of Building and Improvements	7,795
Costs Capitalized Subsequent to Acquisition	5
Gross Amount at Which Carried at Close of Period, Land	1,422
Gross Amount at Which Carried at Close of Period, Building and Improvements	7,800
Total	9,222
Accumulated Depreciation	$ (741)
Atlanta One | Georgia, GA | Minimum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Atlanta One | Georgia, GA | Maximum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Chicago | Illinois, IL | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	1986
Year Acquired	2020
Initial Cost of Land	$ 2,867
Initial Cost of Building and Improvements	6,903
Costs Capitalized Subsequent to Acquisition	9
Gross Amount at Which Carried at Close of Period, Land	2,867
Gross Amount at Which Carried at Close of Period, Building and Improvements	6,912
Total	9,779
Accumulated Depreciation	$ (938)
Chicago | Illinois, IL | Minimum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Chicago | Illinois, IL | Maximum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
San Antonio Two | Texas, TX | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	1983
Year Acquired	2020
Initial Cost of Land	$ 2,815
Initial Cost of Building and Improvements	7,129
Costs Capitalized Subsequent to Acquisition	216
Gross Amount at Which Carried at Close of Period, Land	2,815
Gross Amount at Which Carried at Close of Period, Building and Improvements	7,345
Total	10,160
Accumulated Depreciation	$ (590)
San Antonio Two | Texas, TX | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
San Antonio Two | Texas, TX | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Boulder | Colorado, CO | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	1984
Year Acquired	2021
Initial Cost of Land	$ 3,645
Initial Cost of Building and Improvements	7,895
Costs Capitalized Subsequent to Acquisition	419
Gross Amount at Which Carried at Close of Period, Land	3,645
Gross Amount at Which Carried at Close of Period, Building and Improvements	8,314
Total	11,959
Accumulated Depreciation	$ (798)
Boulder | Colorado, CO | Minimum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Boulder | Colorado, CO | Maximum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Sugar Land One | Texas, TX | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	2007
Year Acquired	2021
Initial Cost of Land	$ 3,129
Initial Cost of Building and Improvements	9,200
Costs Capitalized Subsequent to Acquisition	207
Gross Amount at Which Carried at Close of Period, Land	3,128
Gross Amount at Which Carried at Close of Period, Building and Improvements	9,408
Total	12,536
Accumulated Depreciation	$ (605)
Sugar Land One | Texas, TX | Minimum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Sugar Land One | Texas, TX | Maximum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Huntersville | North Carolina, NC | Multi-Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	2016
Year Acquired	2021
Initial Cost of Land	$ 6,552
Initial Cost of Building and Improvements	61,509
Costs Capitalized Subsequent to Acquisition	738
Gross Amount at Which Carried at Close of Period, Land	6,552
Gross Amount at Which Carried at Close of Period, Building and Improvements	62,247
Total	68,799
Accumulated Depreciation	$ (2,607)
Huntersville | North Carolina, NC | Minimum | Multi-Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Huntersville | North Carolina, NC | Maximum | Multi-Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
San Diego | California, CA | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	1996
Year Acquired	2021
Initial Cost of Land	$ 10,586
Initial Cost of Building and Improvements	36,814
Costs Capitalized Subsequent to Acquisition	5,269
Gross Amount at Which Carried at Close of Period, Land	10,767
Gross Amount at Which Carried at Close of Period, Building and Improvements	41,902
Total	52,669
Accumulated Depreciation	$ (3,360)
San Diego | California, CA | Minimum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
San Diego | California, CA | Maximum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Morrisville | North Carolina, NC | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	1990
Year Acquired	2021
Initial Cost of Land	$ 3,953
Initial Cost of Building and Improvements	16,390
Costs Capitalized Subsequent to Acquisition	202
Gross Amount at Which Carried at Close of Period, Land	3,943
Gross Amount at Which Carried at Close of Period, Building and Improvements	16,602
Total	20,545
Accumulated Depreciation	$ (1,349)
Morrisville | North Carolina, NC | Minimum | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Morrisville | North Carolina, NC | Maximum | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Langhorne One | Pennsylvania, PA | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	1987
Year Acquired	2021
Initial Cost of Land	$ 6,918
Initial Cost of Building and Improvements	16,947
Costs Capitalized Subsequent to Acquisition	1,244
Gross Amount at Which Carried at Close of Period, Land	6,861
Gross Amount at Which Carried at Close of Period, Building and Improvements	18,248
Total	25,109
Accumulated Depreciation	$ (2,043)
Langhorne One | Pennsylvania, PA | Minimum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Langhorne One | Pennsylvania, PA | Maximum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Langhorne Two | Pennsylvania, PA | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	1988
Year Acquired	2021
Initial Cost of Land	$ 3,714
Initial Cost of Building and Improvements	9,830
Costs Capitalized Subsequent to Acquisition	266
Gross Amount at Which Carried at Close of Period, Land	3,714
Gross Amount at Which Carried at Close of Period, Building and Improvements	10,096
Total	13,810
Accumulated Depreciation	$ (747)
Langhorne Two | Pennsylvania, PA | Minimum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Langhorne Two | Pennsylvania, PA | Maximum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Roseville | California, CA | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	1996
Year Acquired	2021
Initial Cost of Land	$ 3,464
Initial Cost of Building and Improvements	24,439
Costs Capitalized Subsequent to Acquisition	1,008
Gross Amount at Which Carried at Close of Period, Land	3,611
Gross Amount at Which Carried at Close of Period, Building and Improvements	25,300
Total	28,911
Accumulated Depreciation	$ (1,724)
Roseville | California, CA | Minimum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Roseville | California, CA | Maximum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Mckinney | Texas, TX | Multi-Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	2002
Year Acquired	2021
Initial Cost of Land	$ 7,903
Initial Cost of Building and Improvements	78,125
Costs Capitalized Subsequent to Acquisition	1,246
Gross Amount at Which Carried at Close of Period, Land	7,903
Gross Amount at Which Carried at Close of Period, Building and Improvements	79,371
Total	87,274
Accumulated Depreciation	$ (2,262)
Mckinney | Texas, TX | Minimum | Multi-Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Mckinney | Texas, TX | Maximum | Multi-Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Houston Two | Texas, TX | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	2003
Year Acquired	2021
Initial Cost of Land	$ 2,056
Initial Cost of Building and Improvements	11,315
Costs Capitalized Subsequent to Acquisition	(40)
Gross Amount at Which Carried at Close of Period, Land	2,056
Gross Amount at Which Carried at Close of Period, Building and Improvements	11,275
Total	13,331
Accumulated Depreciation	$ (463)
Houston Two | Texas, TX | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Houston Two | Texas, TX | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Schertz | Texas, TX | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	2007
Year Acquired	2021
Initial Cost of Land	$ 3,037
Initial Cost of Building and Improvements	7,856
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried at Close of Period, Land	3,037
Gross Amount at Which Carried at Close of Period, Building and Improvements	7,856
Total	10,893
Accumulated Depreciation	$ (378)
Schertz | Texas, TX | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Schertz | Texas, TX | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Seneca | South Carolina, SC | Multi-Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	2021
Year Acquired	2021
Initial Cost of Land	$ 5,004
Initial Cost of Building and Improvements	42,994
Costs Capitalized Subsequent to Acquisition	91
Gross Amount at Which Carried at Close of Period, Land	5,004
Gross Amount at Which Carried at Close of Period, Building and Improvements	43,085
Total	48,089
Accumulated Depreciation	$ (1,858)
Seneca | South Carolina, SC | Minimum | Multi-Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Seneca | South Carolina, SC | Maximum | Multi-Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Various | Single-Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Acquired	2021
Initial Cost of Land	$ 26,878
Initial Cost of Building and Improvements	64,797
Costs Capitalized Subsequent to Acquisition	55,201
Gross Amount at Which Carried at Close of Period, Land	39,124
Gross Amount at Which Carried at Close of Period, Building and Improvements	107,752
Total	146,876
Accumulated Depreciation	$ (3,841)
Various | Minimum | Single-Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Various | Maximum | Single-Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Tampa One | Florida, FL | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	1979
Year Acquired	2022
Initial Cost of Land	$ 8,011
Initial Cost of Building and Improvements	43,689
Costs Capitalized Subsequent to Acquisition	33
Gross Amount at Which Carried at Close of Period, Land	8,011
Gross Amount at Which Carried at Close of Period, Building and Improvements	43,722
Total	51,733
Accumulated Depreciation	$ (1,423)
Tampa One | Florida, FL | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Tampa One | Florida, FL | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Houston Two | Texas, TX | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	1973
Year Acquired	2022
Initial Cost of Land	$ 8,660
Initial Cost of Building and Improvements	64,967
Costs Capitalized Subsequent to Acquisition	3
Gross Amount at Which Carried at Close of Period, Land	8,660
Gross Amount at Which Carried at Close of Period, Building and Improvements	64,970
Total	73,630
Accumulated Depreciation	$ (1,628)
Brooklyn Park & Burnsville | Texas, TX | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Brooklyn Park & Burnsville | Texas, TX | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Brooklyn Park & Burnsville | Minnesota, MN | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Acquired	2022
Initial Cost of Land	$ 12,972
Initial Cost of Building and Improvements	37,549
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried at Close of Period, Land	12,972
Gross Amount at Which Carried at Close of Period, Building and Improvements	37,549
Total	50,521
Accumulated Depreciation	$ (928)
Orlando | Florida, FL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	2008
Year Acquired	2022
Initial Cost of Land	$ 7,056
Initial Cost of Building and Improvements	19,700
Costs Capitalized Subsequent to Acquisition	37
Gross Amount at Which Carried at Close of Period, Land	7,056
Gross Amount at Which Carried at Close of Period, Building and Improvements	19,737
Total	26,793
Accumulated Depreciation	$ (172)
Orlando | Florida, FL | Minimum | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Orlando | Florida, FL | Maximum | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Hudson | Florida, FL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	1994
Year Acquired	2022
Initial Cost of Land	$ 4,446
Initial Cost of Building and Improvements	9,250
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried at Close of Period, Land	4,446
Gross Amount at Which Carried at Close of Period, Building and Improvements	9,250
Total	13,696
Accumulated Depreciation	$ (96)
Hudson | Florida, FL | Minimum | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Hudson | Florida, FL | Maximum | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Tampa Two | Florida, FL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	2004
Year Acquired	2022
Initial Cost of Land	$ 6,669
Initial Cost of Building and Improvements	15,977
Costs Capitalized Subsequent to Acquisition	30
Gross Amount at Which Carried at Close of Period, Land	6,669
Gross Amount at Which Carried at Close of Period, Building and Improvements	16,007
Total	22,676
Accumulated Depreciation	$ (155)
Tampa Two | Florida, FL | Minimum | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Tampa Two | Florida, FL | Maximum | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Coral Springs | Florida, FL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	1998
Year Acquired	2022
Initial Cost of Land	$ 7,926
Initial Cost of Building and Improvements	23,589
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried at Close of Period, Land	7,926
Gross Amount at Which Carried at Close of Period, Building and Improvements	23,589
Total	31,515
Accumulated Depreciation	$ (178)
Coral Springs | Florida, FL | Minimum | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Coral Springs | Florida, FL | Maximum | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Winter Garden | Florida, FL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	2007
Year Acquired	2022
Initial Cost of Land	$ 5,799
Initial Cost of Building and Improvements	20,759
Costs Capitalized Subsequent to Acquisition	18
Gross Amount at Which Carried at Close of Period, Land	5,799
Gross Amount at Which Carried at Close of Period, Building and Improvements	20,777
Total	26,576
Accumulated Depreciation	$ (193)
Winter Garden | Florida, FL | Minimum | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Winter Garden | Florida, FL | Maximum | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Palm Bay | Florida, FL | Self-Storage
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	1996
Year Acquired	2022
Initial Cost of Land	$ 580
Initial Cost of Building and Improvements	4,228
Costs Capitalized Subsequent to Acquisition	8
Gross Amount at Which Carried at Close of Period, Land	587
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,229
Total	4,816
Accumulated Depreciation	$ (50)
Palm Bay | Florida, FL | Minimum | Self-Storage
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Palm Bay | Florida, FL | Maximum | Self-Storage
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Sugar Land Two | Texas, TX | Self-Storage
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	2019
Year Acquired	2022
Initial Cost of Land	$ 770
Initial Cost of Building and Improvements	19,009
Costs Capitalized Subsequent to Acquisition	1
Gross Amount at Which Carried at Close of Period, Land	770
Gross Amount at Which Carried at Close of Period, Building and Improvements	19,010
Total	19,780
Accumulated Depreciation	$ (217)
Sugar Land Two | Texas, TX | Minimum | Self-Storage
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Sugar Land Two | Texas, TX | Maximum | Self-Storage
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Houston Three | Texas, TX | Self-Storage
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	1980
Year Acquired	2022
Initial Cost of Land	$ 1,250
Initial Cost of Building and Improvements	7,785
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried at Close of Period, Land	1,250
Gross Amount at Which Carried at Close of Period, Building and Improvements	7,785
Total	9,035
Accumulated Depreciation	$ (52)
Houston Three | Texas, TX | Minimum | Self-Storage
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Houston Three | Texas, TX | Maximum | Self-Storage
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Pflugerville | Texas, TX | Self-Storage
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	2014
Year Acquired	2022
Initial Cost of Land	$ 1,100
Initial Cost of Building and Improvements	11,703
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried at Close of Period, Land	1,100
Gross Amount at Which Carried at Close of Period, Building and Improvements	11,703
Total	12,803
Accumulated Depreciation	$ 0
Pflugerville | Texas, TX | Minimum | Self-Storage
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Pflugerville | Texas, TX | Maximum | Self-Storage
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Wilsonville | Oregon, OR | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	1986
Year Acquired	2022
Initial Cost of Land	$ 12,730
Initial Cost of Building and Improvements	46,470
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried at Close of Period, Land	12,730
Gross Amount at Which Carried at Close of Period, Building and Improvements	46,470
Total	59,200
Accumulated Depreciation	$ (641)
Wilsonville | Oregon, OR | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Wilsonville | Oregon, OR | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Atlanta Two | Georgia, GA | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Acquired	2022
Initial Cost of Land	$ 15,442
Initial Cost of Building and Improvements	43,234
Costs Capitalized Subsequent to Acquisition	8
Gross Amount at Which Carried at Close of Period, Land	15,442
Gross Amount at Which Carried at Close of Period, Building and Improvements	43,242
Total	58,684
Accumulated Depreciation	$ (991)
Atlanta Two | Georgia, GA | Minimum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Atlanta Two | Georgia, GA | Maximum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
McKinney One | Texas, TX | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Acquired	2022
Initial Cost of Land	$ 182
Initial Cost of Building and Improvements	71,284
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried at Close of Period, Land	182
Gross Amount at Which Carried at Close of Period, Building and Improvements	71,284
Total	71,466
Accumulated Depreciation	$ (1,188)
McKinney One | Texas, TX | Minimum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
McKinney One | Texas, TX | Maximum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Clearwater | Florida, FL | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	2011
Year Acquired	2022
Initial Cost of Land	$ 3,936
Initial Cost of Building and Improvements	15,029
Costs Capitalized Subsequent to Acquisition	696
Gross Amount at Which Carried at Close of Period, Land	3,936
Gross Amount at Which Carried at Close of Period, Building and Improvements	15,725
Total	19,661
Accumulated Depreciation	$ (322)
Clearwater | Florida, FL | Minimum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Clearwater | Florida, FL | Maximum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Tampa Three | Florida, FL | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	2012
Year Acquired	2022
Initial Cost of Land	$ 303
Initial Cost of Building and Improvements	17,529
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried at Close of Period, Land	303
Gross Amount at Which Carried at Close of Period, Building and Improvements	17,529
Total	17,832
Accumulated Depreciation	$ (308)
Tampa Three | Florida, FL | Minimum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Tampa Three | Florida, FL | Maximum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Tampa Four | Florida, FL | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	1979
Year Acquired	2022
Initial Cost of Land	$ 4,845
Initial Cost of Building and Improvements	25,046
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried at Close of Period, Land	4,845
Gross Amount at Which Carried at Close of Period, Building and Improvements	25,046
Total	29,891
Accumulated Depreciation	$ (489)
Tampa Four | Florida, FL | Minimum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Tampa Four | Florida, FL | Maximum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Pittsburgh | Pennsylvania, PA | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	1999
Year Acquired	2022
Initial Cost of Land	$ 3,028
Initial Cost of Building and Improvements	61,501
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried at Close of Period, Land	3,028
Gross Amount at Which Carried at Close of Period, Building and Improvements	61,501
Total	64,529
Accumulated Depreciation	$ (1,002)
Pittsburgh | Pennsylvania, PA | Minimum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Pittsburgh | Pennsylvania, PA | Maximum | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Fort Worth, Haslet & Roanoke | Texas, TX | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Acquired	2022
Initial Cost of Land	$ 21,413
Initial Cost of Building and Improvements	105,645
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried at Close of Period, Land	21,413
Gross Amount at Which Carried at Close of Period, Building and Improvements	105,645
Total	127,058
Accumulated Depreciation	$ (779)
Fort Worth, Haslet & Roanoke | Texas, TX | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Fort Worth, Haslet & Roanoke | Texas, TX | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Copenhagen | Denmark, DK | Multi-Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Acquired	2022
Initial Cost of Land	$ 6,672
Initial Cost of Building and Improvements	30,974
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried at Close of Period, Land	6,672
Gross Amount at Which Carried at Close of Period, Building and Improvements	30,974
Total	37,646
Accumulated Depreciation	$ 0
Copenhagen | Denmark, DK | Minimum | Multi-Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Copenhagen | Denmark, DK | Maximum | Multi-Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Federal income tax cost	$ 1,800,000
Investment in real estate, gross	1,835,529	$ 945,268	$ 462,849	$ 384,260
Accumulated Depreciation	84,098	$ 42,557	$ 24,737	$ 13,431
Furniture, fixtures and equipment
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Investment in real estate, gross	13,300
Accumulated Depreciation	$ 4,200

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Summary of Changes in Rental Properties and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	$ 945,268	$ 462,849	$ 384,260
Additions	890,261	482,419	78,589
Balance at end of period	1,835,529	945,268	462,849
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at beginning of period	42,557	24,737	13,431
Additions	41,541	17,820	11,306
Balance at end of period	$ 84,098	$ 42,557	$ 24,737