Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 14, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 000-52596 | ||
Entity Registrant Name | Ares Real Estate Income Trust Inc. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 30-0309068 | ||
Entity Address, Address Line One | One Tabor Center, 1200 Seventeenth Street, Suite 2900 | ||
Entity Address, City or Town | Denver | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80202 | ||
City Area Code | 303 | ||
Local Phone Number | 228-2200 | ||
Entity 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 | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Denver, Colorado | ||
Auditor Firm ID | 185 | ||
Entity Central Index Key | 0001327978 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Class T | |||
Document Information [Line Items] | |||
Title of 12(g) Security | Class T Shares of Common Stock, $0.01 par value | ||
Entity Common Stock, Shares Outstanding | 28,210,275 | ||
Class S | |||
Document Information [Line Items] | |||
Title of 12(g) Security | Class S Shares of Common Stock, $0.01 par value | ||
Entity Common Stock, Shares Outstanding | 49,899,498 | ||
Class D | |||
Document Information [Line Items] | |||
Title of 12(g) Security | Class D Shares of Common Stock, $0.01 par value | ||
Entity Common Stock, Shares Outstanding | 7,473,322 | ||
Class I | |||
Document Information [Line Items] | |||
Title of 12(g) Security | Class I Shares of Common Stock, $0.01 par value | ||
Entity Common Stock, Shares Outstanding | 69,314,895 | ||
Class E | |||
Document Information [Line Items] | |||
Title of 12(g) Security | Class E Shares of Common Stock, $0.01 par value | ||
Entity Common Stock, Shares Outstanding | 52,549,996 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Net investment in real estate properties | $ 3,605,578,000 | $ 2,589,826,000 |
Investments in unconsolidated joint venture partnerships | 120,372,000 | 57,425,000 |
Debt-related investments, net | 260,439,000 | 105,752,000 |
Investment in available-for-sale securities, at fair value | 14,896,000 | 0 |
Cash and cash equivalents | 13,336,000 | 10,605,000 |
Restricted cash | 3,850,000 | 3,747,000 |
DST Program Loans | 81,897,000 | 62,123,000 |
Other assets | 74,356,000 | 56,397,000 |
Assets held for sale | 105,096,000 | |
Total assets | 4,174,724,000 | 2,990,971,000 |
Liabilities | ||
Accounts payable and accrued expenses | 58,097,000 | 38,182,000 |
Debt, net | 1,616,475,000 | 1,363,234,000 |
Intangible lease liabilities, net | 42,444,000 | 47,499,000 |
Financing obligations, net | 1,130,810,000 | 661,075,000 |
Other liabilities | 114,901,000 | 89,817,000 |
Liabilities related to assets held for sale | 5,744,000 | |
Total liabilities | 2,962,727,000 | 2,205,551,000 |
Commitments and contingencies (Note 16) | ||
Redeemable noncontrolling interest | 18,130,000 | 8,994,000 |
Stockholders' equity: | ||
Preferred stock, $0.01 par value-200,000 shares authorized, none issued and outstanding | 0 | 0 |
Additional paid-in capital | 1,744,022,000 | 1,457,296,000 |
Distributions in excess of earnings | (973,395,000) | (865,844,000) |
Accumulated other comprehensive income (loss) | 13,148,000 | (13,418,000) |
Total stockholders' equity | 785,836,000 | 579,730,000 |
Noncontrolling interests | 408,031,000 | 196,696,000 |
Total equity | 1,193,867,000 | 776,426,000 |
Total liabilities and equity | 4,174,724,000 | 2,990,971,000 |
Class T | ||
Stockholders' equity: | ||
Common stock | 269,000 | 164,000 |
Class S | ||
Stockholders' equity: | ||
Common stock | 492,000 | 358,000 |
Class D | ||
Stockholders' equity: | ||
Common stock | 79,000 | 67,000 |
Class I | ||
Stockholders' equity: | ||
Common stock | 691,000 | 544,000 |
Class E | ||
Stockholders' equity: | ||
Common stock | $ 530,000 | $ 563,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 200,000 | 200,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Class T | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000 | 500,000 |
Common stock, shares issued (in shares) | 26,884 | 16,425 |
Common stock, shares outstanding (in shares) | 26,884 | 16,425 |
Class S | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000 | 500,000 |
Common stock, shares issued (in shares) | 49,237 | 35,757 |
Common stock, shares outstanding (in shares) | 49,237 | 35,757 |
Class D | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000 | 500,000 |
Common stock, shares issued (in shares) | 7,871 | 6,749 |
Common stock, shares outstanding (in shares) | 7,871 | 6,749 |
Class I | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000 | 500,000 |
Common stock, shares issued (in shares) | 69,142 | 54,406 |
Common stock, shares outstanding (in shares) | 69,142 | 54,406 |
Class E | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000 | 500,000 |
Common stock, shares issued (in shares) | 52,974 | 56,328 |
Common stock, shares outstanding (in shares) | 52,974 | 56,328 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | |||
Rental revenues | $ 289,234 | $ 209,176 | $ 184,245 |
Debt-related income | 9,989 | 9,174 | 2,347 |
Total revenues | 299,223 | 218,350 | 186,592 |
Operating expenses: | |||
Rental expenses | 103,953 | 69,773 | 62,378 |
Real estate-related depreciation and amortization | 134,617 | 74,415 | 62,923 |
General and administrative expenses | 10,570 | 8,797 | 7,548 |
Advisory fees | 33,747 | 21,433 | 17,211 |
Performance participation allocation | 23,747 | 15,327 | 4,608 |
Acquisition costs and reimbursements | 5,427 | 2,636 | 1,108 |
Litigation expense | 0 | 0 | 2,500 |
Impairment of real estate property | 0 | 758 | 0 |
Credit loss expense | 1,799 | 0 | 0 |
Total operating expenses | 313,860 | 193,139 | 158,276 |
Other expenses (income): | |||
Equity in income from unconsolidated joint venture partnerships | (2,970) | (114) | 0 |
Interest expense | 140,406 | 70,494 | 58,747 |
Gain on sale of real estate property | (94,827) | (77,857) | (13,335) |
(Gain) loss on derivative instruments | (4,723) | (71) | 13 |
Other income | (2,860) | (1,781) | (1,050) |
Total other expenses (income) | 35,026 | (9,329) | 44,375 |
Net (loss) income | (49,663) | 34,540 | (16,059) |
Net loss (income) attributable to redeemable noncontrolling interests | 370 | (221) | 54 |
Net loss (income) attributable to noncontrolling interests | 9,314 | (3,565) | 1,091 |
Net (loss) income attributable to common stockholders | $ (39,979) | $ 30,754 | $ (14,914) |
Weighted average number of common shares outstanding | |||
Weighted-average shares outstanding-basic (in shares) | 194,039 | 154,767 | 142,268 |
Weighted-average shares outstanding-diluted (in shares) | 233,304 | 174,330 | 154,052 |
Net (loss) income attributable to common stockholders per common share - basic | $ (0.21) | $ 0.20 | $ (0.10) |
Net (loss) income attributable to common stockholders per common share - diluted | $ (0.21) | $ 0.20 | $ (0.10) |
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 | $ (49,663) | $ 34,540 | $ (16,059) |
Change from cash flow hedging activities | 31,398 | 15,897 | (13,842) |
Change from activities related to available-for-sale securities | 26 | 0 | 0 |
Comprehensive (loss) income | (18,239) | 50,437 | (29,901) |
Comprehensive loss (income) attributable to redeemable noncontrolling interests | 86 | (324) | 99 |
Comprehensive loss (income) attributable to noncontrolling interests | 4,740 | (5,346) | 2,119 |
Comprehensive (loss) income attributable to common stockholders | $ (13,413) | $ 44,767 | $ (27,683) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock | Additional Paid-in Capital | Distributions in Excess of Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total |
Beginning Balances at Dec. 31, 2019 | $ 1,405 | $ 1,257,147 | $ (775,259) | $ (14,662) | $ 81,657 | $ 550,288 |
Beginning Balances (in shares) at Dec. 31, 2019 | 140,480 | |||||
Ending Balances (in shares) at Dec. 31, 2020 | 143,041 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) (excluding portion attributable to redeemable noncontrolling interest) | (14,914) | (1,091) | (16,005) | |||
Change from securities and cash flow hedging activities (excluding attributable to redeemable noncontrolling interest) | (12,769) | (1,028) | (13,797) | |||
Issuance of common stock | $ 166 | 125,830 | 125,996 | |||
Issuance of common stock (in shares) | 16,612 | |||||
Share-based compensation | 260 | 260 | ||||
Share-based compensation (in shares) | 20 | |||||
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs | (4,580) | (4,580) | ||||
Trailing distribution fees | (3,043) | 2,022 | (1,021) | |||
Redemptions of common stock | $ (141) | (105,447) | $ (105,588) | |||
Redemptions of common stock (in shares) | (14,071) | (14,071) | ||||
Issuances of OP Units for DST Interests | 28,266 | $ 28,266 | ||||
Distributions declared on common stock and noncontrolling interests (excludes attributable to redeemable noncontrolling interest) | (53,345) | (4,241) | (57,586) | |||
Redemption value allocation adjustment to redeemable noncontrolling interest | (310) | (310) | ||||
Redemptions of noncontrolling interests | (711) | (7,321) | (8,032) | |||
Ending Balances at Dec. 31, 2020 | $ 1,430 | 1,269,146 | (841,496) | (27,431) | 96,242 | 497,891 |
Ending Balances (in shares) at Dec. 31, 2021 | 169,665 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) (excluding portion attributable to redeemable noncontrolling interest) | 30,754 | 3,565 | 34,319 | |||
Change from securities and cash flow hedging activities (excluding attributable to redeemable noncontrolling interest) | 14,013 | 1,781 | 15,794 | |||
Issuance of common stock | $ 354 | 274,382 | 274,736 | |||
Issuance of common stock (in shares) | 35,379 | |||||
Share-based compensation | 195 | 195 | ||||
Share-based compensation (in shares) | 29 | |||||
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs | (5,885) | (5,885) | ||||
Trailing distribution fees | (12,208) | 2,886 | (9,253) | (18,575) | ||
Redemptions of common stock | $ (88) | (67,146) | $ (67,234) | |||
Redemptions of common stock (in shares) | (8,784) | (8,784) | ||||
Issuances of OP Units for DST Interests | 115,653 | $ 115,653 | ||||
Contributions of noncontrolling interests | 1,080 | 1,080 | ||||
Distributions declared on common stock and noncontrolling interests (excludes attributable to redeemable noncontrolling interest) | (57,988) | (6,916) | (64,904) | |||
Redemption value allocation adjustment to redeemable noncontrolling interest | (682) | (682) | ||||
Redemptions of noncontrolling interests | (506) | (5,456) | (5,962) | |||
Ending Balances at Dec. 31, 2021 | $ 1,696 | 1,457,296 | (865,844) | (13,418) | 196,696 | 776,426 |
Ending Balances (in shares) at Dec. 31, 2022 | 206,108 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) (excluding portion attributable to redeemable noncontrolling interest) | (39,979) | (9,314) | (49,293) | |||
Change from securities and cash flow hedging activities (excluding attributable to redeemable noncontrolling interest) | 26,566 | 4,574 | 31,140 | |||
Issuance of common stock | $ 450 | 388,484 | $ 388,934 | |||
Issuance of common stock (in shares) | 44,882 | 44,900 | ||||
Share-based compensation | 292 | $ 292 | ||||
Share-based compensation (in shares) | 27 | |||||
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs | (8,918) | (8,918) | ||||
Trailing distribution fees | (15,240) | 5,166 | (16,776) | (26,850) | ||
Redemptions of common stock | $ (85) | (73,293) | $ (73,378) | |||
Redemptions of common stock (in shares) | (8,466) | (8,466) | ||||
Issuances of OP Units for DST Interests | 252,578 | $ 252,578 | ||||
Other noncontrolling interests net distributions | (65) | (65) | ||||
Distributions declared on common stock and noncontrolling interests (excludes attributable to redeemable noncontrolling interest) | (72,738) | (13,971) | (86,709) | |||
Redemption value allocation adjustment to redeemable noncontrolling interest | (2,354) | (2,354) | ||||
Redemptions of noncontrolling interests | (2,245) | (5,691) | (7,936) | |||
Ending Balances at Dec. 31, 2022 | $ 2,061 | $ 1,744,022 | $ (973,395) | $ 13,148 | $ 408,031 | $ 1,193,867 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Net loss (income) attributable to redeemable noncontrolling interests | $ 370 | $ (221) | $ 54 |
Unrealized gain (loss) from derivative instruments allocated to redeemable noncontrolling interest | 284 | 103 | (45) |
Distribution fees attributable to redeemable noncontrolling interest | $ 735 | $ 418 | $ 189 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities: | |||
Net income (loss) | $ (49,663) | $ 34,540 | $ (16,059) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Real estate-related depreciation and amortization | 134,617 | 74,415 | 62,923 |
Straight-line rent and amortization of above- and below-market leases | (7,513) | (8,939) | (8,703) |
Gain on sale of real estate property | (94,827) | (77,857) | (13,335) |
Performance participation allocation | 23,747 | 15,327 | 4,608 |
Equity in income of unconsolidated joint venture partnership | (2,970) | (114) | 0 |
Impairment of real estate property | 0 | 758 | 0 |
Amortization of deferred financing costs | 7,364 | 6,803 | 5,644 |
Financing obligation liability appreciation | 31,737 | 5,822 | 3,936 |
Other | 223 | 1,801 | 2,393 |
Changes in operating assets and liabilities | 19,813 | (3,166) | (279) |
Net cash provided by operating activities | 62,528 | 49,390 | 41,128 |
Investing activities: | |||
Real estate acquisitions | (1,193,994) | (779,678) | (357,816) |
Capital expenditures | (33,936) | (36,899) | (41,092) |
Proceeds from disposition of real estate property | 274,816 | 223,791 | 27,372 |
Investments in debt-related investments | (158,364) | (58,291) | (45,539) |
Principal collections on debt-related investments | 4,084 | 2,405 | 173 |
Investments in unconsolidated joint venture partnerships | (62,805) | (57,310) | 0 |
Investment in available-for-sale securities | (14,888) | 0 | 0 |
Other | 173 | (726) | (3,354) |
Net cash used in investing activities | (1,184,914) | (706,708) | (420,256) |
Financing activities: | |||
Proceeds from mortgage notes | 0 | 195,600 | 0 |
Repayments of mortgage notes | (1,638) | (60,653) | (3,036) |
Net (repayments of) proceeds from line of credit | (21,000) | 150,000 | 106,000 |
Proceeds from term loan | 275,000 | 0 | 0 |
Redemptions of common stock | (73,378) | (67,234) | (105,588) |
Distributions paid to common stockholders, redeemable noncontrolling interest holders and noncontrolling interest holders | (49,601) | (37,825) | (34,345) |
Proceeds from issuance of common stock | 359,737 | 251,527 | 104,703 |
Proceeds from financing obligations, net | 669,577 | 253,959 | 251,671 |
Offering costs for issuance of common stock and private placements | (15,953) | (11,549) | (9,635) |
Redemption of noncontrolling interests | (7,936) | (5,962) | (8,032) |
Redemption of redeemable noncontrolling interests | (7,724) | 0 | 0 |
Deferred financing costs paid | (1,864) | (17,927) | (8,658) |
Net cash provided by financing activities | 1,125,220 | 649,936 | 293,080 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 2,834 | (7,382) | (86,048) |
Cash, cash equivalents and restricted cash, at beginning of period | 14,352 | 21,734 | 107,782 |
Cash, cash equivalents and restricted cash, at end of period | $ 17,186 | $ 14,352 | $ 21,734 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | 1. DESCRIPTION OF BUSINESS Unless the context otherwise requires, the “Company”, “we,” “our” or “us” refers to Ares Real Estate Income Trust Inc. and its consolidated subsidiaries. Ares Real Estate Income Trust Inc. is a Maryland corporation formed on April 11, 2005. On July 1, 2021, Ares Management Corporation (“Ares”) closed on the acquisition of the U.S. real estate investment advisory and distribution business of Black Creek Group, including our former advisor, Black Creek Diversified Property Advisors LLC (the “Former Advisor”). As a result of the closing of this transaction, Ares Commercial Real Estate Management LLC became our new advisor (the “New Advisor”). Ares did not acquire our former sponsor, Black Creek Diversified Property Advisors Group LLC (the “Former Sponsor”), and we now consider the Ares real estate group (“AREG”) to be our Sponsor. See “Note 13” for additional information regarding this transaction. References to the “Advisor” throughout this report mean Black Creek Diversified Property Advisors LLC for periods prior to July 1, 2021 and Ares Commercial Real Estate Management LLC for periods thereafter. References to the “Sponsor” throughout this report mean Black Creek Diversified Property Advisors Group LLC for periods prior to July 1, 2021 and Ares real estate group for periods thereafter. We are primarily focused on investing in and operating a diverse portfolio of real property and investing in other real estate-related assets. We currently focus our investment activities primarily across the major U.S. property sectors (industrial, residential (which includes and/or may include multi-family and other types of rental housing such as manufactured, student, and single family rental housing), office (which includes and/or may include medical office and life science laboratories) and retail). To a lesser extent, we intend to strategically invest in geographies outside of the U.S., which may include Canada, the United Kingdom, Europe and other foreign jurisdictions, and in other sectors such as triple net lease, real estate debt (which may include mortgages and subordinated interests), real estate-related securities, properties in sectors adjacent to our primary investment sectors and/or infrastructure, to create a diversified blend of current income and long-term value appreciation. As of December 31, 2022, our consolidated real property portfolio consisted of 90 properties. We operate four reportable segments: retail, office, residential, and industrial. As used herein, the term “commercial” refers to our office, retail and industrial properties or customers, as applicable. See “Note 17” for information regarding the financial results by segment. We believe we have operated in such a manner as to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes, and we intend to continue to operate in accordance with the requirements for qualification as a REIT. We utilize an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) organizational structure to hold all or substantially all of our assets through an operating partnership, AREIT Operating Partnership LP (the “Operating Partnership”), of which we are the sole general partner and a limited partner. We are currently offering shares pursuant to a public offering and intend to operate as a perpetual-life REIT, which means that we intend to offer shares continuously through our ongoing primary offerings and our distribution reinvestment plan. See “Note 10” for detail regarding our public offerings. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Global macroeconomic conditions, including heightened inflation, changes to fiscal and monetary policy, higher interest rates and challenges in the supply chain, coupled with the war in Ukraine and the ongoing effects of the novel coronavirus pandemic, have the potential to negatively impact us. These current macroeconomic conditions may continue or aggravate and could cause the United States to experience an economic slowdown or recession. We anticipate our business and operations could be materially adversely affected by a prolonged recession in the United States. In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Basis of Consolidation The consolidated financial statements include the accounts of Ares Real Estate Income Trust Inc., the Operating Partnership, their wholly-owned subsidiaries, including a taxable REIT subsidiary, and their consolidated joint ventures, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated. We consolidate all entities in which we have a controlling financial interest through majority ownership or voting rights and variable interest entities for which we are the primary beneficiary. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. We are the primary beneficiary of a VIE when we have (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when we control the entity through a majority voting interest or other means. When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments are initially recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions. The Operating Partnership meets the criteria of a VIE as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the operating partnership agreement, we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary. Reclassifications Certain items in our consolidated statements of operations, equity and cash flows for the years ended December 31, 2021 and 2020 have been reclassified to conform to the 2022 presentation. Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon determination of an asset acquisition, the purchase price of a property is allocated to land, building and improvements and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. See “Note 3” for additional information regarding debt assumed in connection with our 2022 and 2021 acquisitions, if any. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building and intangible lease assets on a relative fair value basis. Transaction costs associated with business combinations are expensed as they are incurred. Properties that are probable to be sold are to be designated as “held for sale” on the consolidated balance sheets when certain criteria are met. The results of operations for acquired businesses and properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. During the years ended December 31, 2022, 2021 and 2020, we recorded $0.2 million, $0.9 million and $2.6 million, respectively, related to write-offs of unamortized intangible lease assets and liabilities due to early lease terminations. Land, building, building improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest, insurance, real estate taxes and certain general and administrative expenses if such costs are incremental and identifiable to a specific activity to prepare the real estate asset for its intended use. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Building and improvements 5-40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible in-place lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options Certain of our investments in real estate are subject to ground leases, for which a lease liability and corresponding right of use asset are recognized. We calculate the amount of the lease liability and right of use asset by taking the present value of the remaining lease payments and adjusting the right of use asset for any existing straight-line ground rent liability and acquired ground lease intangibles. An estimated incremental borrowing rate of a loan with a similar term as the ground lease is used as the discount rate. The lease liability is included as a component of other liabilities, and the related right of use asset is recorded as a component of net investments in real estate properties on our consolidated balance sheets. The amortization of the below-market ground lease is recorded as an adjustment to real estate-related depreciation and amortization on our consolidated statements of operations. Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. There were no impairment charges during the year ended December 31, 2022 and 2020. Refer to “Note 3” for detail regarding the non-cash impairment charges recorded during the years ended December 31, 2021. Investments in Unconsolidated Joint Venture Partnerships We analyze our investment in an unconsolidated joint venture under GAAP to determine if the joint venture is a VIE and whether the requisite substantial participating rights described in the GAAP are held by the partners not affiliated with the us. If the joint venture is not a VIE and the partners not affiliated with us hold substantial participating rights, we account for our investment in the joint venture under the equity method. Under the equity method, the investment is initially recorded at cost (including direct acquisition costs) and subsequently adjusted to reflect our proportionate share of equity in the joint venture’s net (income) loss, distributions received, contributions made and certain other adjustments made, as appropriate, which is included in investments in unconsolidated joint venture partnerships on our consolidated balance sheets. The proportionate share of ongoing income or loss of the unconsolidated joint venture partnerships is recognized in equity in (income) loss of unconsolidated joint venture partnerships on the consolidated statements of operations. The outside basis portion of our unconsolidated joint venture partnerships (if applicable) is amortized over the anticipated useful lives of the joint ventures’ tangible and intangible assets acquired and liabilities assumed. When circumstances indicate there may have been a reduction in the value of an equity investment, we evaluate whether the loss is other than temporary. If we conclude it is other than temporary, an impairment charge is recognized to reflect the equity investment at fair value. No impairment losses were recorded related to our investments in unconsolidated joint venture partnerships for the years ended December 31, 2022 and 2021. We did not have any investments in unconsolidated joint venture partnerships during the year ended December 31, 2020. Debt-Related Investments Debt-related investments are considered to be held for investment, as we have both the intent and ability to hold these investments until maturity. Accordingly, these assets are carried at cost, net of unamortized loan origination costs and fees, discounts, repayments and unfunded commitments, and a credit loss reserve, if applicable. A debt-related investment is considered impaired when, based on current facts and circumstances, it is probable that we will not be able to collect principal and income according to the contractual terms of the underlying agreement. We assess the credit quality of each investment and adequacy of loan loss reserves on a periodic basis. Significant judgment of management is required in this analysis. We consider the estimated net recoverable value of the loan as well as other factors, including but not limited to the fair value of any collateral, the credit quality and financial condition of the borrower, current and expected changes in macroeconomic conditions, and any other factors directly impacting the underlying collateral. As of December 31, 2022, we recorded a $1.8 million credit loss reserve related to one senior loan debt-related investment. Credit loss reserves were immaterial as of December 31, 2021. Debt-related investments are placed on non-accrual status at the earlier of when principal or interest payments are 90 days past due or when management has determined there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the investment based on the facts and circumstances regarding the payment received. Non-accrual investments are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. The following table summarizes our debt-related investments as of December 31, 2022 and 2021: Weighted-Average Weighted-Average ($ in thousands) Carrying Amount (1) Outstanding Principal (1) Interest Rate Remaining Life (Years) As of December 31, 2022 Senior loans (2) $ 151,645 $ 154,622 8.5 % 2.1 Mezzanine loans 108,794 108,500 10.4 1.9 Total debt-related investments (2) $ 260,439 $ 263,122 9.5 % 2.0 As of December 31, 2021 Senior loans $ 105,752 $ 106,463 7.2 % 1.7 Total debt-related investments $ 105,752 $ 106,463 7.2 % 1.7 (1) The difference between the carrying amount and the outstanding principal amount of the debt-related investments consists of unamortized purchase discount, deferred financing costs, loan origination costs, and any recorded credit loss reserves, if applicable. (2) Carrying amount and outstanding principle includes $42.0 million and $43.8 million, respectively, related to one senior loan debt-related investment that was in default and on non-accrual status as of December 31, 2022. We recorded an impairment loss of $1.8 million related to this senior loan during the year ended December 31, 2022 and included the impairment loss in credit loss expense on the consolidated statements of operations. This senior loan was approved for sale during the fourth quarter of 2022 and therefore the carrying amount has been reduced to its fair value of $42.0 as it is held for sale as of December 31, 2022. Weighted-average interest rate and weighted-average remaining life excludes this senior loan from its calculations. Available-for-Sale Debt Securities We acquire debt securities that are collateralized by mortgages on commercial real estate properties primarily for cash management and investment purposes. On the acquisition date, we designate investments in commercial real estate debt securities as available-for-sale. Investments in debt securities that are classified as available-for-sale are carried at fair value. These assets are valued on a recurring basis and any unrealized holding gains and losses other than those associated with a credit loss are recorded each period in other comprehensive income. As applicable, available-for-sale debt securities that are in an unrealized loss position are evaluated quarterly on an individual security basis to determine whether a credit loss exists. In the assessment, we consider the extent of the difference between fair value and amortized cost, changes in credit rating, and any other adverse factors directly impacting the security. If we determine a credit loss exists, the extent of the credit loss is recognized in the consolidated statements of operations and any additional loss not attributable to credit loss is recognized in other comprehensive income. There was no credit loss recognized during the year ended December 31, 2022, and we did not have any available-for-sale debt securities during the years ended December 31, 2021 and 2020. Available-for-sale debt securities will be on non-accrual status at the earlier of (i) principal or interest payments becoming 90 days past due or (ii) management’s determination that there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the debt security is placed on non-accrual status. Interest payments received on non-accrual securities may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the debt security based on the facts and circumstances regarding the payment received. Non-accrual debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. The following table summarizes our available-for-sale debt securities as of December 31, 2022. We did not have any available-for-sale debt securities as of December 31, 2021. ($ in thousands) Face Amount Amortized Cost Unamortized Discount Unrealized Gain, Net Fair Value Available-for-sale debt securities $ 14,979 $ 14,870 $ 109 $ 26 $ 14,896 Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less, such as money market mutual funds or certificates of deposit. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk. Restricted Cash Restricted cash consists primarily of lender and property-related escrow accounts. Derivative Instruments Our derivative instruments are used to manage exposure to variability in expected future interest payments and are recorded at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. As of December 31, 2022, our interest rate swap derivative instruments are designated as cash flow hedges. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. As of December 31, 2022, our interest rate cap derivative instruments are not designated as hedges. For derivatives that are not designated and do not qualify as hedges, we present changes in the fair value as gain (loss) on derivative instruments on the consolidated statements of operations. We do not use derivative instruments for trading or speculative purposes. Deferred Financing Costs Deferred financing costs include: (i) debt issuance costs incurred to obtain long-term financing and cash flow hedges; and (ii) financing costs associated with financing obligations. These costs are amortized to interest expense over the expected terms of the related credit facilities. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. Accumulated amortization of debt issuance costs was approximately $4.8 million and $1.9 million as of December 31, 2022 and 2021, respectively. Our interest expense for the years ended December 31, 2022, 2021 and 2020 included $3.8 million, $3.3 million and $3.0 million, respectively, of amortization of debt issuance costs. Accumulated amortization of financing costs associated with financing obligations was approximately $3.4 million and $3.7 million as of December 31, 2022 and 2021, respectively. Our interest expense for the years ended December 31, 2022, 2021 and 2020 included $3.6 million, $3.5 million and $2.6 million, respectively, of amortization of financing costs associated with financing obligations. Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T, Class S and Class D shares and OP Units. As of the balance sheet date, we accrue for: (i) the monthly amount payable, and (ii) the estimated amount of distribution fees that we may pay in future periods. The accrued distribution fees for common shares are reflected in additional paid-in capital in stockholders’ equity and the accrued distribution fees for OP Units are reflected in noncontrolling interests. See “Note 13” for additional information regarding when distribution fees become payable. Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The remaining limited partner interests in the Operating Partnership are owned by third-party investors and are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. For consolidated joint venture partnerships, the non-controlling partner’s share of the assets, liabilities and operations of the joint venture is included in noncontrolling interests as equity. The noncontrolling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Redeemable Noncontrolling Interest The Operating Partnership issued units in the Operating Partnership (“OP Units”) to the Advisor and Former Advisor as payment for the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the terms of the amended and restated advisory agreement (2022), effective as of May 1, 2022 (the “Advisory Agreement”), by and among us, the Operating Partnership and the Advisor. The Advisor and Former Advisor subsequently transferred these OP Units to its members or their affiliates or redeemed for cash. We have classified these OP Units as redeemable noncontrolling interest in mezzanine equity on the consolidated balance sheets due to the fact that, as provided in the agreement of limited partnership of the Operating Partnership (the “Partnership Agreement”), the limited partners who hold these OP Units generally have the ability to request transfer or redeem their OP Units at any time irrespective of the period that they have held such OP Units, and the Operating Partnership is required to satisfy such redemption for cash unless such cash redemption would be prohibited by applicable law or the Partnership Agreement, in which case such OP Units will be redeemed for shares of our common stock of the class corresponding to the class of such OP Units. The redeemable noncontrolling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. See “Note 11” for additional information regarding redeemable noncontrolling interests. Revenue Recognition When a lease is entered into, we first determine if the collectability from the customer is probable. If the collectability is not probable, we recognize revenue when the payment has been received. If the collectability is determined to be probable, we record rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the customer a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, we record receivables from customers for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. We analyze accounts receivable by considering customer creditworthiness and current economic trends on customers’ businesses, and customers’ ability to make payments on time and in full when evaluating the adequacy of the allowance for doubtful accounts receivable. We evaluate collectability from our customers on an ongoing basis. If the assessment of collectability changes during the lease term, any difference between the revenue that would have been recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When we acquire a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of December 31, 2022 and 2021, our allowance for doubtful accounts was approximately $1.8 million and $0.6 million, respectively. These amounts are included in our other assets on the consolidated balance sheets. In connection with property acquisitions, we may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. Upon disposition of a real estate asset, we will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses. Debt-related income For debt-related investments, the origination fees, contractual exit fees and direct loan origination costs are also recognized in interest income over the initial loan term as a yield adjustment using the effective interest method. Income Taxes We elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the tax year ended December 31, 2006. As a REIT, we generally are not subject to U.S. federal income taxes on net income we distribute to our stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate tax rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and federal income and excise taxes on our undistributed income. Net Income (Loss) Per Share Basic net income (loss) per common share is determined by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of OP Units. See “Note 14” for additional information regarding net income (loss) per share. Fair Value Measurements Fair value measurements are determined based on assumptions that market participants would use in pricing of assets or estimating liabilities. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: ● Quoted prices for similar assets/liabilities in active markets; ● Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); ● Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and ● Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data. Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. We believe this risk is mitigated by investing our cash with high-credit quality financial institutions. As our revenues predominately consist of rental payments, we are dependent on our customers for our source of revenues. Concentration of credit risk arises when our source of revenue is highly concentrated from certain of our customers. As of December 31, 2022, no customers represented more than 10.0% of our total annualized base rent. Recently Adopted Accounting Standards In December 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2022-06, “Reference Rate Reform (Topic 848)” to defer the sunset date of FASB Accounting Standards Codification under Topic 848, Reference Rate Reform from December 31, 2022 to December 31, 2024. We adopted this standard immediately upon its issuance. The adoption did not have a material effect on our consolidated financial statements. |
INVESTMENTS IN REAL ESTATE PROP
INVESTMENTS IN REAL ESTATE PROPERTIES | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
INVESTMENTS IN REAL ESTATE PROPERTIES | 3. INVESTMENTS IN REAL ESTATE PROPERTIES The following table summarizes our consolidated investments in real estate properties and excludes properties classified as held for sale. Refer to “Note 4” for detail relating to our real estate properties held for sale: As of December 31, (in thousands) 2022 2021 Land $ 694,998 $ 583,728 Buildings and improvements 3,152,553 2,180,358 Intangible lease assets 317,141 284,128 Right of use asset 13,637 13,637 Investment in real estate properties 4,178,329 3,061,851 Accumulated depreciation and amortization (572,751) (472,025) Net investment in real estate properties $ 3,605,578 $ 2,589,826 Acquisitions During the years ended December 31, 2022 ($ in thousands) Property Type Acquisition Date Total Purchase Price (1) 2022 Acquisitions: General Washington IC Industrial 1/7/2022 $ 11,051 Western Foods Center Industrial 1/14/2022 39,298 Orlando I & II LC Industrial 2/17/2022 94,759 Orlando III & IV LC Industrial 2/17/2022 42,347 Orlando V LC Industrial 2/17/2022 34,828 Orlando VI LC Industrial 2/17/2022 28,694 Orlando VII LC Industrial 2/17/2022 23,532 1403 Gillingham Lane Industrial 6/10/2022 20,550 Industrial Drive IC Industrial 6/17/2022 4,018 Glen Afton IC Industrial 6/17/2022 22,036 East 56th Ave IC Industrial 6/17/2022 19,041 Brockton IC Industrial 6/17/2022 6,522 Pine Vista IC Industrial 6/17/2022 18,790 Tri-County Parkway IC Industrial 6/17/2022 12,784 Miami NW 114th IC Industrial 6/17/2022 12,022 North Harney IC Industrial 6/17/2022 8,026 Wes Warren Drive IC Industrial 6/17/2022 7,515 Enterprise Way IC Industrial 6/17/2022 6,519 New Albany IC Industrial 6/17/2022 17,544 Maplewood Drive IC Industrial 6/17/2022 5,514 1801 N. 5th Street Industrial 6/24/2022 23,305 Skye 750 Residential 1/5/2022 92,845 Arabelle City Center Residential 4/12/2022 156,781 Dallas Cityline Residential 4/13/2022 111,093 Dallas Wycliff Residential 4/13/2022 94,083 Dallas Maple District Residential 4/13/2022 93,089 San Vance Residential 4/13/2022 77,586 San Stone Oak Residential 4/13/2022 72,605 350 Carter Road Office 4/27/2022 31,256 107 Morgan Lane Office 10/28/2022 12,269 Total 2022 acquisitions $ 1,200,302 2021 Acquisitions: Radar Distribution Center Industrial 3/31/2021 $ 49,168 Intermountain Space Center Industrial 6/30/2021 61,057 Airway Industrial Park Industrial 7/9/2021 24,356 Greenwood Business Center Industrial 8/2/2021 16,888 25 Linden Industrial Center Industrial 8/31/2021 17,146 Little Orchard Business Park Industrial 9/8/2021 96,559 Tustin Business Center Industrial 9/22/2021 33,285 Campus Drive IC Industrial 10/7/2021 6,652 Long Island Logistics Center Industrial 12/9/2021 20,001 Phoenix IC Industrial 12/13/2021 17,604 Tempe IC Industrial 12/13/2021 28,347 Las Vegas IC Industrial 12/13/2021 8,809 Barrow Crossing Retail 6/22/2021 50,205 oLiv Tucson (2) Residential 10/20/2021 124,219 Arabelle Clearwater Residential 11/30/2021 116,352 Arabelle Riverwalk (3) Residential 12/28/2021 234,050 Total 2021 acquisitions $ 904,698 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. (2) We acquired a 97.5% interest in this property. As part of the transaction, we assumed a ground lease with 97 years remaining and four 25 year extension options, which resulted in a $13.6 million right of use asset and a $4.4 million lease liability associated with the ground lease upon completion of the transaction. (3) Includes debt assumed at fair value as of the acquisition date of $125.9 million, with a principal amount of $117.1 million. During the years ended December 31, 2022 As of December 31, ($ in thousands) 2022 2021 Land $ 154,356 $ 166,310 Building and improvements 1,008,273 703,597 Intangible lease assets 43,117 39,270 Above-market lease assets 730 1,392 Right of use asset (1) — 13,637 Lease liability (1) — (4,440) Below-market lease liabilities (6,174) (15,068) Total purchase price (2) $ 1,200,302 $ 904,698 (1) Right of use asset and lease liability are related to the ground lease entered into as part of the oLiv Tucson transaction. (2) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. The weighted-average amortization period for the intangible lease assets and liabilities acquired in connection with our acquisitions during the years ended December 31, 2022 Dispositions During the year ended December 31, 2022, we sold six retail properties, one office property, and a During the year ended December 31, 2021, we sold three retail properties, one industrial property and two office properties for net proceeds of approximately $223.8 million. We recorded a net gain on sale of approximately $77.9 million. Intangible Lease Assets and Liabilities Intangible lease assets and liabilities, excluding properties classified as held for sale, as of December 31, 2022 and 2021 include the following: As of December 31, 2022 As of December 31, 2021 Accumulated Accumulated (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) $ 294,208 $ (214,201) $ 80,007 $ 261,401 $ (186,820) $ 74,581 Above-market lease assets (1) 22,933 (19,707) 3,226 22,727 (19,507) 3,220 Below-market lease liabilities (76,033) 33,589 (42,444) (80,206) 32,707 (47,499) (1) Included in net investment in real estate properties on the consolidated balance sheets. The following table details the estimated net amortization of such intangible lease assets and liabilities, excluding properties classified as held for sale, as of December 31, 2022, for the next five years and thereafter: Estimated Net Amortization (in thousands) Intangible Lease Assets Above-Market Lease Assets Below-Market Lease Liabilities Year 1 $ 21,664 $ 730 $ (4,572) Year 2 13,721 702 (4,120) Year 3 11,603 555 (3,941) Year 4 9,504 394 (3,699) Year 5 6,282 283 (2,931) Thereafter 17,233 562 (23,181) Total $ 80,007 $ 3,226 $ (42,444) Rental Revenue Adjustments and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: For the Year Ended December 31, (in thousands) 2022 2021 2020 Increase (decrease) to rental revenue: Straight-line rent adjustments $ 3,414 $ 5,849 $ 5,539 Above-market lease amortization (724) (469) (357) Below-market lease amortization 4,823 3,559 3,521 Real estate-related depreciation and amortization: Depreciation expense $ 97,418 $ 59,766 $ 47,629 Intangible lease asset amortization 37,199 14,649 15,294 Future Minimum Rentals Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our commercial customers under the terms of non-cancelable operating leases in effect as of December 31, 2022, excluding rental revenues from the potential renewal or replacement of existing leases and excluding rental revenues from properties classified as held for sale, were as follows for the next five years and thereafter: As of December 31, (in thousands) 2022 Year 1 $ 138,650 Year 2 123,576 Year 3 111,581 Year 4 95,202 Year 5 72,631 Thereafter 248,755 Total $ 790,395 Leases for our residential customers are generally 12 months or less and are therefore excluded from the table above. Real Estate Property Impairment There were no impairment charges recorded during the years ended December 31, 2022 and 2020. During the year ended December 31, 2021, we recorded non-cash impairment charges of $0.8 million related to a retail property located in the Greater Boston market, which was disposed of in March 2021. Prior to the disposition, we reevaluated the fair value of the property and determined that the net book value of the property exceeded the respective contract sales price less costs to sell the property, resulting in the impairment. We have determined that our impairments are non-recurring fair value measurements that fall within Level 3 of the fair value hierarchy. See “Note 2” for further discussion of the fair value hierarchy. |
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE | 12 Months Ended |
Dec. 31, 2022 | |
ASSETS HELD FOR SALE | |
ASSETS HELD FOR SALE | 4. ASSETS HELD FOR SALE We classify a property as held for sale when certain criteria are met, in accordance with GAAP. Assets classified as held for sale are expected to be sold to a third party. At such time the property meets the held for sale criteria, the respective assets and liabilities are presented separately in the consolidated balance sheets and depreciation is no longer recognized. Assets held for sale are reported at the lower of their carrying amount or their estimated fair value less the costs to sell the assets. As of December 31, 2021, we had one retail property (Bandera Road) and one office property (1 st As of (in thousands) December 31, 2022 December 31, 2021 Net investment in real estate properties $ — $ 101,690 Other assets — 3,406 Assets held for sale $ — $ 105,096 Accounts payable and accrued expenses $ — $ 3,172 Intangible lease liabilities, net — 995 Other liabilities — 1,577 Liabilities related to assets held for sale $ — $ 5,744 |
INVESTMENTS IN UNCONSOLIDATED J
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investment And Joint Venture [Abstract] | |
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS | 5. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS We have acquired interests in joint venture partnerships for purposes of investing in properties across the U.S. We record our investments in U.S. AREIT-McDowell Vue Parent LLC (“Vue 1400 JV”), Pathfinder Core AREIT JV NNN Holdings, LLC (“Net Lease JV I”), Pathfinder Core AREIT Net Lease Aggregator LLC (“Net Lease JV II”) and Pathfinder Core AREIT Net Lease TRS Aggregator LLC (“Net Lease JV III”) under the equity method on our consolidated balance sheets as we have the ability to exercise significant influence in each partnership but do not have control of the entities. The following table summarizes our investments in unconsolidated joint venture partnerships as of December 31, 2022 and 2021: As of December 31, 2022 As of December 31, 2021 Investments in Unconsolidated Property Ownership Number of Ownership Number of Joint Venture Partnerships as of ($ in thousands) Type Percentage Properties Percentage Properties December 31, 2022 December 31, 2021 Vue 1400 JV Residential 85% 1 85% 1 $ 25,984 $ 26,117 Net Lease JV I Net Lease 50% 15 50% 15 16,393 16,267 Net Lease JV II Net Lease 50% 117 50% 10 65,763 15,041 Net Lease JV III Net Lease 50% 23 N/A — 12,232 — Total unconsolidated joint venture partnerships 156 26 $ 120,372 $ 57,425 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | 6. DEBT Our consolidated indebtedness is currently comprised of borrowings under our line of credit, term loans and mortgage notes. Borrowings under our non-recourse mortgage notes are secured by mortgages or deeds of trust and related assignments and security interests in collateralized and certain cross-collateralized properties, which are generally owned by single purpose entities. One of our mortgage notes is currently partial recourse to us, for which we provide $16.1 million in limited guaranties until we meet certain lender-specified thresholds at the collateralized property. Other than this limited guarantee, the assets and credit of each of our consolidated properties pledged as collateral for our mortgage notes are not available to satisfy our debt and obligations, unless we first satisfy the mortgages note payable on the respective underlying properties. A summary of our debt is as follows: Weighted-Average Effective Interest Rate as of Balance as of December 31, December 31, December 31, December 31, ($ in thousands) 2022 2021 Current Maturity Date 2022 2021 Line of credit (1) 5.72 % 1.35 % November 2025 $ 235,000 $ 256,000 Term loan (2) 3.90 3.16 November 2026 400,000 325,000 Term loan (3) 4.56 3.19 January 2027 400,000 200,000 Fixed-rate mortgage notes 3.48 3.49 December 2025 - May 2031 380,316 381,954 Floating-rate mortgage notes (4) 4.52 2.26 October 2024 - October 2026 207,600 207,600 Total principal amount / weighted-average (5) 4.31 % 2.78 % $ 1,622,916 $ 1,370,554 Less: unamortized debt issuance costs $ (14,849) $ (16,762) Add: unamortized mark-to-market adjustment on assumed debt 8,408 9,442 Total debt, net $ 1,616,475 $ 1,363,234 Gross book value of properties encumbered by debt $ 970,310 $ 981,927 (1) The effective interest rate is calculated based on the Secured Overnight Financing Rate plus an 11.448 basis point adjustment (“Term SOFR”), plus a margin ranging from 1.25% to 2.00% , depending on our consolidated leverage ratio. As of December 31, 2022, the unused and available portions under the line of credit were approximately $665.0 million and $623.7 million, respectively. The line of credit is available for general business purposes including, but not limited to, refinancing of existing indebtedness and financing the acquisition of permitted investments, including commercial properties. (2) The effective interest rate is calculated based on Term SOFR, plus a margin ranging from 1.20% to 1.90% , depending on our consolidated leverage ratio. Total commitments for this term loan are $400.0 million. The weighted-average interest rate is the all-in interest rate, including the effects of interest rate swap agreements relating to approximately $300.0 million in borrowings under this term loan. (3) The effective interest rate is calculated based on Term SOFR, plus a margin ranging from 1.20% to 1.90% , depending on our consolidated leverage ratio. Total commitments for this term loan are $400.0 million. The weighted-average interest rate is the all-in interest rate, including the effects of interest rate swap agreements relating to approximately $350.0 million in borrowings under this term loan. (4) The effective interest rate is calculated based on the London Interbank Offered Rate (“LIBOR”) plus a margin. As of December 31, 2022, our floating-rate mortgage notes were subject to interest rate spreads ranging from 1.55% to 2.50% . The weighted-average interest rate is the all-in interest rate, including the effects of interest rate cap agreements which capped the effective interest rates of our two floating-rate mortgage notes at 4.50% and 4.55% , respectively, as of December 31, 2022. (5) The weighted-average remaining term of our consolidated borrowings was approximately 3.9 years as of December 31, 2022, excluding the impact of certain extension options. For the years ended December 31, 2022, 2021 and 2020, the amount of interest incurred related to our consolidated indebtedness was $55.4 million, $29.9 million and $30.0 million, respectively. See “Note 7” for the amount of interest incurred related to the DST Program (as defined below). As of December 31, 2022, the principal payments due on our consolidated debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit (1) Term Loans Mortgage Notes Total 2023 — — 1,437 1,437 2024 — — 129,265 129,265 2025 235,000 — 72,360 307,360 2026 — 400,000 84,214 484,214 2027 — 400,000 175,787 575,787 Thereafter — — 124,853 124,853 Total principal payments $ 235,000 $ 800,000 $ 587,916 $ 1,622,916 (1) The term of the line of credit may be extended pursuant to two six-month extension options, subject to certain conditions. In July 2017, the Financial Conduct Authority (“FCA”) that regulates LIBOR announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee ("ARRC"), which identified the Secured Overnight Financing Rate as its preferred alternative rate for LIBOR in derivatives and other financial contracts. Any changes adopted by the FCA or other governing bodies in the method used for determining LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR. If that were to occur, our interest payments could change. In addition, uncertainty about the extent and manner of future changes may result in interest rates and/or payments that are higher or lower than if LIBOR were to remain available in its current form. LIBOR is expected to be phased out or modified by June 2023. As of December 31, 2022, certain of our mortgage notes have initial or extended maturity dates beyond 2023 with exposure to LIBOR. The agreements governing these loans provide procedures for determining a replacement or alternative base rate in the event that LIBOR is discontinued. However, there can be no assurances as to whether such replacement or alternative base rate will be more or less favorable than LIBOR. We intend to monitor the developments with respect to the phasing out of LIBOR after 2023 and work with our lenders to seek to ensure any transition away from LIBOR will have minimal impact on our financial condition, but can provide no assurances regarding the impact of the discontinuation of LIBOR. Debt Covenants Our line of credit, term loans and mortgage note agreements contain various property-level covenants, including customary affirmative and negative covenants. In addition, the line of credit and term loan agreements contain certain corporate-level financial covenants, including leverage ratio, fixed charge coverage ratio, and tangible net worth thresholds. We were in compliance with our debt covenants as of December 31, 2022. Derivative Instruments To manage interest rate risk for certain of our variable-rate debt, we use interest rate derivative instruments as part of our risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by either providing a fixed interest rate or capping the variable interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the interest rate swap agreements without exchange of the underlying notional amount. Interest rate caps involve the receipt of variable amounts from a counterparty at the end of each period in which the interest rate exceeds the agreed fixed price. Interest rate caps are not designated as hedges. Certain of our variable-rate borrowings are not hedged, and therefore, to an extent, we have ongoing exposure to interest rate movements. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss is recorded as a component of accumulated other comprehensive income (loss) (“AOCI”) on the consolidated balance sheets and is reclassified into earnings as interest expense for the same period that the hedged transaction affects earnings, which is when the interest expense is recognized on the related debt. During the next 12 months, we estimate that approximately $14.1 million will be reclassified as a decrease to interest expense related to active effective hedges of existing floating-rate debt. Our interest rate cap derivative instruments are not designated as hedges and therefore, changes in fair value must be recognized through income. As a result, in periods with high interest rate volatility, we may experience significant fluctuations in our net income (loss). The following table summarizes the location and fair value of our consolidated derivative instruments on our consolidated balance sheets: Number of Fair Value ($ in thousands) Contracts Notional Amount Other Assets Other Liabilities As of December 31, 2022 Interest rate swaps 12 $ 650,000 $ 20,279 $ — Interest rate caps 2 207,600 4,169 — Total derivative instruments 14 $ 857,600 $ 24,448 $ — As of December 31, 2021 Interest rate swaps 13 $ 500,000 $ 164 $ 11,236 Interest rate caps 2 207,600 159 — Total derivative instruments 15 $ 707,600 $ 323 $ 11,236 The following table presents the effect of our consolidated derivative instruments on our consolidated financial statements: For the Year Ended December 31, (in thousands) 2022 2021 2020 Derivative instruments designated as cash flow hedges: Gain (loss) recognized in AOCI $ 29,852 $ 5,616 $ (21,589) Amount reclassified from AOCI into interest expense 1,546 10,281 7,747 Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded 140,406 70,494 58,747 Derivative instruments not designated as cash flow hedges: Gain (loss) on derivative instruments presented in the consolidated statements of operations $ 4,723 $ 71 $ (13) |
DST PROGRAM
DST PROGRAM | 12 Months Ended |
Dec. 31, 2022 | |
Delaware Statutory Trust Program [Abstract] | |
DST PROGRAM | 7. DST PROGRAM We have a program to raise capital through private placement offerings by selling beneficial interests (“DST Interests”) in specific Delaware statutory trusts holding real properties (the “DST Program”). Under the DST Program, each private placement offers interests in one or more real properties placed into one or more Delaware statutory trust(s) by the Operating Partnership or its affiliates (“DST Properties”). DST Properties may be sourced from properties currently indirectly owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are leased-back by an indirect wholly owned subsidiary of the Operating Partnership on a long-term basis. These master lease agreements are fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the Delaware statutory trusts from the investors at a later time in exchange for OP Units. Under the master lease, we are responsible for subleasing the property to occupying customers and all underlying costs associated with operating the property, and are responsible for paying rent to the Delaware statutory trust that owns such property. As such, for financial reporting purposes (and not for income tax purposes), the DST Properties are included in our consolidated financial statements, with the master lease rent payment obligations taking the place of the cost of equity and debt capital. Accordingly, for financial reporting purposes, the rental revenues and rental expenses associated with the underlying property of each master lease are included in the respective line item on the consolidated statements of operations. Consistent with the foregoing, rental payments made to the Delaware statutory trusts pursuant to the master lease agreements are accounted for using the interest method whereby a portion is accounted for as interest expense and a portion is accounted for as an accretion or amortization of the outstanding principal balance of the financing obligations. The net amount we receive from the underlying properties subject to the master lease may be more or less than the amount we pay to the investors of the DST Program and could fluctuate over time. Consistent with the financial reporting position described herein, the proceeds from each private placement under the DST Program are accounted for as a financing obligation on the consolidated balance sheets due to the fact that we have an option (which may or may not be exercised) to purchase the interests in the Delaware statutory trusts and thereby acquire the real property owned by the Delaware statutory trusts. Consistent with the financial reporting position described herein, upfront costs incurred for services provided by the Advisor and its affiliates related to the DST Program are accounted for as deferred financing costs and are netted against the financing obligation. In order to facilitate additional capital raise through the DST Program, we have made and may continue to offer loans (“DST Program Loans”) to finance a portion of the sale of DST Interests to potential investors. As of December 31, 2022 and 2021, there were approximately $81.9 million and $62.1 million, respectively, of outstanding DST Program Loans that we have made to partially finance the sale of DST Interests. We include our investments in DST Program Loans separately on our consolidated balance sheets in the DST Program Loans line item and we include income earned from DST Program Loans in other income on our consolidated statements of operations. The following table presents our DST Program activity for the years ended December 31, 2022, 2021, and 2020: For the Year Ended December 31, (in thousands) 2022 2021 2020 DST Interests sold $ 758,995 $ 292,702 $ 278,157 DST Interests financed by DST Program Loans 51,496 25,978 26,486 Income earned from DST Program Loans (1) 3,420 2,178 1,487 Financing obligation liability appreciation (2) 31,737 5,822 3,936 Rent obligation incurred under master lease agreements (2) 47,021 28,422 19,443 (1) Included in other income and expenses on the consolidated statements of operations. (2) Included in interest expense on the consolidated statements of operations. Additionally, during the years ended December 31, 2022, 2021, and 2020, 28.8 million OP Units, 15.0 million OP Units and 3.8 million OP units, respectively, were issued in exchange for DST Interests for a net investment of $252.6 million, $115.7 million and $28.3 million, respectively, in accordance with our UPREIT structure. Refer to “Note 13” for detail relating to the fees paid to the Advisor and its affiliates for raising capital through the DST Program. |
FAIR VALUE
FAIR VALUE | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | 8. FAIR VALUE We estimate the fair value of our financial instruments using available market information and valuation methodologies we believe to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of the amounts that we would realize upon disposition. Fair Value Measurements on a Recurring Basis The following table presents our financial instruments measured at fair value on a recurring basis: Total (in thousands) Level 1 Level 2 Level 3 Fair Value As of December 31, 2022 Assets: Derivative instruments $ — $ 24,448 $ — $ 24,448 Available-for-sale securities — 14,896 — 14,896 Total assets measured at fair value $ — $ 39,344 $ — $ 39,344 Liabilities: Derivative instruments $ — $ — $ — $ — Total liabilities measured at fair value $ — $ — $ — $ — As of December 31, 2021 Assets: Derivative instruments $ — $ 323 $ — $ 323 Total assets measured at fair value $ — $ 323 $ — $ 323 Liabilities: Derivative instruments $ — $ 11,236 $ — $ 11,236 Total liabilities measured at fair value $ — $ 11,236 $ — $ 11,236 The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Derivative Instruments. Available-for-Sale Debt Securities. Nonrecurring Fair Value Measurements As of December 31, 2022 and 2021, the fair values of cash and cash equivalents, restricted cash, tenant receivables, accounts payable and accrued expenses, and distributions payable approximate their carrying values because of the short-term nature of these instruments. The table below includes fair values for certain of our financial instruments for which it is practicable to estimate fair value. The carrying values and fair values of these financial instruments were as follows: As of December 31, 2022 As of December 31, 2021 Carrying Fair Carrying Fair (in thousands) Value (1) Value Value (1) Value Assets: Debt-related investments $ 263,122 $ 260,841 $ 106,463 $ 106,463 DST Program Loans 81,897 79,049 62,123 62,123 Liabilities: Line of credit $ 235,000 $ 235,000 $ 256,000 $ 256,000 Term loans 800,000 800,000 525,000 525,000 Mortgage notes 587,916 541,558 589,554 600,467 (1) The carrying value reflects the principal amount outstanding. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 9. INCOME TAXES We have concluded that there was no impact related to uncertain tax positions from our results of operations for the years ended December 31, 2022 and 2021. We had a net deferred tax asset of approximately $0.4 million and $1.2 million as of December 31, 2022 and 2021, respectively, which is offset by a full valuation allowance. The U.S. is the major tax jurisdiction for us and the earliest tax year subject to examination by the taxing authority is 2019. Distributions Distributions to stockholders are characterized for U.S. federal income tax purposes as: (i) ordinary income; (ii) non-taxable return of capital; or (iii) long-term capital gain. Distributions that exceed our current and accumulated tax earnings and profits constitute a return of capital and reduce the stockholders’ basis in the common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholders’ basis in the common shares, the distributions will generally be treated as a gain from the sale or exchange of such stockholders’ common shares. Under the new tax laws effective January 1, 2018, all distributions (other than distributions designated as capital gain distributions and distributions traceable to distributions from a taxable REIT subsidiary) which are received by a pass-through entity or an individual, are eligible for a 20% deduction from gross income. This eligibility for a 20% deduction will expire as of 2025. At the beginning of each year, we notify our stockholders of the taxability of the distributions paid during the preceding year. In any given year, the overall taxability of distributions could be higher or lower than the preceding year. The following unaudited table summarizes the annual information reported to investors regarding the taxability of distributions on common stock, as a percentage of total distributions, for the years ended December 31, 2022, 2021 and 2020. This information assumes that an investor owned shares of our common stock for the full 2022 calendar year. For the Year Ended December 31, 2022 2021 2020 Ordinary income — % 13.62 % 3.28 % Non-taxable return of capital 100.00 61.37 12.34 Capital gain — 25.01 84.38 Total distributions 100.00 % 100.00 % 100.00 % The decline in taxable income compared to 2021 is almost entirely due to (i) the increase in the performance participation allocation and (ii) our Advisor’s election to receive the 2022 performance fee in cash instead of OP Units. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | 10. STOCKHOLDERS’ EQUITY Public Offerings As a net asset value (“NAV”)-based perpetual life REIT, we intend to conduct ongoing public primary offerings of our common stock on a perpetual basis. We also intend to conduct an ongoing distribution reinvestment plan offering for our stockholders to reinvest distributions in our shares. From time to time, we intend to file new registration statements on Form S-11 with the SEC to register additional shares of common stock so that we may continuously offer shares of common stock pursuant to Rule 415 under the Securities Act of 1933, as amended. Currently, we have the following registration statements effective with the SEC: ● A public offering of up to $10.0 billion in Class T, Class S, Class D and Class I shares of common stock, consisting of up to $8.5 billion offered in our primary offering and up to $1.5 billion offered under our distribution reinvestment plan. We may reallocate amounts between the primary offering and distribution reinvestment plan. As of December 31, 2022, $9.82 billion remained unsold under this registration statement. ● A public offering of Class E shares under our distribution reinvestment plan. As of December 31, 2022, $82.5 million remained unsold under this registration statement. The Class T, Class S, Class D, Class I and Class E shares, all of which are collectively referred to herein as shares of common stock, generally have identical rights and privileges, including identical voting rights, but have differing fees that are payable on a class-specific basis. While gross distributions are the same for all share classes, the payment of class-specific fees results in different amounts of net distributions being paid with respect to each class of shares. During the year ended December 31, 2022, we raised gross proceeds of approximately $388.9 million from the sale of approximately 44.9 million shares of our common stock in our ongoing public offerings, including proceeds from our distribution reinvestment plan of approximately $29.4 million. Common Stock The following table describes the changes in each class of common shares during each of the years ended December 31, 2022, 2021 and 2020: Class T Class S Class D Class I Class E Total (in thousands) Shares Shares Shares Shares Shares Shares Balance as of December 31, 2019 5,852 20,593 3,499 43,732 66,804 140,480 Issuance of common stock: Primary shares 4,231 4,507 728 4,306 — 13,772 Distribution reinvestment plan 187 476 91 1,065 1,021 2,840 Share-based compensation — — — 20 — 20 Redemptions of common stock (214) (2,060) (220) (4,625) (6,952) (14,071) Conversions (225) — — 225 — — Balance as of December 31, 2020 9,831 23,516 4,098 44,723 60,873 143,041 Issuance of common stock: Primary shares 6,885 12,539 2,778 10,149 — 32,351 Distribution reinvestment plan 267 618 121 1,112 910 3,028 Share-based compensation — — — 29 — 29 Redemptions of common stock (266) (916) (248) (1,899) (5,455) (8,784) Conversions (292) — — 292 — — Balance as of December 31, 2021 16,425 35,757 6,749 54,406 56,328 169,665 Issuance of common stock: Primary shares 10,443 14,348 1,688 15,000 — 41,479 Distribution reinvestment plan 426 823 153 1,256 745 3,403 Share-based compensation — — — 27 — 27 Redemptions of common stock (198) (1,691) (719) (1,759) (4,099) (8,466) Conversions (212) — — 212 — — Balance as of December 31, 2022 26,884 49,237 7,871 69,142 52,974 206,108 Distributions The following table summarizes our distribution activity (including distributions to noncontrolling interests and distributions reinvested in shares of our common stock) for the periods below: Amount Common Stock Declared per Distributions Other Cash Reinvested in Distribution Gross (in thousands, except per share data) Common Share (1) Paid in Cash Distributions (2) Shares Fees (3) Distributions (4) 2022 March 31 $ 0.09375 $ 8,837 $ 3,018 $ 6,876 $ 1,030 $ 19,761 June 30 0.09375 9,299 3,157 7,362 1,259 21,077 September 30 0.09375 9,684 3,972 7,732 1,399 22,787 December 31 0.09375 9,859 4,559 7,923 1,478 23,819 Total $ 0.37500 $ 37,679 $ 14,706 $ 29,893 $ 5,166 $ 87,444 2021 March 31 $ 0.09375 $ 7,562 $ 1,424 $ 5,526 $ 586 $ 15,098 June 30 0.09375 7,696 1,611 5,723 655 15,685 September 30 0.09375 7,984 1,854 5,985 759 16,582 December 31 0.09375 8,265 2,445 6,361 886 17,957 Total $ 0.37500 $ 31,507 $ 7,334 $ 23,595 $ 2,886 $ 65,322 (1) Amount reflects the total gross quarterly distribution rate authorized by our board of directors per Class T share, per Class S share, per Class D share, per Class I share, and per Class E share of common stock. Distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T shares, Class S shares and Class D shares of common stock are reduced by the respective distribution fees that are payable with respect to Class T shares, Class S shares and Class D shares. (2) Consists of distribution fees paid to Ares Wealth Management Solutions, LLC (the “Dealer Manager”) with respect to OP Units and distributions paid to holders of OP Units and other noncontrolling interest holders. (3) Distribution fees are paid monthly to the Dealer Manager, with respect to Class T shares, Class S shares and Class D shares issued in the primary portion of our public offerings only. All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. (4) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares, Class S shares and Class D shares issued in the primary portion of our public offerings. Redemptions and Repurchases Below is a summary of redemptions and repurchases pursuant to our share redemption program for the years ended December 31, 2022, 2021 and 2020. All eligible redemption requests were fulfilled for the periods presented. Our board of directors may modify or suspend our current share redemption programs if it deems such action to be in the best interest of our stockholders. For the Year Ended December 31, (in thousands, except for per share data) 2022 2021 2020 Number of shares redeemed or repurchased 8,466 8,784 14,071 Aggregate dollar amount of shares redeemed or repurchased $ 73,378 $ 67,234 $ 105,588 Average redemption or repurchase price per share $ 8.67 $ 7.65 $ 7.50 |
REDEEMABLE NONCONTROLLING INTER
REDEEMABLE NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2022 | |
Redeemable Noncontrolling Interest [Abstract] | |
REDEEMABLE NONCONTROLLING INTERESTS | 11. REDEEMABLE NONCONTROLLING INTERESTS The Operating Partnership’s net income and loss will generally be allocated to the general partner and the limited partners in accordance with the respective percentage interest in the OP Units issued by the Operating Partnership. The Operating Partnership issued OP Units to the Advisor and Former Sponsor as payment of the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the Advisory Agreement. The Advisor and Former Sponsor subsequently transferred these OP Units to its members or their affiliates or redeemed for cash. We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the consolidated balance sheets. The redeemable noncontrolling interests are recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. The following table summarizes the redeemable noncontrolling interests activity for the years ended December 31, 2022 and 2021: For the Year Ended December 31, ($ in thousands) 2022 2021 Balance at beginning of the year $ 8,994 $ 3,798 Settlement of prior year performance participation allocation (1) 15,327 4,608 Distributions to redeemable noncontrolling interests (735) (418) Redemptions to redeemable noncontrolling interests (2) (7,724) — Net (loss) income attributable to redeemable noncontrolling interests (370) 221 Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests 284 103 Redemption value allocation adjustment to redeemable noncontrolling interests (3) 2,354 682 Ending balance $ 18,130 $ 8,994 (1) The 2021 performance participation allocation in the amount of $15.3 million became payable on December 31, 2021, and was issued as 1.9 million Class I OP Units in January 2022. At the direction of the Advisor and in light of our Former Sponsor having been the holder of a separate series of partnership interests in the Operating Partnership with special distribution rights (the “Special Units”) for the first six months of 2021, the holder of the Special Units designated 465,000 of these Class I OP Units to an entity owned indirectly by our Chairman at the time, Mr. Mulvihill, and 465,000 of these Class I OP Units to an entity owned indirectly by a member of our Former Sponsor. The holder of the Special Units transferred 945,000 Class I OP Units to the Advisor thereafter. The 2020 performance participation allocation in the amount of $4.6 million became payable to the Former Sponsor, as the former holder of the Special Units, on December 31, 2020. At the Former Advisor’s election, it was paid in the form of Class I OP Units valued at $4.6 million (based on the NAV per unit as of December 31, 2020), which were issued to the Former Sponsor in January 2021 and subsequently transferred to its members or their affiliates. (2) At the request of the Advisor, the Operating Partnership redeemed all Class I OP Units issued to the Advisor in January 2022 for $7.7 million. (3) Represents the adjustment recorded in order to mark to the redemption value, which is equivalent to fair value, at the end of the measurement period. |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS | 12. NONCONTROLLING INTERESTS OP Units As of December 31, 2022 and 2021, the Operating Partnership had issued OP Units to third-party investors, representing 20.9% and 13.7%, respectively, of limited partnership interests (excludes interests held by redeemable noncontrolling interest holders). OP Units held by third-party investors are made up of Class E, Class T, Class S, and Class I OP Units. The following table summarizes the number of OP Units issued and outstanding to third-party investors: For the Year Ended December 31, (in thousands) 2022 2021 2020 Balance at beginning of period 27,180 12,982 10,286 Issuance of units 28,821 14,974 3,766 Redemption of units (922) (776) (1,070) Balance at end of period 55,079 27,180 12,982 Subject to certain restrictions and limitations, the holders of OP Units may redeem all or a portion of their OP Units for either: shares of the equivalent class of common stock, cash or a combination of both. If we elect to redeem OP Units for shares of our common stock, we will generally deliver one share of our common stock for each such OP Unit redeemed (subject to any redemption fees withheld), and such shares may, subsequently, only be redeemed for cash in accordance with the terms of our share redemption program. If we elect to redeem OP Units for cash, the cash delivered will equal the then-current NAV per unit of the applicable class of OP Units (subject to any redemption fees withheld), which will equal the then-current NAV per share of our corresponding class of shares. During the years ended December 31, 2022, 2021 and 2020, the aggregate amount of OP Units redeemed was $7.9 million, $6.0 million, and $8.0 million, respectively. The estimated maximum redemption value (unaudited) as of December 31, 2022 and 2021 was $488.3 million and $228.3 million, respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 13. RELATED PARTY TRANSACTIONS We rely on the Advisor, a related party, to manage our day-to-day activities and to implement our investment strategy pursuant to the terms of the Advisory Agreement, by and among us, the Operating Partnership and the Advisor. The current term of the Advisory Agreement ends April 30, 2023, subject to renewals by our board of directors for an unlimited number of successive one-year periods. The Dealer Manager, which is also a related party, provides dealer manager services in connection with our public offerings pursuant to the terms of the fourth amended and restated dealer manager agreement, effective December 1, 2021 (the “Dealer Manager Agreement”) by and among us, the Advisor and the Dealer Manager. On July 1, 2021, Ares closed on the acquisition of Black Creek Group’s U.S. real estate investment advisory and distribution business, including our Former Advisor (the “Transaction”). On the same date, our Former Advisor assigned the advisory agreement to our New Advisor. Ares did not acquire the Former Sponsor, and we now consider the Ares real estate group to be our sponsor. Prior to the Transaction, the Former Sponsor, which owned the Former Advisor, was directly or indirectly majority owned by the estate of John A. Blumberg, James R. Mulvihill and Evan H. Zucker and/or their affiliates. The Dealer Manager was also directly or indirectly majority owned, controlled and/or managed by the estate of Mr. Blumberg, Mr. Mulvihill and/or Mr. Zucker and/or their affiliates. Presently, following the Transaction, the Advisor and the Dealer Manager are directly or indirectly majority owned, controlled and/or managed by Ares. The Advisor, the Sponsor and the Dealer Manager receive compensation from us in the form of fees and expense reimbursements for certain services relating to our public offerings and for the investment and management of our assets and our other activities and operations. Advisory Agreement, Dealer Manager Agreement and Operating Partnership Agreement The following is a description of the fees and expense reimbursements payable to the Advisor and the Dealer Manager. This summary does not purport to be a complete summary of the Advisory Agreement; the Dealer Manager Agreement; and the Partnership Agreement, and is qualified in its entirety by reference to such agreements, which are incorporated by reference as exhibits to this Annual Report on Form 10-K. Selling Commissions, Dealer Manager Fees and Distribution Fees. Class T Class S Class D Class I Selling commissions (as % of transaction price) up to 3.00 % up to 3.50 % — % — % Dealer manager fees (as % of transaction price) 0.50 % — % — % — % Distribution fees (as % of NAV per annum) 0.85 % 0.85 % 0.25 % — % We will cease paying the distribution fees with respect to individual Class T, Class S and Class D shares when they are no longer outstanding, including as a result of a conversion to Class I shares. Each Class T, Class S or Class D share held within a stockholder’s account shall automatically and without any action on the part of the holder thereof convert into a number of Class I shares at the applicable conversion rate on the earliest of: (i) a listing of any shares of our common stock on a national securities exchange; (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets; and (iii) the end of the month in which the Dealer Manager, in conjunction with our transfer agent, determines that the total upfront selling commissions, upfront dealer manager fees and ongoing distribution fees paid with respect to all shares of such class held by such stockholder within such account (including shares purchased through the distribution reinvestment plan or received as stock dividends) equals or exceeds 8.75% (or a lower limit set forth in any applicable agreement between the Dealer Manager and a participating broker dealer, provided that the Dealer Manager advises our transfer agent of the lower limit in writing) of the aggregate purchase price of all shares of such class held by such stockholder within such account and purchased in a primary offering. Additional Underwriting Compensation and Primary Dealer Fee. Organization and Offering Expense Reimbursement. Advisory Fee and Operating Expense Reimbursement. Fixed Component % of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum) 1.10 % % of consideration received by us or our affiliates for selling interests in DST Properties (as defined in “Note 7”) to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests 1.10 % The performance participation allocation is a performance-based amount that will be paid to the Advisor. This amount is calculated on the basis of the overall investment return provided to holders of Fund Interests (i.e., our outstanding shares and OP Units held by third-party investors) in any calendar year such that the Advisor will receive the lesser of (1) 12.5% of (a) the annual total return amount less (b) any loss carryforward, and (2) the amount equal to (x) the annual total return amount, less (y) any loss carryforward, less (z) the amount needed to achieve an annual total return amount equal to 5% of the NAV per Fund Interest at the beginning of such year (the “Hurdle Amount”). The foregoing calculations are calculated on a per Fund Interest basis and multiplied by the weighted-average Fund Interests outstanding during the year. In no event will the performance participation allocation be less than zero. Accordingly, if the annual total return amount exceeds the Hurdle Amount plus the amount of any loss carryforward, then the Advisor will earn a performance participation allocation equal to 100% of such excess, but limited to 12.5% of the annual total return amount that is in excess of the loss carryforward. The “annual total return amount” referred to above means all distributions paid or accrued per Fund Interest plus any change in NAV per Fund Interest since the end of the prior calendar year, adjusted to exclude the negative impact on annual total return resulting from our payment or obligation to pay, or distribute, as applicable, the performance participation allocation as well as ongoing distribution fees (i.e., our ongoing class-specific fees). The “loss carryforward” referred to above will track any negative annual total return amounts from prior years and offset the positive annual total return amount for purposes of the calculation of the performance participation allocation. The loss carryforward is zero as of December 31, 2022. Additionally, the Advisor will provide us with a waiver of a portion of its fees generally equal to the amount of the performance participation allocation that would have been payable with respect to the Class E shares and the Series 1 Class E OP Units held by third parties until the NAV of such shares or units exceeds $10.00 a share or unit, the benefit of which will be shared among all holders of Fund Interests. As of December 31, 2022, all of the Class E OP Units issued and outstanding to third-party investors are Series 1 Class E OP Units. Refer to “Note 12” for detail regarding the Class E OP Units. On January 1, 2019, we, our Operating Partnership, and the Advisor amended the advisory agreement and limited partnership agreement of the Operating Partnership. The Operating Partnership also issued to Black Creek Diversified Property Advisors Group LLC (“BCDPAG”), for $1,000 in consideration, 100 partnership units in the Operating Partnership constituting a separate series of partnership interests with special distribution rights, or the “Special Units.” On July 1, 2021, these Special Units were transferred from BCDPAG to our New Advisor. Subsequently, these Special Units were transferred from our New Advisor to an affiliate of the New Advisor. These agreements were amended, and the Special Units were issued, so that, at the election of the holder, the performance participation allocation previously payable to the Advisor may be paid instead to the holder of the Special Units as a performance participation allocation with respect to the Special Units. If the holder does not elect on or before the first day of a calendar year to have the performance participation allocation paid as a fee to the Advisor, then it will be paid as a distribution on the performance participation interest to the holder of the Special Units. In such case, the performance participation allocation will be payable in cash or Class I OP Units, at the election of the holder. If the holder elects to receive such distributions in Class I OP Units, the number of Class I OP Units to be issued to the holder will be determined by dividing an amount equal to the value of the performance participation allocation by the net asset value per Class I OP Unit as of the date of the distribution. The holder of the Special Units may request the Operating Partnership to repurchase such OP Units from the holder at a later date. Any such repurchase requests will normally not be subject to any holding period, early redemption deduction, volume limitations or other restrictions that apply to other holders of OP Units under the limited partnership agreement of the Operating Partnership or to our stockholders under our share redemption program. However, certain restrictions on redemption may apply if certain liquidity requirements are not met. In addition, in the event the Operating Partnership commences a liquidation of its assets during any calendar year, the holder of the Special Units will be distributed the performance participation allocation as its liquidation distribution, or the Advisor will receive payment of the performance participation allocation, as applicable, prior to the distribution of the remaining liquidation proceeds to the holders of OP Units. The Special Units do not receive Operating Partnership distributions or allocations except as described above. Holders of Special Units do not share in distributions paid to holders of common OP Units and are not allocated income or losses of the Operating Partnership except to the extent of taxable income allocated to them in their capacity as holders of the Special Units. Subject to certain limitations, we reimburse the Advisor or its affiliates for all of the costs they incur in connection with the services they provide to us under the Advisory Agreement, including, without limitation, our allocable share of the Advisor’s overhead, which includes but is not limited to the Advisor’s rent paid to both third parties and affiliates of the Advisor, utilities and personnel costs; provided, that we will not reimburse the Advisor or its affiliates for services for which the Advisor or its affiliates are entitled to compensation in the form of a separate fee, and commencing as of September 1, 2017, we will not reimburse the Advisor for compensation it pays to our named executive officers, unless the named executive officer is providing stockholder services Acquisition Expense Reimbursements. Pursuant to the Advisory Agreement, subject to certain limitations, we agreed to reimburse the Advisor for all acquisition expenses incurred on our behalf in connection with the selection and acquisition of properties, real estate-related assets, and other investments, whether or not such investments are acquired. As these expense reimbursements were not directly attributable to a specified property, they were expensed as incurred on the consolidated statements of operations. Fees from Other Services. Property-Level Accounting Services. to the difference between: (i) the property management fee charged with respect to each real property, which reflects the market rate for all real property management services, including property-level accounting services, based on rates charged for similar properties within the region or market in which the real property is located, and (ii) the amount paid to third-party property management firms for property management services, which fee is based on an arm’s length negotiation with a third party property management service provider (the difference between (i) and (ii), the “property accounting fee”). DST Program DST Program Dealer Manager Fees. ADREX will pay certain up-front fees and reimburse certain related expenses to the Dealer Manager with respect to capital raised through the DST Program. ADREX is obligated to pay the Dealer Manager a dealer manager fee of up to 1.5% of gross equity proceeds raised and a commission of up to 5.0% of gross equity proceeds raised through the private placements. In addition, with respect to certain classes of interests (or the corresponding classes of OP Units or shares for which they may be exchanged in certain circumstances) we, the Operating Partnership or ADREX will pay the Dealer Manager ongoing fees in amounts up to 0.85% of the equity investment or net asset value thereof per year for Class T, Class S, and Class D OP Units. The Dealer Manager may re-allow such commissions, ongoing fees and a portion of such dealer manager fees to participating broker dealers. In addition, pursuant to the dealer manager agreement for the DST Program, we, or our subsidiaries, are obligated to reimburse the Dealer Manager for (a) customary travel, lodging, meals and reasonable entertainment expenses incurred in connection with the private placements; (b) costs and expenses of conducting educational conferences and seminars, attending broker-dealer sponsored conferences, or educational conferences sponsored by ADREX; (c) customary promotional items; and (d) legal fees of the Dealer Manager. Pursuant to the Advisory Agreement, DST Properties are included when calculating the fixed advisory fee and the performance participation allocation due to the Advisor. Furthermore, because the Advisor funds certain Dealer Manager personnel costs that are not reimbursed under the DST Program dealer manager agreement, we have also agreed to pay the Advisor a fee equal to the fee paid by DST Program investors for these costs, which is up to 1.5% of the total equity amount paid for the interests. DST Manager Fees. In connection with the DST Program, ADREX maintains a loan program and may, upon request, provide DST Program Loans to certain purchasers of the interests in the Delaware statutory trusts to finance a portion of the purchase price payable upon their acquisition of such DST Interests (the “Purchase Price”). The DST Program Loans are made by a subsidiary of ours (the “DST Lender”). The DST Program Loans may differ in original principal amounts. The original principal amount of the DST Program Loans expressed as a percentage of the total Purchase Price for the applicable DST Interests may also vary, but no DST Program Loan to any purchaser will exceed 50% of the Purchase Price paid by such purchaser for its DST Interest in the Trust, excluding the amount of the Origination Fee, as hereinafter defined. Each purchaser that elects to obtain a DST Program Loan, will pay an origination fee to the DST Manager equal to up to 1.0% of the original principal amount of its DST Program Loan (the “Origination Fee”) upon origination of such DST Program Loan, which Origination Fee will be assigned by the DST Manager to an affiliate of the Advisor. The purchaser will be required to represent, among other things, that no portion of the Purchase Price for its DST Interest and no fee paid in connection with the acquisition of its DST Interest (including, without limitation, the Origination Fee) has been or will be funded with any nonrecourse indebtedness other than the DST Program Loan. Summary of Fees and Expenses The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable: For the Year Ended December 31, Payable as of December 31, (in thousands) 2022 2021 2020 2022 2021 Selling commissions and dealer manager fees (1) $ 4,289 $ 2,656 $ 1,498 $ — $ — Ongoing distribution fees (1)(2) 6,800 3,206 2,024 748 394 Advisory fees—fixed component 33,747 21,433 17,211 2,868 2,094 Performance participation allocation (3) 23,747 15,327 4,608 23,747 15,327 Other expense reimbursements—Advisor (4)(5) 11,346 11,070 10,002 4,192 1,443 Other expense reimbursements—Dealer Manager 372 376 516 109 — Property accounting fee (6) 1,289 — — 478 — DST Program selling commissions, dealer manager and distribution fees (1) 22,467 9,871 4,097 241 219 Other DST Program related costs—Advisor (5) 14,860 6,318 4,085 146 87 Total $ 118,917 $ 70,257 $ 44,041 $ 32,529 $ 19,564 (1) All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. (2) The distribution fees are payable monthly in arrears. Additionally, we accrue for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable of approximately $60.9 million and $34.1 million as of December 31, 2022 and 2021, respectively, are included in other liabilities on the consolidated balance sheets. (3) The allocation of the performance participation interest is ultimately determined at the end of each calendar year and will be paid in Class I OP Units or cash, at the election of the Advisor. As the performance hurdle was achieved as of both December 31, 2022 and 2021, we recognized approximately $23.7 million and $15.3 million for the years ended December 31, 2022 and 2021, respectively, of performance participation allocation expense in our consolidated statements of operations. (4) Other expense reimbursements include certain expenses incurred for organization and offering, acquisition and general administrative services provided to us under the advisory agreement, including, but not limited to, certain expenses described below after footnote 6, allocated rent paid to both third parties and affiliates of our Advisor, equipment, utilities, insurance, travel and entertainment. (5) Includes costs reimbursed to the Advisor related to the DST Program. (6) The cost of the property management fee, including the property accounting fee, is generally borne by the tenant or tenants at each real property, either via a direct reimbursement to us or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain circumstances, we may pay for a portion of the property management fee, including the property accounting fee, without reimbursement from the tenant or tenants at a real property. Certain of the expense reimbursements described in the table above include a portion of the compensation expenses of officers and employees of the Advisor or its affiliates related to activities for which the Advisor did not otherwise receive a separate fee. Amounts incurred related to these compensation expenses for the years ended December 31, 2022, 2021 and 2020, were approximately $10.7 million, $9.8. million and $8.0 million, respectively. No reimbursement is made for compensation of our named executive officers unless the named executive officer is providing stockholder services, as outlined in the Advisory Agreement. Transactions with Affiliates We initially contributed $2,000 into the Operating Partnership in exchange for 200 OP Units, representing the sole general partner interest in the Operating Partnership. Subsequently, we contributed 100% of the gross proceeds received from our public offerings of common stock to the Operating Partnership in exchange for OP Units representing our interest as a limited partner of the Operating Partnership. As of December 31, 2022 and 2021, we held a 78.3% and 85.7%, respectively, limited partnership interest in the Operating Partnership. The remaining limited partnership interests in the Operating Partnership are held by third-party investors, which are classified as noncontrolling interests on the consolidated balance sheets. See “Note 12” for detail regarding our noncontrolling interests. |
NET INCOME (LOSS) PER COMMON SH
NET INCOME (LOSS) PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER COMMON SHARE | 14. NET INCOME (LOSS) PER COMMON SHARE The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: For the Year Ended December 31, (in thousands, except per share data) 2022 2021 2020 Net (loss) income attributable to common stockholders—basic $ (39,979) $ 30,754 $ (14,914) Net (loss) income attributable to redeemable noncontrolling interests (370) 221 (54) Net (loss) income attributable to noncontrolling interests (9,314) 3,565 (1,091) Net (loss) income attributable to common stockholders—diluted $ (49,663) $ 34,540 $ (16,059) Weighted-average shares outstanding—basic 194,039 154,767 142,268 Incremental weighted-average shares effect of conversion of noncontrolling interests 39,265 19,563 11,784 Weighted-average shares outstanding—diluted 233,304 174,330 154,052 Net (loss) income per share attributable to common stockholders: Basic $ (0.21) $ 0.20 $ (0.10) Diluted $ (0.21) $ 0.20 $ (0.10) |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | 15. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Year Ended December 31, (in thousands) 2022 2021 2020 Interest paid related to consolidated indebtedness $ 53,889 $ 28,403 $ 29,877 Interest paid related to DST Program 42,008 26,666 16,540 Distributions reinvested in common stock 29,442 23,197 21,278 Change in accrued future ongoing distribution fees 26,855 18,576 1,019 Increase in DST Program Loans receivable through DST Program capital raising 51,496 25,978 26,486 Redeemable noncontrolling interest issued as settlement of performance participation allocation 15,327 4,608 3,776 Mortgage notes assumed on real estate acquisitions at fair value — 125,887 13,472 Issuances of OP Units for DST Interests 252,578 115,653 28,266 Restricted Cash Restricted cash consists of lender and property-related escrow accounts. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows: For the Year Ended December 31, (in thousands) 2022 2021 2020 Beginning of period: Cash and cash equivalents $ 10,605 $ 11,266 $ 97,772 Restricted cash 3,747 10,468 10,010 Cash, cash equivalents and restricted cash $ 14,352 $ 21,734 $ 107,782 End of period: Cash and cash equivalents $ 13,336 $ 10,605 $ 11,266 Restricted cash 3,850 3,747 10,468 Cash, cash equivalents and restricted cash $ 17,186 $ 14,352 $ 21,734 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 16. COMMITMENTS AND CONTINGENCIES Litigation We and the Operating Partnership are not presently involved in any material litigation nor, to our knowledge, is any material litigation threatened against us or our investments. Environmental Matters A majority of the properties we acquire have been or will be subject to environmental reviews either by us or the previous owners. In addition, we may incur environmental remediation costs associated with certain land parcels we may acquire in connection with the development of land. We have or may acquire certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous materials. We may purchase various environmental insurance policies to mitigate our exposure to environmental liabilities. We are not aware of any environmental liabilities that we believe would have a material adverse effect on our business, financial condition, or results of operations as of December 31, 2022. |
SEGMENT FINANCIAL INFORMATION
SEGMENT FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT FINANCIAL INFORMATION | 17. SEGMENT FINANCIAL INFORMATION Our four reportable segments are office, retail, residential and industrial. Factors used to determine our reportable segments include the physical and economic characteristics of our properties and the related operating activities. Our chief operating decision makers rely on net operating income, among other factors, to make decisions about allocating resources and assessing segment performance. Net operating income is the key performance metric that captures the unique operating characteristics of each segment. Net investment in real estate properties, restricted cash, tenant receivables, straight-line rent receivables, and other assets directly assignable to a property are allocated to the segment groupings. Corporate items that are not directly assignable to a property, such as investments in unconsolidated joint venture partnerships, investments in real estate-related securities, debt-related investments and DST Program Loans, are not allocated to segment groupings, but are reflected as reconciling items. The following table reflects our total consolidated assets by business segment as of December 31, 2022 and 2021: As of December 31, (in thousands) 2022 2021 (1) Assets: Office properties $ 377,546 $ 335,811 Retail properties 537,147 639,584 Residential properties 1,495,532 837,491 Industrial properties 1,248,255 826,353 Corporate 516,244 351,732 Total assets $ 4,174,724 $ 2,990,971 (1) As of December 31, 2021, amounts held for sale are included in the corporate grouping. Refer to “Note 4” for further detail. The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the years ended December 31, 2022, 2021 and 2020. For the Year Ended December 31, (in thousands) 2022 2021 2020 Net (loss) income attributable to common stockholders $ (39,979) $ 30,754 $ (14,914) Debt-related income (9,989) (9,174) (2,347) Real estate-related depreciation and amortization 134,617 74,415 62,923 General and administrative expenses 10,570 8,797 7,548 Advisory fees 33,747 21,433 17,211 Performance participation allocation 23,747 15,327 4,608 Acquisition costs and reimbursements 5,427 2,636 1,108 Litigation expense — — 2,500 Impairment of real estate property — 758 — Credit loss expense 1,799 — — Equity in income from unconsolidated joint venture partnerships (2,970) (114) — Interest expense 140,406 70,494 58,747 Gain on sale of real estate property (94,827) (77,857) (13,335) (Gain) loss on derivative instruments (4,723) (71) 13 Other income (2,860) (1,781) (1,050) Net (loss) income attributable to redeemable noncontrolling interests (370) 221 (54) Net (loss) income attributable to noncontrolling interests (9,314) 3,565 (1,091) Net operating income $ 185,281 $ 139,403 $ 121,867 The following table sets forth consolidated financial results by segment for the years ended December 31, 2022, 2021 and 2020: (in thousands) Office Retail Residential Industrial Consolidated 2022 Rental revenues $ 52,427 $ 64,039 $ 98,524 $ 74,244 $ 289,234 Rental expenses (25,273) (17,080) (44,292) (17,308) (103,953) Net operating income $ 27,154 $ 46,959 $ 54,232 $ 56,936 $ 185,281 Real estate-related depreciation and amortization $ 15,951 $ 17,370 $ 47,696 $ 53,600 $ 134,617 2021 Rental revenues $ 64,290 $ 72,102 $ 31,023 $ 41,761 $ 209,176 Rental expenses (28,280) (18,693) (13,387) (9,413) (69,773) Net operating income $ 36,010 $ 53,409 $ 17,636 $ 32,348 $ 139,403 Real estate-related depreciation and amortization $ 19,875 $ 19,485 $ 11,062 $ 23,993 $ 74,415 2020 Rental revenues $ 69,110 $ 71,244 $ 20,424 $ 23,467 $ 184,245 Rental expenses (30,355) (17,568) (9,448) (5,007) (62,378) Net operating income $ 38,755 $ 53,676 $ 10,976 $ 18,460 $ 121,867 Real estate-related depreciation and amortization $ 21,130 $ 19,795 $ 9,762 $ 12,236 $ 62,923 We consider net operating income to be an appropriate supplemental performance measure and believe net operating income provides useful information to our investors regarding our financial condition and results of operations because net operating income reflects the operating performance of our properties and excludes certain items that are not considered to be controllable in connection with the management of the properties, such as real estate-related depreciation and amortization, general and administrative expenses, advisory fees, impairment charges, interest expense, gains on sale of properties, other income and expense, gains and losses on the extinguishment of debt and noncontrolling interests. However, net operating income should not be viewed as an alternative measure of our financial performance since it excludes such items, which could materially impact our results of operations. Further, our net operating income may not be comparable to that of other real estate companies, as they may use different methodologies for calculating net operating income. Therefore, we believe net income, as defined by GAAP, to be the most appropriate measure to evaluate our overall financial performance. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 18. SUBSEQUENT EVENTS Subsequent to December 31, 2022, we sold a portion of one retail property for a contractual sale price of $55.5 million. Our accounting basis (net of accumulated depreciation and amortization) for this real estate property as of the closing date was approximately $16.5 million. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2022 Initial Cost to Company Gross Amount Carried at December 31, 2022 Cost Capitalized or Buildings and Adjustments Buildings and Accumulated No. of Improvements Subsequent to Improvements Total Costs Depreciation Depreciable Life ($ in thousands) Location Buildings Debt (1) Land (2) Total Costs Acquisition (4) Land (2) (3, 4) (4, 5) Acquisition Date (Years) Office properties: Bala Pointe Bala Cynwyd, PA 1 $ — $ 10,115 $ 27,516 $ 37,631 $ 14,536 $ 10,115 $ 42,052 $ 52,167 $ (25,419) 8/28/2006 1 - 40 1300 Connecticut Washington, DC 1 — 25,177 41,250 66,427 12,516 25,177 53,766 78,943 (31,583) 3/10/2009 2 - 40 CityView Austin, TX 4 — 4,606 65,250 69,856 10,385 4,606 75,635 80,241 (24,756) 4/24/2015 1 - 40 Eden Prairie Eden Prairie, MN 1 — 3,538 25,865 29,403 1,262 3,538 27,127 30,665 (13,388) 10/3/2008 5 - 40 Preston Sherry Plaza Dallas, TX 1 — 7,500 22,303 29,803 14,905 7,500 37,208 44,708 (19,518) 12/16/2009 1 - 40 3 Second Street Jersey City, NJ 1 127,000 16,800 193,742 210,542 48,411 16,800 242,153 258,953 (119,117) 6/25/2010 3 - 40 350 Carter Road Princeton, NJ 1 — 3,966 28,670 32,636 1,500 3,966 30,170 34,136 (743) 4/27/2022 13 - 40 107 Morgan Lane Plainsboro, NJ 1 — 1,589 10,680 12,269 119 1,589 10,799 12,388 (80) 10/28/2022 10 - 40 Total office properties 11 $ 127,000 $ 73,291 $ 415,276 $ 488,567 $ 103,634 $ 73,291 $ 518,910 $ 592,201 $ (234,604) Retail properties: Beaver Creek Apex, NC 1 $ — $ 12,426 $ 31,375 $ 43,801 $ 739 $ 9,955 $ 34,585 $ 44,540 $ (14,953) 5/11/2007 1 - 40 Sandwich Sandwich, MA 1 — 7,380 25,778 33,158 874 7,380 26,652 34,032 (12,239) 8/1/2007 1 - 40 Wareham Wareham, MA 1 — 12,972 27,030 40,002 3,841 12,972 30,871 43,843 (15,204) 8/1/2007 1 - 40 Hyannis Hyannis, MA 1 — 10,405 917 11,322 — 10,405 917 11,322 (767) 8/1/2007 18 - 68 Meriden Meriden, CT 1 — 6,560 22,014 28,574 — 6,560 22,014 28,574 (10,310) 8/1/2007 13 - 43 Whitman 475 Bedford Street Whitman, MA 1 — 3,610 11,682 15,292 — 3,610 11,682 15,292 (5,711) 8/1/2007 16 - 56 New Bedford New Bedford, MA 1 4,561 3,790 11,152 14,942 — 3,790 11,152 14,942 (5,053) 10/18/2007 22 - 40 270 Center Washington, DC 1 70,000 19,779 42,515 62,294 5,062 19,781 47,575 67,356 (21,332) 4/6/2009 1 - 40 Springdale Springfield, MA 1 — 11,866 723 12,589 9 11,866 732 12,598 (726) 2/18/2011 6 - 62 Saugus Saugus, MA 1 — 3,783 9,713 13,496 470 3,783 10,183 13,966 (5,572) 3/17/2011 3 - 40 Salt Pond Narragansett, RI 2 — 8,759 40,233 48,992 2,336 8,759 42,569 51,328 (13,018) 11/4/2014 1 - 40 South Cape Mashpee, MA 6 — 9,936 27,552 37,488 5,211 10,307 32,392 42,699 (9,139) 3/18/2015 1 - 40 Shenandoah Davie, FL 3 — 10,501 27,397 37,898 499 10,501 27,896 38,397 (7,692) 8/6/2015 1 - 40 Chester Springs Chester, NJ 4 — 7,376 51,155 58,531 7,429 7,376 58,584 65,960 (16,247) 10/8/2015 1 - 40 Yale Village Tulsa, OK 4 — 3,492 30,655 34,147 1,849 3,492 32,504 35,996 (8,258) 12/9/2015 3 - 40 Suniland Shopping Center Pinecrest, FL 4 — 34,804 33,902 68,706 1,715 34,804 35,617 70,421 (9,922) 5/27/2016 1 - 40 Village at Lee Branch Birmingham, AL 2 — 10,476 32,461 42,937 1,338 10,476 33,799 44,275 (5,495) 1/29/2020 1 - 40 Barrow Crossing Bethlehem, GA 5 — 5,539 50,208 55,747 467 5,539 50,675 56,214 (5,436) 6/22/2021 1 - 40 Total retail properties 40 $ 74,561 $ 183,454 $ 476,462 $ 659,916 $ 31,839 $ 181,356 $ 510,399 $ 691,755 $ (167,074) Initial Cost to Company Gross Amount Carried at December 31, 2022 Cost Capitalized or Buildings and Adjustments Buildings and Accumulated No. of Improvements Subsequent to Improvements Total Costs Depreciation Depreciable Life ($ in thousands) Location Buildings Debt (1) Land (2) Total Costs Acquisition (4) Land (2) (3, 4) (4, 5) Acquisition Date (Years) Residential properties: The Daley Rockville, MD 4 $ 62,000 $ 15,139 $ 80,500 $ 95,639 $ 838 $ 15,139 $ 81,338 $ 96,477 $ (9,632) 7/2/2019 1 - 40 Juno Winter Park Winter Park, FL 1 — 9,129 75,420 84,549 527 9,129 75,947 85,076 (7,940) 7/9/2019 1 - 40 Perimeter Sandy Springs, GA 1 — 17,407 99,763 117,170 476 17,407 100,239 117,646 (10,264) 12/19/2019 1 - 40 The Palms Davie, FL 15 — 18,737 60,475 79,212 2,862 18,737 63,337 82,074 (5,314) 11/3/2020 1 - 40 oLiv Tucson Tucson, AZ 1 80,600 — 128,659 128,659 76 — 128,735 128,735 (5,323) 10/20/2021 1 - 40 Arabelle Clearwater Clearwater, FL 10 — 11,633 104,719 116,352 54 11,633 104,773 116,406 (4,175) 11/30/2021 1 - 40 Arabelle Riverwalk Tampa Bay, FL 1 117,063 20,005 214,045 234,050 160 20,005 214,205 234,210 (8,319) 12/28/2021 1 - 40 Skye 750 King of Prussia, PA 1 — 12,535 80,310 92,845 75 12,535 80,385 92,920 (3,234) 1/5/2022 1 - 40 Arabelle City Center Pembroke, FL 11 — 15,776 141,006 156,782 1,285 15,776 142,291 158,067 (4,596) 4/12/2022 1 - 40 Dallas Cityline Richardson, TX 1 — 6,281 104,812 111,093 155 6,281 104,967 111,248 (3,451) 4/13/2022 1 - 40 Dallas Wycliff Dallas, TX 3 — 14,021 80,062 94,083 305 14,021 80,367 94,388 (2,801) 4/13/2022 1 - 40 Dallas Maple District Dallas, TX 2 — 14,725 78,364 93,089 237 14,725 78,601 93,326 (2,721) 4/13/2022 1 - 40 San Vance San Antonio, TX 14 — 8,860 68,726 77,586 141 8,860 68,867 77,727 (2,539) 4/13/2022 1 - 40 San Stone Oak San Antonio, TX 15 — 4,569 68,036 72,605 173 4,569 68,209 72,778 (2,389) 4/13/2022 1 - 40 Total residential properties 80 $ 259,663 $ 168,817 $ 1,384,897 $ 1,553,714 $ 7,364 $ 168,817 $ 1,392,261 $ 1,561,078 $ (72,698) Industrial properties: Vasco Road Livermore, CA 1 $ 17,435 $ 4,880 $ 12,019 $ 16,899 $ (60) $ 4,880 $ 11,959 $ 16,839 $ (3,168) 7/21/2017 3 - 40 Northgate North Las Vegas, NV 1 22,605 3,940 20,715 24,655 15 3,943 20,727 24,670 (4,298) 7/26/2017 10 - 40 Stafford Grove Stafford, TX 3 — 8,540 28,879 37,419 2,120 8,586 30,953 39,539 (6,389) 4/9/2018 4 - 40 Kaiser Business Center Folcroft, PA 2 — 6,140 12,730 18,870 1,467 6,140 14,197 20,337 (3,248) 12/10/2018 2 - 40 Tri-County DC Schertz, TX 1 16,819 2,346 18,400 20,746 1,025 2,346 19,425 21,771 (3,360) 2/13/2019 1 - 40 Florence Logistics Center Florence, KY 1 14,358 1,791 16,968 18,759 27 1,791 16,995 18,786 (2,751) 5/14/2019 1 - 40 World Connect Logistics Center Indianapolis, IN 1 32,386 4,983 39,172 44,155 209 4,983 39,381 44,364 (5,433) 9/27/2019 1 - 40 Tri-County DC II A Schertz, TX 1 9,004 1,280 8,562 9,842 421 1,280 8,983 10,263 (1,655) 10/1/2019 1 - 40 Aurora DC Aurora, IL 1 — 1,681 6,887 8,568 911 1,681 7,798 9,479 (1,660) 12/13/2019 1 - 40 Railhead DC Dallas/Fort Worth, TX 1 8,391 2,102 17,475 19,577 92 2,102 17,567 19,669 (2,241) 2/4/2020 6 - 40 Tri-County DC II B Schertz, TX 1 2,393 455 2,429 2,884 53 455 2,482 2,937 (381) 2/14/2020 4 - 40 Sterling IC Washington, DC 1 — 1,976 3,369 5,345 13 1,976 3,382 5,358 (434) 3/25/2020 6 - 40 Clayton Commerce Center Atlanta, GA 1 — 7,403 51,886 59,289 5,415 7,403 57,301 64,704 (7,489) 6/26/2020 7 - 40 Bay Area Commerce Center East Bay, CA 1 — 10,135 38,672 48,807 1,791 10,135 40,463 50,598 (3,345) 8/27/2020 9 - 40 Air Tech DC Louisville, KY 2 3,301 615 18,471 19,086 213 616 18,683 19,299 (1,986) 10/16/2020 1 - 40 East Columbia IC Portland, OR 2 — 3,352 11,726 15,078 204 3,352 11,930 15,282 (1,841) 12/2/2020 3 - 20 Plainfield LC Indianapolis, IN 1 — 2,514 17,260 19,774 17 2,514 17,277 19,791 (1,310) 12/16/2020 7 - 40 395 LC Reno, NV 1 — 6,752 61,784 68,536 300 6,752 62,084 68,836 (5,390) 12/21/2020 5 - 40 Radar Distribution Center Northampton, PA 1 — 7,167 42,373 49,540 669 7,167 43,042 50,209 (2,305) 3/31/2021 7 - 40 Intermountain Space Center Salt Lake City, UT 1 — 14,786 48,645 63,431 756 14,786 49,401 64,187 (5,182) 6/30/2021 3 - 20 Airway Industrial Park San Diego, CA 1 — 5,740 18,616 24,356 2,086 5,740 20,702 26,442 (832) 7/9/2021 1 - 40 Greenwood Business Center Greenwood, IN 1 — 858 16,251 17,109 (30) 858 16,221 17,079 (1,152) 8/2/2021 5 - 40 25 Linden Industrial Center Jersey City, NJ 1 — 7,764 9,576 17,340 56 7,764 9,632 17,396 (1,423) 8/31/2021 2 - 20 Little Orchard Business Park San Jose, CA 4 — 51,265 48,147 99,412 733 51,265 48,880 100,145 (5,682) 9/8/2021 1 - 20 Tustin Business Center Tustin, CA 2 — 22,734 12,233 34,967 35 22,734 12,268 35,002 (1,050) 9/22/2021 8 - 20 Campus Drive IC Burlington, NJ 1 — 2,364 4,288 6,652 16 2,364 4,304 6,668 (362) 10/7/2021 10 - 20 Long Island Logistics Center Islandia, NY 1 — 4,927 16,198 21,125 97 4,927 16,295 21,222 (1,061) 12/9/2021 9 - 20 Phoenix IC Phoenix, AZ 1 — 4,709 12,895 17,604 151 4,709 13,046 17,755 (1,207) 12/13/2021 1 - 20 Tempe IC Tempe, AZ 1 — 3,628 24,857 28,485 — 3,628 24,857 28,485 (1,782) 12/13/2021 2 - 20 Las Vegas IC Las Vegas, NV 2 — 2,623 6,186 8,809 9 2,623 6,195 8,818 (382) 12/13/2021 4 - 30 Initial Cost to Company Gross Amount Carried at December 31, 2022 Cost Capitalized or Buildings and Adjustments Buildings and Accumulated No. of Improvements Subsequent to Improvements Total Costs Depreciation Depreciable Life ($ in thousands) Location Buildings Debt (1) Land (2) Total Costs Acquisition (4) Land (2) (3, 4) (4, 5) Acquisition Date (Years) Industrial properties (cont.): General Washington IC Alexandria, VA 1 — 2,452 8,599 11,051 807 2,452 9,406 11,858 (326) 1/7/2022 1 - 20 Western Food Center Denver, CO 2 — 10,399 28,989 39,388 172 10,399 29,161 39,560 (1,834) 1/14/2022 5 - 20 Orlando LC I & II Orlando, FL 2 — 8,975 88,020 96,995 2,132 8,975 90,152 99,127 (2,781) 2/17/2022 11 - 49 Orlando LC III & IV Orlando, FL 2 — 3,198 40,505 43,703 324 3,198 40,829 44,027 (1,397) 2/17/2022 11 - 48 Orlando LC V Orlando, FL 1 — 1,939 33,219 35,158 3 1,939 33,222 35,161 (2,333) 2/17/2022 10 - 39 Orlando LC VI Orlando, FL 1 — 3,405 26,043 29,448 — 3,405 26,043 29,448 (1,020) 2/17/2022 10 - 41 Orlando LC VII Orlando, FL 1 — 3,156 20,404 23,560 — 3,156 20,404 23,560 (1,293) 2/17/2022 11 - 41 Gillingham IC Sugarland, TX 1 — 2,283 18,268 20,551 32 2,283 18,300 20,583 (467) 6/10/2022 5 - 40 Industrial Drive IC Birmingham, AL 1 — 1,220 2,798 4,018 305 1,220 3,103 4,323 (256) 6/17/2022 5 - 20 Maplewood Drive IC Minneapolis, MN 1 — 1,026 4,488 5,514 — 1,026 4,488 5,514 (477) 6/17/2022 4 - 20 Glen Afton IC Charlotte, NC 1 — 2,294 19,742 22,036 — 2,294 19,742 22,036 (993) 6/17/2022 11 - 30 East 56th Ave IC Denver, CO 1 — 4,724 14,317 19,041 — 4,724 14,317 19,041 (923) 6/17/2022 7 - 20 Brockton IC Grand Rapids, MI 1 — 1,250 5,272 6,522 — 1,250 5,272 6,522 (514) 6/17/2022 5 - 20 Pine Vista IC Houston, TX 1 — 2,952 15,838 18,790 — 2,952 15,838 18,790 (925) 6/17/2022 11 - 20 Tri-County Parkway IC San Antonio, TX 1 — 1,579 11,205 12,784 50 1,579 11,255 12,834 (711) 6/17/2022 8 - 20 Miami NW 114th IC Miami, FL 1 — 5,533 6,489 12,022 — 5,533 6,489 12,022 (457) 6/17/2022 8 - 20 North Harney IC Tampa, FL 1 — 3,586 4,439 8,025 — 3,586 4,439 8,025 (340) 6/17/2022 6 - 20 Wes Warren Drive IC New York, NY 1 — 1,537 5,978 7,515 — 1,537 5,978 7,515 (438) 6/17/2022 7 - 20 Enterprise Way IC Oklahoma City, OK 1 — 537 5,982 6,519 — 537 5,982 6,519 (343) 6/17/2022 9 - 20 New Albany IC Moorestown, NJ 1 — 5,630 11,914 17,544 — 5,630 11,914 17,544 (796) 6/17/2022 7 - 20 North 5th Street CC Philadelphia, PA 1 — 4,359 18,945 23,304 52 4,359 18,997 23,356 (952) 6/24/2022 2 - 20 Total industrial properties 64 $ 126,692 $ 271,484 $ 1,039,123 $ 1,310,607 $ 22,688 $ 271,534 $ 1,061,761 $ 1,333,295 $ (98,375) Grand total 195 $ 587,916 $ 697,046 $ 3,315,758 $ 4,012,804 $ 165,525 $ 694,998 $ 3,483,331 $ 4,178,329 $ (572,751) (1) These properties are encumbered by mortgage notes. Amounts reflects principal amount outstanding as of December 31, 2022. See “Note 6 to the Consolidated Financial Statements” in Item 8, “Financial Statements and Supplementary Data” for more detail regarding our borrowings. (2) Includes gross intangible lease assets. (3) As of December 31, 2022, the aggregate cost for U.S. federal income tax purposes of investments in property was approximately $1.5 billion (unaudited). (4) Amount is presented net of impairments and other write-offs of tenant-related assets that were recorded at acquisition as part of our purchase price accounting. Such write-offs are the result of lease expirations and terminations. (5) Includes intangible lease asset amortization. The following table summarizes investment in real estate properties and accumulated depreciation and amortization activity for the periods presented below: For the Year Ended December 31, 2022 2021 2020 Investments in real estate properties: Balance at the beginning of period $ 3,061,851 $ 2,455,678 $ 2,057,350 Acquisitions of properties 1,206,476 924,206 380,525 Improvements 30,842 38,295 40,595 Property dispositions or held for sale assets (120,840) (355,570) (22,792) Impairment of real estate — (758) — Balance at the end of period $ 4,178,329 $ 3,061,851 $ 2,455,678 Accumulated depreciation and amortization: Balance at the beginning of period $ 472,025 $ 501,105 $ 444,718 Real estate depreciation and amortization expense 134,617 74,415 62,923 Above-market lease assets amortization expenses 724 469 357 Right of use asset amortization expense 102 53 — Property dispositions or held for sale assets (34,717) (104,017) (6,893) Balance at the end of period $ 572,751 $ 472,025 $ 501,105 |
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 included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Global macroeconomic conditions, including heightened inflation, changes to fiscal and monetary policy, higher interest rates and challenges in the supply chain, coupled with the war in Ukraine and the ongoing effects of the novel coronavirus pandemic, have the potential to negatively impact us. These current macroeconomic conditions may continue or aggravate and could cause the United States to experience an economic slowdown or recession. We anticipate our business and operations could be materially adversely affected by a prolonged recession in the United States. In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. |
Basis of Consolidation | Basis of Consolidation The consolidated financial statements include the accounts of Ares Real Estate Income Trust Inc., the Operating Partnership, their wholly-owned subsidiaries, including a taxable REIT subsidiary, and their consolidated joint ventures, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated. We consolidate all entities in which we have a controlling financial interest through majority ownership or voting rights and variable interest entities for which we are the primary beneficiary. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. We are the primary beneficiary of a VIE when we have (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when we control the entity through a majority voting interest or other means. When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments are initially recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions. The Operating Partnership meets the criteria of a VIE as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the operating partnership agreement, we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements. |
Use of Estimates | Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary. |
Reclassifications | Reclassifications Certain items in our consolidated statements of operations, equity and cash flows for the years ended December 31, 2021 and 2020 have been reclassified to conform to the 2022 presentation. |
Investment In Real Estate Properties | Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon determination of an asset acquisition, the purchase price of a property is allocated to land, building and improvements and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. See “Note 3” for additional information regarding debt assumed in connection with our 2022 and 2021 acquisitions, if any. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building and intangible lease assets on a relative fair value basis. Transaction costs associated with business combinations are expensed as they are incurred. Properties that are probable to be sold are to be designated as “held for sale” on the consolidated balance sheets when certain criteria are met. The results of operations for acquired businesses and properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. During the years ended December 31, 2022, 2021 and 2020, we recorded $0.2 million, $0.9 million and $2.6 million, respectively, related to write-offs of unamortized intangible lease assets and liabilities due to early lease terminations. Land, building, building improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest, insurance, real estate taxes and certain general and administrative expenses if such costs are incremental and identifiable to a specific activity to prepare the real estate asset for its intended use. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Building and improvements 5-40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible in-place lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options Certain of our investments in real estate are subject to ground leases, for which a lease liability and corresponding right of use asset are recognized. We calculate the amount of the lease liability and right of use asset by taking the present value of the remaining lease payments and adjusting the right of use asset for any existing straight-line ground rent liability and acquired ground lease intangibles. An estimated incremental borrowing rate of a loan with a similar term as the ground lease is used as the discount rate. The lease liability is included as a component of other liabilities, and the related right of use asset is recorded as a component of net investments in real estate properties on our consolidated balance sheets. The amortization of the below-market ground lease is recorded as an adjustment to real estate-related depreciation and amortization on our consolidated statements of operations. Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. There were no impairment charges during the year ended December 31, 2022 and 2020. Refer to “Note 3” for detail regarding the non-cash impairment charges recorded during the years ended December 31, 2021. |
Investment in Unconsolidated Joint Venture Partnerships | Investments in Unconsolidated Joint Venture Partnerships We analyze our investment in an unconsolidated joint venture under GAAP to determine if the joint venture is a VIE and whether the requisite substantial participating rights described in the GAAP are held by the partners not affiliated with the us. If the joint venture is not a VIE and the partners not affiliated with us hold substantial participating rights, we account for our investment in the joint venture under the equity method. Under the equity method, the investment is initially recorded at cost (including direct acquisition costs) and subsequently adjusted to reflect our proportionate share of equity in the joint venture’s net (income) loss, distributions received, contributions made and certain other adjustments made, as appropriate, which is included in investments in unconsolidated joint venture partnerships on our consolidated balance sheets. The proportionate share of ongoing income or loss of the unconsolidated joint venture partnerships is recognized in equity in (income) loss of unconsolidated joint venture partnerships on the consolidated statements of operations. The outside basis portion of our unconsolidated joint venture partnerships (if applicable) is amortized over the anticipated useful lives of the joint ventures’ tangible and intangible assets acquired and liabilities assumed. When circumstances indicate there may have been a reduction in the value of an equity investment, we evaluate whether the loss is other than temporary. If we conclude it is other than temporary, an impairment charge is recognized to reflect the equity investment at fair value. No impairment losses were recorded related to our investments in unconsolidated joint venture partnerships for the years ended December 31, 2022 and 2021. We did not have any investments in unconsolidated joint venture partnerships during the year ended December 31, 2020. |
Debt-Related Investments | Debt-Related Investments Debt-related investments are considered to be held for investment, as we have both the intent and ability to hold these investments until maturity. Accordingly, these assets are carried at cost, net of unamortized loan origination costs and fees, discounts, repayments and unfunded commitments, and a credit loss reserve, if applicable. A debt-related investment is considered impaired when, based on current facts and circumstances, it is probable that we will not be able to collect principal and income according to the contractual terms of the underlying agreement. We assess the credit quality of each investment and adequacy of loan loss reserves on a periodic basis. Significant judgment of management is required in this analysis. We consider the estimated net recoverable value of the loan as well as other factors, including but not limited to the fair value of any collateral, the credit quality and financial condition of the borrower, current and expected changes in macroeconomic conditions, and any other factors directly impacting the underlying collateral. As of December 31, 2022, we recorded a $1.8 million credit loss reserve related to one senior loan debt-related investment. Credit loss reserves were immaterial as of December 31, 2021. Debt-related investments are placed on non-accrual status at the earlier of when principal or interest payments are 90 days past due or when management has determined there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the investment based on the facts and circumstances regarding the payment received. Non-accrual investments are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. The following table summarizes our debt-related investments as of December 31, 2022 and 2021: Weighted-Average Weighted-Average ($ in thousands) Carrying Amount (1) Outstanding Principal (1) Interest Rate Remaining Life (Years) As of December 31, 2022 Senior loans (2) $ 151,645 $ 154,622 8.5 % 2.1 Mezzanine loans 108,794 108,500 10.4 1.9 Total debt-related investments (2) $ 260,439 $ 263,122 9.5 % 2.0 As of December 31, 2021 Senior loans $ 105,752 $ 106,463 7.2 % 1.7 Total debt-related investments $ 105,752 $ 106,463 7.2 % 1.7 (1) The difference between the carrying amount and the outstanding principal amount of the debt-related investments consists of unamortized purchase discount, deferred financing costs, loan origination costs, and any recorded credit loss reserves, if applicable. (2) Carrying amount and outstanding principle includes $42.0 million and $43.8 million, respectively, related to one senior loan debt-related investment that was in default and on non-accrual status as of December 31, 2022. We recorded an impairment loss of $1.8 million related to this senior loan during the year ended December 31, 2022 and included the impairment loss in credit loss expense on the consolidated statements of operations. This senior loan was approved for sale during the fourth quarter of 2022 and therefore the carrying amount has been reduced to its fair value of $42.0 as it is held for sale as of December 31, 2022. Weighted-average interest rate and weighted-average remaining life excludes this senior loan from its calculations. |
Available-for-Sale Debt Securities | Available-for-Sale Debt Securities We acquire debt securities that are collateralized by mortgages on commercial real estate properties primarily for cash management and investment purposes. On the acquisition date, we designate investments in commercial real estate debt securities as available-for-sale. Investments in debt securities that are classified as available-for-sale are carried at fair value. These assets are valued on a recurring basis and any unrealized holding gains and losses other than those associated with a credit loss are recorded each period in other comprehensive income. As applicable, available-for-sale debt securities that are in an unrealized loss position are evaluated quarterly on an individual security basis to determine whether a credit loss exists. In the assessment, we consider the extent of the difference between fair value and amortized cost, changes in credit rating, and any other adverse factors directly impacting the security. If we determine a credit loss exists, the extent of the credit loss is recognized in the consolidated statements of operations and any additional loss not attributable to credit loss is recognized in other comprehensive income. There was no credit loss recognized during the year ended December 31, 2022, and we did not have any available-for-sale debt securities during the years ended December 31, 2021 and 2020. Available-for-sale debt securities will be on non-accrual status at the earlier of (i) principal or interest payments becoming 90 days past due or (ii) management’s determination that there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the debt security is placed on non-accrual status. Interest payments received on non-accrual securities may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the debt security based on the facts and circumstances regarding the payment received. Non-accrual debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. The following table summarizes our available-for-sale debt securities as of December 31, 2022. We did not have any available-for-sale debt securities as of December 31, 2021. ($ in thousands) Face Amount Amortized Cost Unamortized Discount Unrealized Gain, Net Fair Value Available-for-sale debt securities $ 14,979 $ 14,870 $ 109 $ 26 $ 14,896 |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less, such as money market mutual funds or certificates of deposit. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk. |
Restricted Cash | Restricted Cash Restricted cash consists primarily of lender and property-related escrow accounts. |
Derivative Instruments | Derivative Instruments Our derivative instruments are used to manage exposure to variability in expected future interest payments and are recorded at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. As of December 31, 2022, our interest rate swap derivative instruments are designated as cash flow hedges. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. As of December 31, 2022, our interest rate cap derivative instruments are not designated as hedges. For derivatives that are not designated and do not qualify as hedges, we present changes in the fair value as gain (loss) on derivative instruments on the consolidated statements of operations. We do not use derivative instruments for trading or speculative purposes. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs include: (i) debt issuance costs incurred to obtain long-term financing and cash flow hedges; and (ii) financing costs associated with financing obligations. These costs are amortized to interest expense over the expected terms of the related credit facilities. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. Accumulated amortization of debt issuance costs was approximately $4.8 million and $1.9 million as of December 31, 2022 and 2021, respectively. Our interest expense for the years ended December 31, 2022, 2021 and 2020 included $3.8 million, $3.3 million and $3.0 million, respectively, of amortization of debt issuance costs. Accumulated amortization of financing costs associated with financing obligations was approximately $3.4 million and $3.7 million as of December 31, 2022 and 2021, respectively. Our interest expense for the years ended December 31, 2022, 2021 and 2020 included $3.6 million, $3.5 million and $2.6 million, respectively, of amortization of financing costs associated with financing obligations. |
Distribution Fees | Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T, Class S and Class D shares and OP Units. As of the balance sheet date, we accrue for: (i) the monthly amount payable, and (ii) the estimated amount of distribution fees that we may pay in future periods. The accrued distribution fees for common shares are reflected in additional paid-in capital in stockholders’ equity and the accrued distribution fees for OP Units are reflected in noncontrolling interests. See “Note 13” for additional information regarding when distribution fees become payable. |
Noncontrolling Interests | Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The remaining limited partner interests in the Operating Partnership are owned by third-party investors and are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. For consolidated joint venture partnerships, the non-controlling partner’s share of the assets, liabilities and operations of the joint venture is included in noncontrolling interests as equity. The noncontrolling partner’s interest is generally computed as the joint venture partner’s ownership percentage. |
Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest The Operating Partnership issued units in the Operating Partnership (“OP Units”) to the Advisor and Former Advisor as payment for the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the terms of the amended and restated advisory agreement (2022), effective as of May 1, 2022 (the “Advisory Agreement”), by and among us, the Operating Partnership and the Advisor. The Advisor and Former Advisor subsequently transferred these OP Units to its members or their affiliates or redeemed for cash. We have classified these OP Units as redeemable noncontrolling interest in mezzanine equity on the consolidated balance sheets due to the fact that, as provided in the agreement of limited partnership of the Operating Partnership (the “Partnership Agreement”), the limited partners who hold these OP Units generally have the ability to request transfer or redeem their OP Units at any time irrespective of the period that they have held such OP Units, and the Operating Partnership is required to satisfy such redemption for cash unless such cash redemption would be prohibited by applicable law or the Partnership Agreement, in which case such OP Units will be redeemed for shares of our common stock of the class corresponding to the class of such OP Units. The redeemable noncontrolling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. See “Note 11” for additional information regarding redeemable noncontrolling interests. |
Revenue Recognition | Revenue Recognition When a lease is entered into, we first determine if the collectability from the customer is probable. If the collectability is not probable, we recognize revenue when the payment has been received. If the collectability is determined to be probable, we record rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the customer a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, we record receivables from customers for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. We analyze accounts receivable by considering customer creditworthiness and current economic trends on customers’ businesses, and customers’ ability to make payments on time and in full when evaluating the adequacy of the allowance for doubtful accounts receivable. We evaluate collectability from our customers on an ongoing basis. If the assessment of collectability changes during the lease term, any difference between the revenue that would have been recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When we acquire a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of December 31, 2022 and 2021, our allowance for doubtful accounts was approximately $1.8 million and $0.6 million, respectively. These amounts are included in our other assets on the consolidated balance sheets. In connection with property acquisitions, we may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. Upon disposition of a real estate asset, we will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses. Debt-related income For debt-related investments, the origination fees, contractual exit fees and direct loan origination costs are also recognized in interest income over the initial loan term as a yield adjustment using the effective interest method. |
Income Taxes | Income Taxes We elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the tax year ended December 31, 2006. As a REIT, we generally are not subject to U.S. federal income taxes on net income we distribute to our stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate tax rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and federal income and excise taxes on our undistributed income. |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Basic net income (loss) per common share is determined by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of OP Units. See “Note 14” for additional information regarding net income (loss) per share. |
Fair Value Measurements | Fair Value Measurements Fair value measurements are determined based on assumptions that market participants would use in pricing of assets or estimating liabilities. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: ● Quoted prices for similar assets/liabilities in active markets; ● Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); ● Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and ● Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. We believe this risk is mitigated by investing our cash with high-credit quality financial institutions. As our revenues predominately consist of rental payments, we are dependent on our customers for our source of revenues. Concentration of credit risk arises when our source of revenue is highly concentrated from certain of our customers. As of December 31, 2022, no customers represented more than 10.0% of our total annualized base rent. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In December 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2022-06, “Reference Rate Reform (Topic 848)” to defer the sunset date of FASB Accounting Standards Codification under Topic 848, Reference Rate Reform from December 31, 2022 to December 31, 2024. We adopted this standard immediately upon its issuance. The adoption did not have a material effect on our consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment | Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Building and improvements 5-40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible in-place lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options |
Summary of Debt Related Investments | The following table summarizes our debt-related investments as of December 31, 2022 and 2021: Weighted-Average Weighted-Average ($ in thousands) Carrying Amount (1) Outstanding Principal (1) Interest Rate Remaining Life (Years) As of December 31, 2022 Senior loans (2) $ 151,645 $ 154,622 8.5 % 2.1 Mezzanine loans 108,794 108,500 10.4 1.9 Total debt-related investments (2) $ 260,439 $ 263,122 9.5 % 2.0 As of December 31, 2021 Senior loans $ 105,752 $ 106,463 7.2 % 1.7 Total debt-related investments $ 105,752 $ 106,463 7.2 % 1.7 (1) The difference between the carrying amount and the outstanding principal amount of the debt-related investments consists of unamortized purchase discount, deferred financing costs, loan origination costs, and any recorded credit loss reserves, if applicable. (2) Carrying amount and outstanding principle includes $42.0 million and $43.8 million, respectively, related to one senior loan debt-related investment that was in default and on non-accrual status as of December 31, 2022. We recorded an impairment loss of $1.8 million related to this senior loan during the year ended December 31, 2022 and included the impairment loss in credit loss expense on the consolidated statements of operations. This senior loan was approved for sale during the fourth quarter of 2022 and therefore the carrying amount has been reduced to its fair value of $42.0 as it is held for sale as of December 31, 2022. Weighted-average interest rate and weighted-average remaining life excludes this senior loan from its calculations. |
Summary of Available-for-Sale Debt Securities | The following table summarizes our available-for-sale debt securities as of December 31, 2022. We did not have any available-for-sale debt securities as of December 31, 2021. ($ in thousands) Face Amount Amortized Cost Unamortized Discount Unrealized Gain, Net Fair Value Available-for-sale debt securities $ 14,979 $ 14,870 $ 109 $ 26 $ 14,896 |
INVESTMENTS IN REAL ESTATE PR_2
INVESTMENTS IN REAL ESTATE PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Schedule of Consolidated Investments in Real Estate Properties | The following table summarizes our consolidated investments in real estate properties and excludes properties classified as held for sale. Refer to “Note 4” for detail relating to our real estate properties held for sale: As of December 31, (in thousands) 2022 2021 Land $ 694,998 $ 583,728 Buildings and improvements 3,152,553 2,180,358 Intangible lease assets 317,141 284,128 Right of use asset 13,637 13,637 Investment in real estate properties 4,178,329 3,061,851 Accumulated depreciation and amortization (572,751) (472,025) Net investment in real estate properties $ 3,605,578 $ 2,589,826 |
Schedule of Asset Acquisitions | During the years ended December 31, 2022 ($ in thousands) Property Type Acquisition Date Total Purchase Price (1) 2022 Acquisitions: General Washington IC Industrial 1/7/2022 $ 11,051 Western Foods Center Industrial 1/14/2022 39,298 Orlando I & II LC Industrial 2/17/2022 94,759 Orlando III & IV LC Industrial 2/17/2022 42,347 Orlando V LC Industrial 2/17/2022 34,828 Orlando VI LC Industrial 2/17/2022 28,694 Orlando VII LC Industrial 2/17/2022 23,532 1403 Gillingham Lane Industrial 6/10/2022 20,550 Industrial Drive IC Industrial 6/17/2022 4,018 Glen Afton IC Industrial 6/17/2022 22,036 East 56th Ave IC Industrial 6/17/2022 19,041 Brockton IC Industrial 6/17/2022 6,522 Pine Vista IC Industrial 6/17/2022 18,790 Tri-County Parkway IC Industrial 6/17/2022 12,784 Miami NW 114th IC Industrial 6/17/2022 12,022 North Harney IC Industrial 6/17/2022 8,026 Wes Warren Drive IC Industrial 6/17/2022 7,515 Enterprise Way IC Industrial 6/17/2022 6,519 New Albany IC Industrial 6/17/2022 17,544 Maplewood Drive IC Industrial 6/17/2022 5,514 1801 N. 5th Street Industrial 6/24/2022 23,305 Skye 750 Residential 1/5/2022 92,845 Arabelle City Center Residential 4/12/2022 156,781 Dallas Cityline Residential 4/13/2022 111,093 Dallas Wycliff Residential 4/13/2022 94,083 Dallas Maple District Residential 4/13/2022 93,089 San Vance Residential 4/13/2022 77,586 San Stone Oak Residential 4/13/2022 72,605 350 Carter Road Office 4/27/2022 31,256 107 Morgan Lane Office 10/28/2022 12,269 Total 2022 acquisitions $ 1,200,302 2021 Acquisitions: Radar Distribution Center Industrial 3/31/2021 $ 49,168 Intermountain Space Center Industrial 6/30/2021 61,057 Airway Industrial Park Industrial 7/9/2021 24,356 Greenwood Business Center Industrial 8/2/2021 16,888 25 Linden Industrial Center Industrial 8/31/2021 17,146 Little Orchard Business Park Industrial 9/8/2021 96,559 Tustin Business Center Industrial 9/22/2021 33,285 Campus Drive IC Industrial 10/7/2021 6,652 Long Island Logistics Center Industrial 12/9/2021 20,001 Phoenix IC Industrial 12/13/2021 17,604 Tempe IC Industrial 12/13/2021 28,347 Las Vegas IC Industrial 12/13/2021 8,809 Barrow Crossing Retail 6/22/2021 50,205 oLiv Tucson (2) Residential 10/20/2021 124,219 Arabelle Clearwater Residential 11/30/2021 116,352 Arabelle Riverwalk (3) Residential 12/28/2021 234,050 Total 2021 acquisitions $ 904,698 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. (2) We acquired a 97.5% interest in this property. As part of the transaction, we assumed a ground lease with 97 years remaining and four 25 year extension options, which resulted in a $13.6 million right of use asset and a $4.4 million lease liability associated with the ground lease upon completion of the transaction. (3) Includes debt assumed at fair value as of the acquisition date of $125.9 million, with a principal amount of $117.1 million. |
Allocation of Purchase Price Allocations | During the years ended December 31, 2022 As of December 31, ($ in thousands) 2022 2021 Land $ 154,356 $ 166,310 Building and improvements 1,008,273 703,597 Intangible lease assets 43,117 39,270 Above-market lease assets 730 1,392 Right of use asset (1) — 13,637 Lease liability (1) — (4,440) Below-market lease liabilities (6,174) (15,068) Total purchase price (2) $ 1,200,302 $ 904,698 (1) Right of use asset and lease liability are related to the ground lease entered into as part of the oLiv Tucson transaction. (2) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. |
Intangible Lease Assets And Liabilities | Intangible lease assets and liabilities, excluding properties classified as held for sale, as of December 31, 2022 and 2021 include the following: As of December 31, 2022 As of December 31, 2021 Accumulated Accumulated (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) $ 294,208 $ (214,201) $ 80,007 $ 261,401 $ (186,820) $ 74,581 Above-market lease assets (1) 22,933 (19,707) 3,226 22,727 (19,507) 3,220 Below-market lease liabilities (76,033) 33,589 (42,444) (80,206) 32,707 (47,499) (1) Included in net investment in real estate properties on the consolidated balance sheets. |
Estimated Net Amortization of Intangible Lease Assets and Liabilities | The following table details the estimated net amortization of such intangible lease assets and liabilities, excluding properties classified as held for sale, as of December 31, 2022, for the next five years and thereafter: Estimated Net Amortization (in thousands) Intangible Lease Assets Above-Market Lease Assets Below-Market Lease Liabilities Year 1 $ 21,664 $ 730 $ (4,572) Year 2 13,721 702 (4,120) Year 3 11,603 555 (3,941) Year 4 9,504 394 (3,699) Year 5 6,282 283 (2,931) Thereafter 17,233 562 (23,181) Total $ 80,007 $ 3,226 $ (42,444) |
Summary of Rental Revenue and Depreciation and Amortization Expense | The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: For the Year Ended December 31, (in thousands) 2022 2021 2020 Increase (decrease) to rental revenue: Straight-line rent adjustments $ 3,414 $ 5,849 $ 5,539 Above-market lease amortization (724) (469) (357) Below-market lease amortization 4,823 3,559 3,521 Real estate-related depreciation and amortization: Depreciation expense $ 97,418 $ 59,766 $ 47,629 Intangible lease asset amortization 37,199 14,649 15,294 |
Future Minimum Rent | Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our commercial customers under the terms of non-cancelable operating leases in effect as of December 31, 2022, excluding rental revenues from the potential renewal or replacement of existing leases and excluding rental revenues from properties classified as held for sale, were as follows for the next five years and thereafter: As of December 31, (in thousands) 2022 Year 1 $ 138,650 Year 2 123,576 Year 3 111,581 Year 4 95,202 Year 5 72,631 Thereafter 248,755 Total $ 790,395 |
ASSETS HELD FOR SALE (Tables)
ASSETS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
ASSETS HELD FOR SALE | |
Schedule of Assets Held for Sale | The following table summarizes the amounts held for sale as of December 31, 2022 and 2021. As of (in thousands) December 31, 2022 December 31, 2021 Net investment in real estate properties $ — $ 101,690 Other assets — 3,406 Assets held for sale $ — $ 105,096 Accounts payable and accrued expenses $ — $ 3,172 Intangible lease liabilities, net — 995 Other liabilities — 1,577 Liabilities related to assets held for sale $ — $ 5,744 |
INVESTMENTS IN UNCONSOLIDATED_2
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investment And Joint Venture [Abstract] | |
Equity Method Investments | The following table summarizes our investments in unconsolidated joint venture partnerships as of December 31, 2022 and 2021: As of December 31, 2022 As of December 31, 2021 Investments in Unconsolidated Property Ownership Number of Ownership Number of Joint Venture Partnerships as of ($ in thousands) Type Percentage Properties Percentage Properties December 31, 2022 December 31, 2021 Vue 1400 JV Residential 85% 1 85% 1 $ 25,984 $ 26,117 Net Lease JV I Net Lease 50% 15 50% 15 16,393 16,267 Net Lease JV II Net Lease 50% 117 50% 10 65,763 15,041 Net Lease JV III Net Lease 50% 23 N/A — 12,232 — Total unconsolidated joint venture partnerships 156 26 $ 120,372 $ 57,425 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | A summary of our debt is as follows: Weighted-Average Effective Interest Rate as of Balance as of December 31, December 31, December 31, December 31, ($ in thousands) 2022 2021 Current Maturity Date 2022 2021 Line of credit (1) 5.72 % 1.35 % November 2025 $ 235,000 $ 256,000 Term loan (2) 3.90 3.16 November 2026 400,000 325,000 Term loan (3) 4.56 3.19 January 2027 400,000 200,000 Fixed-rate mortgage notes 3.48 3.49 December 2025 - May 2031 380,316 381,954 Floating-rate mortgage notes (4) 4.52 2.26 October 2024 - October 2026 207,600 207,600 Total principal amount / weighted-average (5) 4.31 % 2.78 % $ 1,622,916 $ 1,370,554 Less: unamortized debt issuance costs $ (14,849) $ (16,762) Add: unamortized mark-to-market adjustment on assumed debt 8,408 9,442 Total debt, net $ 1,616,475 $ 1,363,234 Gross book value of properties encumbered by debt $ 970,310 $ 981,927 (1) The effective interest rate is calculated based on the Secured Overnight Financing Rate plus an 11.448 basis point adjustment (“Term SOFR”), plus a margin ranging from 1.25% to 2.00% , depending on our consolidated leverage ratio. As of December 31, 2022, the unused and available portions under the line of credit were approximately $665.0 million and $623.7 million, respectively. The line of credit is available for general business purposes including, but not limited to, refinancing of existing indebtedness and financing the acquisition of permitted investments, including commercial properties. (2) The effective interest rate is calculated based on Term SOFR, plus a margin ranging from 1.20% to 1.90% , depending on our consolidated leverage ratio. Total commitments for this term loan are $400.0 million. The weighted-average interest rate is the all-in interest rate, including the effects of interest rate swap agreements relating to approximately $300.0 million in borrowings under this term loan. (3) The effective interest rate is calculated based on Term SOFR, plus a margin ranging from 1.20% to 1.90% , depending on our consolidated leverage ratio. Total commitments for this term loan are $400.0 million. The weighted-average interest rate is the all-in interest rate, including the effects of interest rate swap agreements relating to approximately $350.0 million in borrowings under this term loan. (4) The effective interest rate is calculated based on the London Interbank Offered Rate (“LIBOR”) plus a margin. As of December 31, 2022, our floating-rate mortgage notes were subject to interest rate spreads ranging from 1.55% to 2.50% . The weighted-average interest rate is the all-in interest rate, including the effects of interest rate cap agreements which capped the effective interest rates of our two floating-rate mortgage notes at 4.50% and 4.55% , respectively, as of December 31, 2022. (5) The weighted-average remaining term of our consolidated borrowings was approximately 3.9 years as of December 31, 2022, excluding the impact of certain extension options. |
Schedule of Maturities of Long-term Debt | As of December 31, 2022, the principal payments due on our consolidated debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit (1) Term Loans Mortgage Notes Total 2023 — — 1,437 1,437 2024 — — 129,265 129,265 2025 235,000 — 72,360 307,360 2026 — 400,000 84,214 484,214 2027 — 400,000 175,787 575,787 Thereafter — — 124,853 124,853 Total principal payments $ 235,000 $ 800,000 $ 587,916 $ 1,622,916 (1) The term of the line of credit may be extended pursuant to two six-month extension options, subject to certain conditions. |
Schedule of Derivative Instruments | The following table summarizes the location and fair value of our consolidated derivative instruments on our consolidated balance sheets: Number of Fair Value ($ in thousands) Contracts Notional Amount Other Assets Other Liabilities As of December 31, 2022 Interest rate swaps 12 $ 650,000 $ 20,279 $ — Interest rate caps 2 207,600 4,169 — Total derivative instruments 14 $ 857,600 $ 24,448 $ — As of December 31, 2021 Interest rate swaps 13 $ 500,000 $ 164 $ 11,236 Interest rate caps 2 207,600 159 — Total derivative instruments 15 $ 707,600 $ 323 $ 11,236 |
Schedule of Derivative Instruments, Gain (Loss) | The following table presents the effect of our consolidated derivative instruments on our consolidated financial statements: For the Year Ended December 31, (in thousands) 2022 2021 2020 Derivative instruments designated as cash flow hedges: Gain (loss) recognized in AOCI $ 29,852 $ 5,616 $ (21,589) Amount reclassified from AOCI into interest expense 1,546 10,281 7,747 Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded 140,406 70,494 58,747 Derivative instruments not designated as cash flow hedges: Gain (loss) on derivative instruments presented in the consolidated statements of operations $ 4,723 $ 71 $ (13) |
DST PROGRAM (Tables)
DST PROGRAM (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Delaware Statutory Trust Program [Abstract] | |
Schedule of DST Program activity | The following table presents our DST Program activity for the years ended December 31, 2022, 2021, and 2020: For the Year Ended December 31, (in thousands) 2022 2021 2020 DST Interests sold $ 758,995 $ 292,702 $ 278,157 DST Interests financed by DST Program Loans 51,496 25,978 26,486 Income earned from DST Program Loans (1) 3,420 2,178 1,487 Financing obligation liability appreciation (2) 31,737 5,822 3,936 Rent obligation incurred under master lease agreements (2) 47,021 28,422 19,443 (1) Included in other income and expenses on the consolidated statements of operations. (2) Included in interest expense on the consolidated statements of operations. |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis | The following table presents our financial instruments measured at fair value on a recurring basis: Total (in thousands) Level 1 Level 2 Level 3 Fair Value As of December 31, 2022 Assets: Derivative instruments $ — $ 24,448 $ — $ 24,448 Available-for-sale securities — 14,896 — 14,896 Total assets measured at fair value $ — $ 39,344 $ — $ 39,344 Liabilities: Derivative instruments $ — $ — $ — $ — Total liabilities measured at fair value $ — $ — $ — $ — As of December 31, 2021 Assets: Derivative instruments $ — $ 323 $ — $ 323 Total assets measured at fair value $ — $ 323 $ — $ 323 Liabilities: Derivative instruments $ — $ 11,236 $ — $ 11,236 Total liabilities measured at fair value $ — $ 11,236 $ — $ 11,236 |
Schedule of Financial Instruments Measured at Fair Value on a Nonrecurring Basis | The carrying values and fair values of these financial instruments were as follows: As of December 31, 2022 As of December 31, 2021 Carrying Fair Carrying Fair (in thousands) Value (1) Value Value (1) Value Assets: Debt-related investments $ 263,122 $ 260,841 $ 106,463 $ 106,463 DST Program Loans 81,897 79,049 62,123 62,123 Liabilities: Line of credit $ 235,000 $ 235,000 $ 256,000 $ 256,000 Term loans 800,000 800,000 525,000 525,000 Mortgage notes 587,916 541,558 589,554 600,467 (1) The carrying value reflects the principal amount outstanding. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Preliminary Taxability of Distributions on Common Shares | The following unaudited table summarizes the annual information reported to investors regarding the taxability of distributions on common stock, as a percentage of total distributions, for the years ended December 31, 2022, 2021 and 2020. This information assumes that an investor owned shares of our common stock for the full 2022 calendar year. For the Year Ended December 31, 2022 2021 2020 Ordinary income — % 13.62 % 3.28 % Non-taxable return of capital 100.00 61.37 12.34 Capital gain — 25.01 84.38 Total distributions 100.00 % 100.00 % 100.00 % |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Summary of Changes for Each Class of Common Stock | The following table describes the changes in each class of common shares during each of the years ended December 31, 2022, 2021 and 2020: Class T Class S Class D Class I Class E Total (in thousands) Shares Shares Shares Shares Shares Shares Balance as of December 31, 2019 5,852 20,593 3,499 43,732 66,804 140,480 Issuance of common stock: Primary shares 4,231 4,507 728 4,306 — 13,772 Distribution reinvestment plan 187 476 91 1,065 1,021 2,840 Share-based compensation — — — 20 — 20 Redemptions of common stock (214) (2,060) (220) (4,625) (6,952) (14,071) Conversions (225) — — 225 — — Balance as of December 31, 2020 9,831 23,516 4,098 44,723 60,873 143,041 Issuance of common stock: Primary shares 6,885 12,539 2,778 10,149 — 32,351 Distribution reinvestment plan 267 618 121 1,112 910 3,028 Share-based compensation — — — 29 — 29 Redemptions of common stock (266) (916) (248) (1,899) (5,455) (8,784) Conversions (292) — — 292 — — Balance as of December 31, 2021 16,425 35,757 6,749 54,406 56,328 169,665 Issuance of common stock: Primary shares 10,443 14,348 1,688 15,000 — 41,479 Distribution reinvestment plan 426 823 153 1,256 745 3,403 Share-based compensation — — — 27 — 27 Redemptions of common stock (198) (1,691) (719) (1,759) (4,099) (8,466) Conversions (212) — — 212 — — Balance as of December 31, 2022 26,884 49,237 7,871 69,142 52,974 206,108 |
Summary of Distribution Activity | The following table summarizes our distribution activity (including distributions to noncontrolling interests and distributions reinvested in shares of our common stock) for the periods below: Amount Common Stock Declared per Distributions Other Cash Reinvested in Distribution Gross (in thousands, except per share data) Common Share (1) Paid in Cash Distributions (2) Shares Fees (3) Distributions (4) 2022 March 31 $ 0.09375 $ 8,837 $ 3,018 $ 6,876 $ 1,030 $ 19,761 June 30 0.09375 9,299 3,157 7,362 1,259 21,077 September 30 0.09375 9,684 3,972 7,732 1,399 22,787 December 31 0.09375 9,859 4,559 7,923 1,478 23,819 Total $ 0.37500 $ 37,679 $ 14,706 $ 29,893 $ 5,166 $ 87,444 2021 March 31 $ 0.09375 $ 7,562 $ 1,424 $ 5,526 $ 586 $ 15,098 June 30 0.09375 7,696 1,611 5,723 655 15,685 September 30 0.09375 7,984 1,854 5,985 759 16,582 December 31 0.09375 8,265 2,445 6,361 886 17,957 Total $ 0.37500 $ 31,507 $ 7,334 $ 23,595 $ 2,886 $ 65,322 (1) Amount reflects the total gross quarterly distribution rate authorized by our board of directors per Class T share, per Class S share, per Class D share, per Class I share, and per Class E share of common stock. Distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T shares, Class S shares and Class D shares of common stock are reduced by the respective distribution fees that are payable with respect to Class T shares, Class S shares and Class D shares. (2) Consists of distribution fees paid to Ares Wealth Management Solutions, LLC (the “Dealer Manager”) with respect to OP Units and distributions paid to holders of OP Units and other noncontrolling interest holders. (3) Distribution fees are paid monthly to the Dealer Manager, with respect to Class T shares, Class S shares and Class D shares issued in the primary portion of our public offerings only. All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. (4) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares, Class S shares and Class D shares issued in the primary portion of our public offerings. |
Redemptions and Repurchases Activity | Below is a summary of redemptions and repurchases pursuant to our share redemption program for the years ended December 31, 2022, 2021 and 2020. All eligible redemption requests were fulfilled for the periods presented. Our board of directors may modify or suspend our current share redemption programs if it deems such action to be in the best interest of our stockholders. For the Year Ended December 31, (in thousands, except for per share data) 2022 2021 2020 Number of shares redeemed or repurchased 8,466 8,784 14,071 Aggregate dollar amount of shares redeemed or repurchased $ 73,378 $ 67,234 $ 105,588 Average redemption or repurchase price per share $ 8.67 $ 7.65 $ 7.50 |
REDEEMABLE NONCONTROLLING INT_2
REDEEMABLE NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Redeemable Noncontrolling Interest [Abstract] | |
Schedule of Redeemable Noncontrolling Interest Activity | The following table summarizes the redeemable noncontrolling interests activity for the years ended December 31, 2022 and 2021: For the Year Ended December 31, ($ in thousands) 2022 2021 Balance at beginning of the year $ 8,994 $ 3,798 Settlement of prior year performance participation allocation (1) 15,327 4,608 Distributions to redeemable noncontrolling interests (735) (418) Redemptions to redeemable noncontrolling interests (2) (7,724) — Net (loss) income attributable to redeemable noncontrolling interests (370) 221 Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests 284 103 Redemption value allocation adjustment to redeemable noncontrolling interests (3) 2,354 682 Ending balance $ 18,130 $ 8,994 (1) The 2021 performance participation allocation in the amount of $15.3 million became payable on December 31, 2021, and was issued as 1.9 million Class I OP Units in January 2022. At the direction of the Advisor and in light of our Former Sponsor having been the holder of a separate series of partnership interests in the Operating Partnership with special distribution rights (the “Special Units”) for the first six months of 2021, the holder of the Special Units designated 465,000 of these Class I OP Units to an entity owned indirectly by our Chairman at the time, Mr. Mulvihill, and 465,000 of these Class I OP Units to an entity owned indirectly by a member of our Former Sponsor. The holder of the Special Units transferred 945,000 Class I OP Units to the Advisor thereafter. The 2020 performance participation allocation in the amount of $4.6 million became payable to the Former Sponsor, as the former holder of the Special Units, on December 31, 2020. At the Former Advisor’s election, it was paid in the form of Class I OP Units valued at $4.6 million (based on the NAV per unit as of December 31, 2020), which were issued to the Former Sponsor in January 2021 and subsequently transferred to its members or their affiliates. (2) At the request of the Advisor, the Operating Partnership redeemed all Class I OP Units issued to the Advisor in January 2022 for $7.7 million. (3) Represents the adjustment recorded in order to mark to the redemption value, which is equivalent to fair value, at the end of the measurement period. |
NONCONTROLLING INTERESTS (Table
NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Schedule of Noncontrolling Interest Balances | The following table summarizes the number of OP Units issued and outstanding to third-party investors: For the Year Ended December 31, (in thousands) 2022 2021 2020 Balance at beginning of period 27,180 12,982 10,286 Issuance of units 28,821 14,974 3,766 Redemption of units (922) (776) (1,070) Balance at end of period 55,079 27,180 12,982 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Manager Fees | The following table details the selling commissions, dealer manager fees and distribution fees applicable for each share class. Class T Class S Class D Class I Selling commissions (as % of transaction price) up to 3.00 % up to 3.50 % — % — % Dealer manager fees (as % of transaction price) 0.50 % — % — % — % Distribution fees (as % of NAV per annum) 0.85 % 0.85 % 0.25 % — % |
Schedule Of Fixed Components of the Advisory Fee | The following table details the fixed component of the advisory fee: Fixed Component % of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum) 1.10 % % of consideration received by us or our affiliates for selling interests in DST Properties (as defined in “Note 7”) to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests 1.10 % |
Schedule Fees and Expenses to the Advisor and Its Affiliates | The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable: For the Year Ended December 31, Payable as of December 31, (in thousands) 2022 2021 2020 2022 2021 Selling commissions and dealer manager fees (1) $ 4,289 $ 2,656 $ 1,498 $ — $ — Ongoing distribution fees (1)(2) 6,800 3,206 2,024 748 394 Advisory fees—fixed component 33,747 21,433 17,211 2,868 2,094 Performance participation allocation (3) 23,747 15,327 4,608 23,747 15,327 Other expense reimbursements—Advisor (4)(5) 11,346 11,070 10,002 4,192 1,443 Other expense reimbursements—Dealer Manager 372 376 516 109 — Property accounting fee (6) 1,289 — — 478 — DST Program selling commissions, dealer manager and distribution fees (1) 22,467 9,871 4,097 241 219 Other DST Program related costs—Advisor (5) 14,860 6,318 4,085 146 87 Total $ 118,917 $ 70,257 $ 44,041 $ 32,529 $ 19,564 (1) All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. (2) The distribution fees are payable monthly in arrears. Additionally, we accrue for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable of approximately $60.9 million and $34.1 million as of December 31, 2022 and 2021, respectively, are included in other liabilities on the consolidated balance sheets. (3) The allocation of the performance participation interest is ultimately determined at the end of each calendar year and will be paid in Class I OP Units or cash, at the election of the Advisor. As the performance hurdle was achieved as of both December 31, 2022 and 2021, we recognized approximately $23.7 million and $15.3 million for the years ended December 31, 2022 and 2021, respectively, of performance participation allocation expense in our consolidated statements of operations. (4) Other expense reimbursements include certain expenses incurred for organization and offering, acquisition and general administrative services provided to us under the advisory agreement, including, but not limited to, certain expenses described below after footnote 6, allocated rent paid to both third parties and affiliates of our Advisor, equipment, utilities, insurance, travel and entertainment. (5) Includes costs reimbursed to the Advisor related to the DST Program. (6) The cost of the property management fee, including the property accounting fee, is generally borne by the tenant or tenants at each real property, either via a direct reimbursement to us or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain circumstances, we may pay for a portion of the property management fee, including the property accounting fee, without reimbursement from the tenant or tenants at a real property. |
NET INCOME (LOSS) PER COMMON _2
NET INCOME (LOSS) PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Details of Numerator and Denominator Used to Calculate Basic and Diluted Net Income (Loss) Per Common Share | The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: For the Year Ended December 31, (in thousands, except per share data) 2022 2021 2020 Net (loss) income attributable to common stockholders—basic $ (39,979) $ 30,754 $ (14,914) Net (loss) income attributable to redeemable noncontrolling interests (370) 221 (54) Net (loss) income attributable to noncontrolling interests (9,314) 3,565 (1,091) Net (loss) income attributable to common stockholders—diluted $ (49,663) $ 34,540 $ (16,059) Weighted-average shares outstanding—basic 194,039 154,767 142,268 Incremental weighted-average shares effect of conversion of noncontrolling interests 39,265 19,563 11,784 Weighted-average shares outstanding—diluted 233,304 174,330 154,052 Net (loss) income per share attributable to common stockholders: Basic $ (0.21) $ 0.20 $ (0.10) Diluted $ (0.21) $ 0.20 $ (0.10) |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Supplemental Cash Flow Information and Disclosure Non-Cash Investing and Financing Activities | Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Year Ended December 31, (in thousands) 2022 2021 2020 Interest paid related to consolidated indebtedness $ 53,889 $ 28,403 $ 29,877 Interest paid related to DST Program 42,008 26,666 16,540 Distributions reinvested in common stock 29,442 23,197 21,278 Change in accrued future ongoing distribution fees 26,855 18,576 1,019 Increase in DST Program Loans receivable through DST Program capital raising 51,496 25,978 26,486 Redeemable noncontrolling interest issued as settlement of performance participation allocation 15,327 4,608 3,776 Mortgage notes assumed on real estate acquisitions at fair value — 125,887 13,472 Issuances of OP Units for DST Interests 252,578 115,653 28,266 |
Summary of Cash, Cash Equivalents and Restricted Cash | The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows: For the Year Ended December 31, (in thousands) 2022 2021 2020 Beginning of period: Cash and cash equivalents $ 10,605 $ 11,266 $ 97,772 Restricted cash 3,747 10,468 10,010 Cash, cash equivalents and restricted cash $ 14,352 $ 21,734 $ 107,782 End of period: Cash and cash equivalents $ 13,336 $ 10,605 $ 11,266 Restricted cash 3,850 3,747 10,468 Cash, cash equivalents and restricted cash $ 17,186 $ 14,352 $ 21,734 |
SEGMENT FINANCIAL INFORMATION (
SEGMENT FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Summary of Total Assets by Business Segment | The following table reflects our total consolidated assets by business segment as of December 31, 2022 and 2021: As of December 31, (in thousands) 2022 2021 (1) Assets: Office properties $ 377,546 $ 335,811 Retail properties 537,147 639,584 Residential properties 1,495,532 837,491 Industrial properties 1,248,255 826,353 Corporate 516,244 351,732 Total assets $ 4,174,724 $ 2,990,971 (1) As of December 31, 2021, amounts held for sale are included in the corporate grouping. Refer to “Note 4” for further detail. |
Reconciliation of Net Operating Income to Reported Net Income (Loss) | The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the years ended December 31, 2022, 2021 and 2020. For the Year Ended December 31, (in thousands) 2022 2021 2020 Net (loss) income attributable to common stockholders $ (39,979) $ 30,754 $ (14,914) Debt-related income (9,989) (9,174) (2,347) Real estate-related depreciation and amortization 134,617 74,415 62,923 General and administrative expenses 10,570 8,797 7,548 Advisory fees 33,747 21,433 17,211 Performance participation allocation 23,747 15,327 4,608 Acquisition costs and reimbursements 5,427 2,636 1,108 Litigation expense — — 2,500 Impairment of real estate property — 758 — Credit loss expense 1,799 — — Equity in income from unconsolidated joint venture partnerships (2,970) (114) — Interest expense 140,406 70,494 58,747 Gain on sale of real estate property (94,827) (77,857) (13,335) (Gain) loss on derivative instruments (4,723) (71) 13 Other income (2,860) (1,781) (1,050) Net (loss) income attributable to redeemable noncontrolling interests (370) 221 (54) Net (loss) income attributable to noncontrolling interests (9,314) 3,565 (1,091) Net operating income $ 185,281 $ 139,403 $ 121,867 |
Revenue and Components of Net Operating Income | The following table sets forth consolidated financial results by segment for the years ended December 31, 2022, 2021 and 2020: (in thousands) Office Retail Residential Industrial Consolidated 2022 Rental revenues $ 52,427 $ 64,039 $ 98,524 $ 74,244 $ 289,234 Rental expenses (25,273) (17,080) (44,292) (17,308) (103,953) Net operating income $ 27,154 $ 46,959 $ 54,232 $ 56,936 $ 185,281 Real estate-related depreciation and amortization $ 15,951 $ 17,370 $ 47,696 $ 53,600 $ 134,617 2021 Rental revenues $ 64,290 $ 72,102 $ 31,023 $ 41,761 $ 209,176 Rental expenses (28,280) (18,693) (13,387) (9,413) (69,773) Net operating income $ 36,010 $ 53,409 $ 17,636 $ 32,348 $ 139,403 Real estate-related depreciation and amortization $ 19,875 $ 19,485 $ 11,062 $ 23,993 $ 74,415 2020 Rental revenues $ 69,110 $ 71,244 $ 20,424 $ 23,467 $ 184,245 Rental expenses (30,355) (17,568) (9,448) (5,007) (62,378) Net operating income $ 38,755 $ 53,676 $ 10,976 $ 18,460 $ 121,867 Real estate-related depreciation and amortization $ 21,130 $ 19,795 $ 9,762 $ 12,236 $ 62,923 |
DESCRIPTION OF BUSINESS (Detail
DESCRIPTION OF BUSINESS (Details) - 12 months ended Dec. 31, 2022 | property segment | building |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of real estate properties | 90 | 195 |
Number of reportable segments | 4 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Significant Accounting Policies [Line Items] | |||
Write-offs of unamortized intangible leases | $ 200 | $ 900 | $ 2,600 |
Impairment charges | 0 | 758 | 0 |
Impairment losses recorded related to investment | 0 | 0 | |
Straight-line rent and tenant receivables, allowance for doubtful accounts | 1,800 | 600 | |
Long Term Financing | |||
Significant Accounting Policies [Line Items] | |||
Accumulated amortization of deferred financing costs | 4,800 | 1,900 | |
Amortization of financing costs | 3,800 | 3,300 | 3,000 |
Financing Obligations | |||
Significant Accounting Policies [Line Items] | |||
Accumulated amortization of deferred financing costs | 3,400 | 3,700 | |
Amortization of financing costs | $ 3,600 | $ 3,500 | $ 2,600 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Depreciation and Amortization Computed on Straight-Line Basis over Estimated Useful Lives) (Details) - Building and improvements | 12 Months Ended |
Dec. 31, 2022 | |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Depreciable Life (in years) | 5 years |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Depreciable Life (in years) | 40 years |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Debt Related Investments) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) | |
Significant Accounting Policies [Line Items] | ||
Carrying Amount | $ 260,439 | $ 105,752 |
Outstanding Principal | $ 263,122 | $ 106,463 |
Weighted-Average Interest Rate | 9.50% | 7.20% |
Weighted-Average Remaining Life (Years) | 2 years | 1 year 8 months 12 days |
Senior loans | ||
Significant Accounting Policies [Line Items] | ||
Carrying Amount | $ 151,645 | $ 105,752 |
Outstanding Principal | $ 154,622 | $ 106,463 |
Weighted-Average Interest Rate | 8.50% | 7.20% |
Weighted-Average Remaining Life (Years) | 2 years 1 month 6 days | 1 year 8 months 12 days |
Senior Loans In Default And On Non-Accrual Status [Member] | ||
Significant Accounting Policies [Line Items] | ||
Debt securities, Allowance for credit loss | $ 1,800 | |
Number of debt-related investments related to allowance for credit loss | loan | 1 | |
Carrying Amount | $ 42,000 | |
Outstanding Principal | $ 43,800 | |
Number of contracts | loan | 1 | |
Debt securities, Impairment loss | $ 1,800 | |
Debt-related investment fair value | 42,000 | |
Mezzanine loans | ||
Significant Accounting Policies [Line Items] | ||
Carrying Amount | 108,794 | |
Outstanding Principal | $ 108,500 | |
Weighted-Average Interest Rate | 10.40% | |
Weighted-Average Remaining Life (Years) | 1 year 10 months 24 days |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Available for Sale of Debt Securities) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | |||
Face Amount | $ 14,979,000 | ||
Amortized Cost | 14,870,000 | ||
Unamortized Discount | 109,000 | ||
Unrealized Gain, Net | 26,000 | ||
Fair Value | 14,896,000 | $ 0 | $ 0 |
Credit loss | $ 0 |
INVESTMENTS IN REAL ESTATE PR_3
INVESTMENTS IN REAL ESTATE PROPERTIES (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) property | Dec. 31, 2020 USD ($) | Dec. 31, 2022 building | |
Real Estate Properties [Line Items] | ||||
Number of real estate properties | 90 | 195 | ||
Proceeds from disposition of real estate property | $ | $ 274,816 | $ 223,791 | $ 27,372 | |
Gain on sale of real estate property | $ | 94,827 | 77,857 | 13,335 | |
Impairment of real estate property | $ | $ 0 | $ 758 | $ 0 | |
Intangible lease assets | ||||
Real Estate Properties [Line Items] | ||||
Weighted-average amortization period of acquired finite-lived intangible assets | 5 years 4 months 24 days | 7 years 8 months 12 days | ||
Office properties | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | building | 11 | |||
Retail properties | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | building | 40 | |||
Industrial properties | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | building | 64 | |||
Disposed of by Sale | Office properties | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | property | 1 | 2 | ||
Disposed of by Sale | Retail properties | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | property | 6 | 3 | ||
Disposed of by Sale | Retail properties | Retail Property, Greater Boston Market | ||||
Real Estate Properties [Line Items] | ||||
Impairment of real estate property | $ | $ 800 | |||
Disposed of by Sale | Retail land parcel | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | property | 1 | |||
Disposed of by Sale | Industrial properties | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | property | 1 |
INVESTMENTS IN REAL ESTATE PR_4
INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Consolidated Investments in Real Estate Properties) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Real Estate [Abstract] | ||||
Land | $ 694,998 | $ 583,728 | ||
Buildings and improvements | 3,152,553 | 2,180,358 | ||
Intangible lease assets | 317,141 | 284,128 | ||
Right of use asset | $ 13,637 | $ 13,637 | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Net investment in real estate properties | Net investment in real estate properties | ||
Investment in real estate properties | $ 4,178,329 | $ 3,061,851 | ||
Accumulated depreciation and amortization | (572,751) | (472,025) | $ (501,105) | $ (444,718) |
Net investment in real estate properties | $ 3,605,578 | $ 2,589,826 |
INVESTMENTS IN REAL ESTATE PR_5
INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Asset Acquisitions) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) item | |
Asset Acquisition [Line Items] | ||
Percentage of assets acquired | 100% | |
Right of use asset | $ 0 | $ 13,637 |
Lease liability | 0 | $ 4,440 |
oLiv Tucson | ||
Asset Acquisition [Line Items] | ||
Percentage of voting interest | 97.50% | |
Lessee, Finance Lease, Remaining Lease Term | 97 years | |
Lessee, Finance Lease, Renewal Term | 25 years | |
Lessee, Finance Lease, Number Of Term Extensions | item | 4 | |
Right of use asset | $ 13,600 | |
Lease liability | 4,400 | |
Asset Acquisition | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 1,200,302 | 904,698 |
General Washington IC | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 11,051 | |
Western Foods Center | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 39,298 | |
Orlando I & II LC | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 94,759 | |
Orlando III & IV LC | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 42,347 | |
Orlando V LC | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 34,828 | |
Orlando VI LC | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 28,694 | |
Orlando VII LC | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 23,532 | |
1403 Gillingham Lane | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 20,550 | |
Industrial Drive IC | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 4,018 | |
Glen Afton IC | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 22,036 | |
East 56th Ave IC | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 19,041 | |
Brockton IC | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 6,522 | |
Pine Vista IC | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 18,790 | |
Tri-County Parkway IC | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 12,784 | |
Miami NW 114th IC | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 12,022 | |
North Harney IC | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 8,026 | |
Wes Warren Drive IC | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 7,515 | |
Enterprise Way IC | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 6,519 | |
New Albany IC | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 17,544 | |
Maplewood Drive IC | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 5,514 | |
1801 N. 5th Street | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 23,305 | |
Skye 750 | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 92,845 | |
Arabelle City Center | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 156,781 | |
Dallas Cityline | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 111,093 | |
Dallas Wycliff | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 94,083 | |
Dallas Maple District | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 93,089 | |
San Vance | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 77,586 | |
San Stone Oak | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 72,605 | |
350 Carter Road | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 31,256 | |
107 Morgan Lane | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | $ 12,269 | |
Radar Distribution Center | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 49,168 | |
Intermountain Space Center | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 61,057 | |
Airway Industrial Park | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 24,356 | |
Greenwood Business Center | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 16,888 | |
25 Linden Industrial Center | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 17,146 | |
Little Orchard Business Park | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 96,559 | |
Tustin Business Center | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 33,285 | |
Campus Drive IC | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 6,652 | |
Long Island Logistics Center | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 20,001 | |
Phoenix IC | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 17,604 | |
Tempe IC | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 28,347 | |
Las Vegas IC | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 8,809 | |
Barrow Crossing | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 50,205 | |
oLiv Tucson | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 124,219 | |
Arabelle Clearwater | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 116,352 | |
Arabelle Riverwalk | ||
Asset Acquisition [Line Items] | ||
Total acquisitions | 234,050 | |
Debt assumed at fair value | 125,900 | |
Debt instrument, principal amount | $ 117,100 |
INVESTMENTS IN REAL ESTATE PR_6
INVESTMENTS IN REAL ESTATE PROPERTIES (Purchase Price Allocation) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real Estate [Abstract] | ||
Land | $ 154,356 | $ 166,310 |
Building and improvements | 1,008,273 | 703,597 |
Intangible lease assets | 43,117 | 39,270 |
Above-market lease assets | 730 | 1,392 |
Right of use asset | 0 | 13,637 |
Lease liability | 0 | (4,440) |
Below-market lease liabilities | (6,174) | (15,068) |
Total purchase price | $ 1,200,302 | $ 904,698 |
INVESTMENTS IN REAL ESTATE PR_7
INVESTMENTS IN REAL ESTATE PROPERTIES (Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross, Assets | $ 317,141 | $ 284,128 |
Gross, Liabilities | (76,033) | (80,206) |
Accumulated Amortization, Liabilities | 33,589 | 32,707 |
Net, Liabilities | (42,444) | (47,499) |
Intangible lease assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross, Assets | 294,208 | 261,401 |
Accumulated Amortization, Assets | (214,201) | (186,820) |
Net, Assets | 80,007 | 74,581 |
Above-market lease assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross, Assets | 22,933 | 22,727 |
Accumulated Amortization, Assets | (19,707) | (19,507) |
Net, Assets | $ 3,226 | $ 3,220 |
INVESTMENTS IN REAL ESTATE PR_8
INVESTMENTS IN REAL ESTATE PROPERTIES (Estimated Net Amortization of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real Estate Properties [Line Items] | ||
Year 1 | $ (4,572) | |
Year 2 | (4,120) | |
Year 3 | (3,941) | |
Year 4 | (3,699) | |
Year 5 | (2,931) | |
Thereafter | (23,181) | |
Net, Liabilities | (42,444) | $ (47,499) |
Intangible lease assets | ||
Real Estate Properties [Line Items] | ||
Year 1 | 21,664 | |
Year 2 | 13,721 | |
Year 3 | 11,603 | |
Year 4 | 9,504 | |
Year 5 | 6,282 | |
Thereafter | 17,233 | |
Net, Assets | 80,007 | 74,581 |
Above-market lease assets | ||
Real Estate Properties [Line Items] | ||
Year 1 | 730 | |
Year 2 | 702 | |
Year 3 | 555 | |
Year 4 | 394 | |
Year 5 | 283 | |
Thereafter | 562 | |
Net, Assets | $ 3,226 | $ 3,220 |
INVESTMENTS IN REAL ESTATE PR_9
INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Adjustments to Rental Revenue Related to Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Straight-line rent adjustments | $ 3,414 | $ 5,849 | $ 5,539 |
Depreciation expense | 97,418 | 59,766 | 47,629 |
Intangible lease asset amortization | 37,199 | 14,649 | 15,294 |
Above-market lease assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of above and below Market Leases | (724) | (469) | (357) |
Below-market lease | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of above and below Market Leases | $ 4,823 | $ 3,559 | $ 3,521 |
INVESTMENTS IN REAL ESTATE P_10
INVESTMENTS IN REAL ESTATE PROPERTIES (Future Minimum Rental Receivable Under Non Cancelable Operating and Ground Leases) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Real Estate [Abstract] | |
Year 1 | $ 138,650 |
Year 2 | 123,576 |
Year 3 | 111,581 |
Year 4 | 95,202 |
Year 5 | 72,631 |
Thereafter | 248,755 |
Total | $ 790,395 |
ASSETS HELD FOR SALE (Details)
ASSETS HELD FOR SALE (Details) $ in Thousands | Dec. 31, 2021 USD ($) property Office |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Net investment in real estate properties | $ 101,690 |
Other assets | 3,406 |
Assets held for sale | 105,096 |
Accounts payable and accrued expenses | 3,172 |
Intangible lease liabilities, net | 995 |
Other liabilities | 1,577 |
Liabilities related to assets held for sale | $ 5,744 |
Bandera Road | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of properties | property | 1 |
1st Avenue Plaza | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of properties | Office | 1 |
INVESTMENTS IN UNCONSOLIDATED_3
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Details) $ in Thousands | Dec. 31, 2022 property | Dec. 31, 2022 USD ($) | Dec. 31, 2022 | Dec. 31, 2022 building | Dec. 31, 2021 USD ($) property |
Schedule of Equity Method Investments [Line Items] | |||||
Number of real estate properties | 90 | 195 | |||
Investments in unconsolidated joint venture partnerships | $ 120,372 | $ 57,425 | |||
Unconsolidated Joint Venture Partnerships | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of real estate properties | property | 156 | 26 | |||
Investments in unconsolidated joint venture partnerships | 120,372 | $ 57,425 | |||
Vue 1400 JV | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 85% | 85% | |||
Number of real estate properties | property | 1 | 1 | |||
Investments in unconsolidated joint venture partnerships | 25,984 | $ 26,117 | |||
Net Lease JV I | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 50% | 50% | |||
Number of real estate properties | property | 15 | 15 | |||
Investments in unconsolidated joint venture partnerships | 16,393 | $ 16,267 | |||
Net Lease JV II | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 50% | 50% | |||
Number of real estate properties | property | 117 | 10 | |||
Investments in unconsolidated joint venture partnerships | 65,763 | $ 15,041 | |||
Net Lease JV III | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 50% | ||||
Number of real estate properties | property | 23 | ||||
Investments in unconsolidated joint venture partnerships | $ 12,232 |
DEBT (Schedule of Debt) (Detail
DEBT (Schedule of Debt) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Debt Instrument [Line Items] | |||
Number of partial recourse mortgage notes | loan | 1 | ||
Weighted-Average Effective Interest Rate as of | 4.31% | 2.78% | |
Total borrowings | $ 1,622,916 | $ 1,370,554 | |
Less: unamortized debt issuance costs | (14,849) | (16,762) | |
Add: unamortized mark-to-market adjustment on assumed debt | 8,408 | 9,442 | |
Total debt, net | 1,616,475 | 1,363,234 | |
Gross book value of properties encumbered by debt | 970,310 | 981,927 | |
Interest expense | 55,400 | $ 29,900 | $ 30,000 |
Financial Guarantee | |||
Debt Instrument [Line Items] | |||
Guarantor obligations maximum exposure | $ 16,100 | ||
Weighted Average | |||
Debt Instrument [Line Items] | |||
Remaining debt term (in years) | 3 years 10 months 24 days | ||
Line of Credit | |||
Debt Instrument [Line Items] | |||
Weighted-Average Effective Interest Rate as of | 5.72% | 1.35% | |
Total borrowings | $ 235,000 | $ 256,000 | |
Current borrowing capacity | 665,000 | ||
Available portions under the line of credit | $ 623,700 | ||
Line of Credit | SOFR | |||
Debt Instrument [Line Items] | |||
Borrowings spread rate adjustment | 11.448% | 11.448% | |
Line of Credit | SOFR | Minimum | |||
Debt Instrument [Line Items] | |||
Outstanding borrowings spread rate | 1.25% | 1.25% | |
Line of Credit | SOFR | Maximum | |||
Debt Instrument [Line Items] | |||
Outstanding borrowings spread rate | 2% | 2% | |
Term Loan | |||
Debt Instrument [Line Items] | |||
Total borrowings | $ 800,000 | ||
Term Loan (Maturity Date November 2026) | |||
Debt Instrument [Line Items] | |||
Weighted-Average Effective Interest Rate as of | 3.90% | 3.16% | |
Total borrowings | $ 400,000 | $ 325,000 | |
Maximum borrowing capacity | $ 400,000 | ||
Term Loan (Maturity Date November 2026) | SOFR | Minimum | |||
Debt Instrument [Line Items] | |||
Outstanding borrowings spread rate | 1.20% | 1.20% | |
Term Loan (Maturity Date November 2026) | SOFR | Maximum | |||
Debt Instrument [Line Items] | |||
Outstanding borrowings spread rate | 1.90% | 1.90% | |
Term Loan (Maturity Date November 2026) | Interest rate swaps | |||
Debt Instrument [Line Items] | |||
Amount of hedged item | $ 300,000 | ||
Term Loan (Maturity Date January 2027) | |||
Debt Instrument [Line Items] | |||
Weighted-Average Effective Interest Rate as of | 4.56% | 3.19% | |
Total borrowings | $ 400,000 | $ 200,000 | |
Maximum borrowing capacity | $ 400,000 | ||
Term Loan (Maturity Date January 2027) | SOFR | Minimum | |||
Debt Instrument [Line Items] | |||
Outstanding borrowings spread rate | 1.20% | 1.20% | |
Term Loan (Maturity Date January 2027) | SOFR | Maximum | |||
Debt Instrument [Line Items] | |||
Outstanding borrowings spread rate | 1.90% | 1.90% | |
Term Loan (Maturity Date January 2027) | Interest rate swaps | |||
Debt Instrument [Line Items] | |||
Amount of hedged item | $ 350,000 | ||
Fixed-Rate Mortgage Notes | |||
Debt Instrument [Line Items] | |||
Weighted-Average Effective Interest Rate as of | 3.48% | 3.49% | |
Total borrowings | $ 380,316 | $ 381,954 | |
Floating-Rate Mortgage Notes | |||
Debt Instrument [Line Items] | |||
Weighted-Average Effective Interest Rate as of | 4.52% | 2.26% | |
Total borrowings | $ 207,600 | $ 207,600 | |
Floating-Rate Mortgage Notes | LIBOR | Minimum | |||
Debt Instrument [Line Items] | |||
Outstanding borrowings spread rate | 1.55% | ||
Floating-Rate Mortgage Notes | LIBOR | Maximum | |||
Debt Instrument [Line Items] | |||
Outstanding borrowings spread rate | 2.50% | ||
Floating-Rate Mortgage Notes | Interest rate caps | LIBOR | Minimum | |||
Debt Instrument [Line Items] | |||
Floating rate | 4.50% | ||
Floating-Rate Mortgage Notes | Interest rate caps | LIBOR | Maximum | |||
Debt Instrument [Line Items] | |||
Floating rate | 4.55% |
DEBT (Summary of Borrowings Ref
DEBT (Summary of Borrowings Reflects Contractual Debt Maturities) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||
2023 | $ 1,437 | |
2024 | 129,265 | |
2025 | 307,360 | |
2026 | 484,214 | |
2027 | 575,787 | |
Thereafter | 124,853 | |
Total principal payments | 1,622,916 | $ 1,370,554 |
Line of Credit | ||
Debt Instrument [Line Items] | ||
2023 | 0 | |
2024 | 0 | |
2025 | 235,000 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 0 | |
Total principal payments | $ 235,000 | $ 256,000 |
Term of extension | 6 months | |
Number of extension options | item | 2 | |
Term Loan | ||
Debt Instrument [Line Items] | ||
2023 | $ 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 400,000 | |
2027 | 400,000 | |
Thereafter | 0 | |
Total principal payments | 800,000 | |
Mortgage Notes | ||
Debt Instrument [Line Items] | ||
2023 | 1,437 | |
2024 | 129,265 | |
2025 | 72,360 | |
2026 | 84,214 | |
2027 | 175,787 | |
Thereafter | 124,853 | |
Total principal payments | $ 587,916 |
DEBT (Summary of Location and F
DEBT (Summary of Location and Fair Value of Derivative Instruments) (Details) $ in Thousands | Dec. 31, 2022 USD ($) contract | Dec. 31, 2021 USD ($) contract |
Derivatives, Fair Value [Line Items] | ||
Number of derivative contracts | contract | 14 | 15 |
Total notional amount | $ 857,600 | $ 707,600 |
Derivative assets | $ 24,448 | $ 323 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets. | Other Assets. |
Derivative liabilities | $ 11,236 | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities. | Other Liabilities. |
Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Number of derivative contracts | contract | 12 | 13 |
Total notional amount | $ 650,000 | $ 500,000 |
Derivative assets | $ 20,279 | $ 164 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets. | Other Assets. |
Derivative liabilities | $ 11,236 | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities. | Other Liabilities. |
Estimated change to interest expense related to active effective hedges of floating rate debt | $ 14,100 | |
Interest rate caps | ||
Derivatives, Fair Value [Line Items] | ||
Number of derivative contracts | contract | 2 | 2 |
Total notional amount | $ 207,600 | $ 207,600 |
Derivative assets | $ 4,169 | $ 159 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets. | Other Assets. |
Derivative liabilities | $ 0 | $ 0 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities. | Other Liabilities. |
DEBT (Effect of Derivative Fina
DEBT (Effect of Derivative Financial Instruments on Financial Statements) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded | $ 140,406 | $ 70,494 | $ 58,747 |
Designated Hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded | 140,406 | 70,494 | 58,747 |
Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative instruments presented in the consolidated statements of operations | $ 4,723 | $ 71 | $ (13) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain (Loss) on Derivative Instruments, Net, Pretax | Gain (Loss) on Derivative Instruments, Net, Pretax | Gain (Loss) on Derivative Instruments, Net, Pretax |
Cash Flow Hedging | Designated Hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in AOCI | $ 29,852 | $ 5,616 | $ (21,589) |
Amount reclassified from AOCI into interest expense | $ 1,546 | $ 10,281 | $ 7,747 |
DST PROGRAM (Details)
DST PROGRAM (Details) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Variable Interest Entity [Line Items] | |||
DST Program Loans | $ 81,897 | $ 62,123 | |
Financing obligation liability appreciation | 31,737 | 5,822 | $ 3,936 |
Rent obligation incurred under master lease agreements | 103,953 | 69,773 | 62,378 |
Issuances of OP Units for DST Interests | 252,578 | 115,653 | 28,266 |
DST Program | |||
Variable Interest Entity [Line Items] | |||
DST Program Loans | 81,900 | 62,100 | |
DST Interests sold | 758,995 | 292,702 | 278,157 |
DST Interests financed by DST Program Loans | 51,496 | 25,978 | 26,486 |
Income earned from DST Program Loans | 3,420 | 2,178 | 1,487 |
Financing obligation liability appreciation | 31,737 | 5,822 | 3,936 |
Rent obligation incurred under master lease agreements | 47,021 | 28,422 | 19,443 |
Issuances of OP Units for DST Interests | $ 252,600 | $ 115,700 | $ 28,300 |
DST Program | OP Units | |||
Variable Interest Entity [Line Items] | |||
Issuance of OP Units (in shares) | 28.8 | 15 | 3.8 |
FAIR VALUE (Measured on Recurri
FAIR VALUE (Measured on Recurring Basis) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | |||
Derivative instruments | $ 24,448,000 | $ 323,000 | |
Investment in available-for-sale securities, at fair value | 14,896,000 | 0 | $ 0 |
Liabilities: | |||
Derivative instruments | 11,236,000 | ||
Recurring | |||
Assets: | |||
Derivative instruments | 24,448,000 | 323,000 | |
Investment in available-for-sale securities, at fair value | 14,896,000 | ||
Total assets measured at fair value | 39,344,000 | 323,000 | |
Liabilities: | |||
Derivative instruments | 0 | 11,236,000 | |
Total liabilities measured at fair value | 0 | 11,236,000 | |
Recurring | Level 1 | |||
Assets: | |||
Derivative instruments | 0 | 0 | |
Investment in available-for-sale securities, at fair value | 0 | ||
Total assets measured at fair value | 0 | 0 | |
Liabilities: | |||
Derivative instruments | 0 | 0 | |
Total liabilities measured at fair value | 0 | 0 | |
Recurring | Level 2 | |||
Assets: | |||
Derivative instruments | 24,448,000 | 323,000 | |
Investment in available-for-sale securities, at fair value | 14,896,000 | ||
Total assets measured at fair value | 39,344,000 | 323,000 | |
Liabilities: | |||
Derivative instruments | 0 | 11,236,000 | |
Total liabilities measured at fair value | 0 | 11,236,000 | |
Recurring | Level 3 | |||
Assets: | |||
Derivative instruments | 0 | 0 | |
Investment in available-for-sale securities, at fair value | 0 | ||
Total assets measured at fair value | 0 | 0 | |
Liabilities: | |||
Derivative instruments | 0 | 0 | |
Total liabilities measured at fair value | $ 0 | $ 0 |
FAIR VALUE (Measured on Nonrecu
FAIR VALUE (Measured on Nonrecurring Basis) (Details) - Level 3 - Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Carrying Value | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Debt-related investments | $ 263,122 | $ 106,463 |
DST Program Loans | 81,897 | 62,123 |
Line of credit | 235,000 | 256,000 |
Term loans | 800,000 | 525,000 |
Mortgage notes | 587,916 | 589,554 |
Fair Value | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Debt-related investments | 260,841 | 106,463 |
DST Program Loans | 79,049 | 62,123 |
Line of credit | 235,000 | 256,000 |
Term loans | 800,000 | 525,000 |
Mortgage notes | $ 541,558 | $ 600,467 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Impact on uncertain tax positions from results of operations | $ 0 | $ 0 |
Deferred Tax Assets, Net | $ 400 | $ 1,200 |
INCOME TAXES (Preliminary Taxab
INCOME TAXES (Preliminary Taxability of Distributions on Common Shares) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income | 0% | 13.62% | 3.28% |
Non-taxable return of capital | 100% | 61.37% | 12.34% |
Capital gain | 0% | 25.01% | 84.38% |
Total distributions | 100% | 100% | 100% |
STOCKHOLDERS' EQUITY (Narrative
STOCKHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subsidiary, Sale of Stock [Line Items] | |||
Amount of registration statement offering | $ 10,000,000 | ||
Issuance of common stock | $ 388,934 | $ 274,736 | $ 125,996 |
Issuance of common stock (in shares) | 44.9 | ||
Common Class T, Common Class S, Common Class D and Common Class I | |||
Subsidiary, Sale of Stock [Line Items] | |||
Amount of registration statement remaining unsold | $ 9,820,000 | ||
Primary offering | |||
Subsidiary, Sale of Stock [Line Items] | |||
Amount of registration statement offering | 8,500,000 | ||
DRIP Offering | |||
Subsidiary, Sale of Stock [Line Items] | |||
Amount of registration statement offering | 1,500,000 | ||
Issuance of common stock | 29,400 | ||
DRIP Offering | Class E | |||
Subsidiary, Sale of Stock [Line Items] | |||
Amount of registration statement remaining unsold | $ 82,500 |
STOCKHOLDERS' EQUITY (Informati
STOCKHOLDERS' EQUITY (Information of Share Transactions) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Redemptions of common stock (in shares) | (8,466) | (8,784) | (14,071) |
Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances (in shares) | 169,665 | 143,041 | 140,480 |
Primary shares (in shares) | 41,479 | 32,351 | 13,772 |
Distribution reinvestment plan (in shares) | 3,403 | 3,028 | 2,840 |
Share-based compensation (in shares) | 27 | 29 | 20 |
Redemptions of common stock (in shares) | (8,466) | (8,784) | (14,071) |
Conversions (in shares) | 0 | 0 | 0 |
Ending Balances (in shares) | 206,108 | 169,665 | 143,041 |
Class T | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances (in shares) | 16,425 | ||
Ending Balances (in shares) | 26,884 | 16,425 | |
Class T | Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances (in shares) | 16,425 | 9,831 | 5,852 |
Primary shares (in shares) | 10,443 | 6,885 | 4,231 |
Distribution reinvestment plan (in shares) | 426 | 267 | 187 |
Share-based compensation (in shares) | 0 | 0 | 0 |
Redemptions of common stock (in shares) | (198) | (266) | (214) |
Conversions (in shares) | (212) | (292) | (225) |
Ending Balances (in shares) | 26,884 | 16,425 | 9,831 |
Class S | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances (in shares) | 35,757 | ||
Ending Balances (in shares) | 49,237 | 35,757 | |
Class S | Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances (in shares) | 35,757 | 23,516 | 20,593 |
Primary shares (in shares) | 14,348 | 12,539 | 4,507 |
Distribution reinvestment plan (in shares) | 823 | 618 | 476 |
Share-based compensation (in shares) | 0 | 0 | 0 |
Redemptions of common stock (in shares) | (1,691) | (916) | (2,060) |
Conversions (in shares) | 0 | 0 | 0 |
Ending Balances (in shares) | 49,237 | 35,757 | 23,516 |
Class D | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances (in shares) | 6,749 | ||
Ending Balances (in shares) | 7,871 | 6,749 | |
Class D | Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances (in shares) | 6,749 | 4,098 | 3,499 |
Primary shares (in shares) | 1,688 | 2,778 | 728 |
Distribution reinvestment plan (in shares) | 153 | 121 | 91 |
Share-based compensation (in shares) | 0 | 0 | 0 |
Redemptions of common stock (in shares) | (719) | (248) | (220) |
Conversions (in shares) | 0 | 0 | 0 |
Ending Balances (in shares) | 7,871 | 6,749 | 4,098 |
Class I | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances (in shares) | 54,406 | ||
Ending Balances (in shares) | 69,142 | 54,406 | |
Class I | Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances (in shares) | 54,406 | 44,723 | 43,732 |
Primary shares (in shares) | 15,000 | 10,149 | 4,306 |
Distribution reinvestment plan (in shares) | 1,256 | 1,112 | 1,065 |
Share-based compensation (in shares) | 27 | 29 | 20 |
Redemptions of common stock (in shares) | (1,759) | (1,899) | (4,625) |
Conversions (in shares) | 212 | 292 | 225 |
Ending Balances (in shares) | 69,142 | 54,406 | 44,723 |
Class E | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances (in shares) | 56,328 | ||
Ending Balances (in shares) | 52,974 | 56,328 | |
Class E | Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances (in shares) | 56,328 | 60,873 | 66,804 |
Primary shares (in shares) | 0 | 0 | 0 |
Distribution reinvestment plan (in shares) | 745 | 910 | 1,021 |
Share-based compensation (in shares) | 0 | 0 | 0 |
Redemptions of common stock (in shares) | (4,099) | (5,455) | (6,952) |
Conversions (in shares) | 0 | 0 | 0 |
Ending Balances (in shares) | 52,974 | 56,328 | 60,873 |
STOCKHOLDERS' EQUITY (Total Dis
STOCKHOLDERS' EQUITY (Total Distributions Declared and Portion of Each Contribution Paid in Cash and Reinvested) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | ||||||||||
Declared per Common Share (usd per share) | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.37500 | $ 0.37500 |
Common Stock Distributions Paid in Cash | $ 9,859 | $ 9,684 | $ 9,299 | $ 8,837 | $ 8,265 | $ 7,984 | $ 7,696 | $ 7,562 | $ 37,679 | $ 31,507 |
Other Cash Distributions | 4,559 | 3,972 | 3,157 | 3,018 | 2,445 | 1,854 | 1,611 | 1,424 | 14,706 | 7,334 |
Reinvested in Shares | 7,923 | 7,732 | 7,362 | 6,876 | 6,361 | 5,985 | 5,723 | 5,526 | 29,893 | 23,595 |
Distribution Fees | 1,478 | 1,399 | 1,259 | 1,030 | 886 | 759 | 655 | 586 | 5,166 | 2,886 |
Total Distributions | $ 23,819 | $ 22,787 | $ 21,077 | $ 19,761 | $ 17,957 | $ 16,582 | $ 15,685 | $ 15,098 | $ 87,444 | $ 65,322 |
STOCKHOLDERS' EQUITY (Redemptio
STOCKHOLDERS' EQUITY (Redemptions and Repurchases Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | |||
Number of shares redeemed or repurchased (in shares) | 8,466 | 8,784 | 14,071 |
Aggregate dollar amount of shares redeemed or repurchased | $ 73,378 | $ 67,234 | $ 105,588 |
Average redemption or repurchase price per share (usd per share) | $ 8.67 | $ 7.65 | $ 7.50 |
REDEEMABLE NONCONTROLLING INT_3
REDEEMABLE NONCONTROLLING INTERESTS (Schedule of redeemable noncontrolling interest activity) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Redeemable Noncontrolling Interest [Line Items] | ||||
Beginning balance | $ 8,994 | $ 8,994 | $ 3,798 | |
Settlement of prior year performance participation allocation | 15,327 | 4,608 | ||
Distributions to redeemable noncontrolling interests | (735) | (418) | $ (189) | |
Redemptions to redeemable noncontrolling interests | (7,724) | |||
Net (loss) income attributable to redeemable noncontrolling interests | (370) | 221 | (54) | |
Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests | 284 | 103 | (45) | |
Redemption value allocation adjustment to redeemable noncontrolling interests | 2,354 | 682 | ||
Ending balance | 18,130 | 8,994 | 3,798 | |
Payable as of | 32,529 | 19,564 | ||
Performance Participation Allocation | OP Units | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Issuance of OP Units (in shares) | 1,900,000 | |||
Advisor | Advisory Fee, Performance Component | OP Units | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Settlement of prior year performance participation allocation | 4,600 | |||
Redemptions to redeemable noncontrolling interests | $ 7,700 | |||
Issuance of OP Units (in shares) | 945,000 | |||
Advisor | Performance Participation Allocation | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Settlement of prior year performance participation allocation | $ 4,600 | |||
Payable as of | $ 23,747 | $ 15,327 | ||
Advisor | Performance Participation Allocation | OP Units | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Issuance of OP Units (in shares) | 465,000 | |||
Chairman | Performance Participation Allocation | OP Units | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Issuance of OP Units (in shares) | 465,000 |
NONCONTROLLING INTERESTS (Narra
NONCONTROLLING INTERESTS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Noncontrolling Interest [Line Items] | |||
Aggregate amount of OP Units redeemed | $ 73,378 | $ 67,234 | $ 105,588 |
OP Units | |||
Noncontrolling Interest [Line Items] | |||
Number of common stock issued per operating partnership unit | 1 | ||
Aggregate amount of OP Units redeemed | $ 7,900 | 6,000 | $ 8,000 |
OP Units | Maximum | |||
Noncontrolling Interest [Line Items] | |||
Estimated maximum redemption value (unaudited) | $ 488,300 | $ 228,300 | |
OP Units | Operating Partnership | Third Party Investors [Member] | |||
Noncontrolling Interest [Line Items] | |||
Ownership percentage owned by third-party investors | 20.90% | 13.70% |
NONCONTROLLING INTERESTS (Summa
NONCONTROLLING INTERESTS (Summary of Balances) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Noncontrolling Interest [Line Items] | |||
Issuance of common stock (in shares) | 44,900 | ||
Redemptions of common stock (in shares) | (8,466) | (8,784) | (14,071) |
OP Units | |||
Noncontrolling Interest [Line Items] | |||
Beginning Balances (in shares) | 27,180 | 12,982 | 10,286 |
Issuance of common stock (in shares) | 28,821 | 14,974 | 3,766 |
Redemptions of common stock (in shares) | (922) | (776) | (1,070) |
Ending Balances (in shares) | 55,079 | 27,180 | 12,982 |
RELATED PARTY TRANSACTIONS - (S
RELATED PARTY TRANSACTIONS - (Selling Commissions, Dealer Manager Fees and Distribution Fees) (Details) - Advisor - Selling commissions and dealer manager fees | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |
Distribution fees threshold to cease payment | 8.75% |
Class T | |
Related Party Transaction [Line Items] | |
Dealer manager fees (as % of transaction price) | 0.50% |
Distribution fees (as % of NAV per annum) | 0.85% |
Class T | Maximum | |
Related Party Transaction [Line Items] | |
Selling commissions (as % of transaction price) | 3% |
Class S | |
Related Party Transaction [Line Items] | |
Dealer manager fees (as % of transaction price) | 0% |
Distribution fees (as % of NAV per annum) | 0.85% |
Class S | Maximum | |
Related Party Transaction [Line Items] | |
Selling commissions (as % of transaction price) | 3.50% |
Class D | |
Related Party Transaction [Line Items] | |
Selling commissions (as % of transaction price) | 0% |
Dealer manager fees (as % of transaction price) | 0% |
Distribution fees (as % of NAV per annum) | 0.25% |
Class I | |
Related Party Transaction [Line Items] | |
Selling commissions (as % of transaction price) | 0% |
Dealer manager fees (as % of transaction price) | 0% |
Distribution fees (as % of NAV per annum) | 0% |
RELATED PARTY TRANSACTIONS - (A
RELATED PARTY TRANSACTIONS - (Advisory Fee and Operating Expense Reimbursement) (Details) - USD ($) | 12 Months Ended | |||
Jan. 01, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||||
Related party transaction expense | $ 118,917,000 | $ 70,257,000 | $ 44,041,000 | |
Affiliated Entity | AIREIT Operating Partnership LP [Member] | ||||
Related Party Transaction [Line Items] | ||||
Consideration received | $ 1,000 | |||
Number of shares issued (in shares) | 100 | |||
Affiliated Entity | Advisory Fees | ||||
Related Party Transaction [Line Items] | ||||
Class E Dealer Manager Fee Portion Waived Under NAV Per Share Threshold | $ 10 | |||
Advisor | ||||
Related Party Transaction [Line Items] | ||||
Advisory Agreement Contract Renewal Term | 1 year | |||
Advisor | Performance Participation Allocation | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction expense | $ 23,747,000 | 15,327,000 | 4,608,000 | |
Advisor | Advisory Fees | ||||
Related Party Transaction [Line Items] | ||||
% of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum) | 1.10% | |||
% of consideration received by us or our affiliates for selling interests in DST Properties (as defined in "Note 5") to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests | 1.10% | |||
Threshold for performance component of advisory fee | 12.50% | |||
Threshold of annual total return as % of NAV | 5% | |||
Performance component earned for excess return over the hurdle amount | 100% | |||
Maximum performance component limited to % of total annual return | 12.50% | |||
Loss carryforward | $ 0 | |||
Related party transaction expense | $ 33,747,000 | $ 21,433,000 | $ 17,211,000 |
RELATED PARTY TRANSACTIONS - (D
RELATED PARTY TRANSACTIONS - (DST Program & Summary of Fees and Expenses Incurred by Company) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||||
Related party transaction expense | $ 118,917 | $ 70,257 | $ 44,041 | |
Payable as of | 32,529 | 19,564 | ||
Advisor | ||||
Related Party Transaction [Line Items] | ||||
Amount reimbursed for services | 10,700 | 9,800 | 8,000 | |
Dealer Manager | ||||
Related Party Transaction [Line Items] | ||||
Maximum primary dealer fee as percentage of gross proceeds from sale of class I shares | 5% | |||
Selling commissions and dealer manager fees | Advisor | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction expense | 4,289 | 2,656 | 1,498 | |
Payable as of | 0 | 0 | ||
Ongoing Distribution Fees [Member] | Dealer Manager | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction expense | 6,800 | 3,206 | 2,024 | |
Payable as of | 748 | 394 | ||
Ongoing Distribution Fees [Member] | Dealer Manager | Other Liabilities | ||||
Related Party Transaction [Line Items] | ||||
Future Estimated Distribution Fees Payable | 60,900 | 34,100 | ||
Property accounting fee | Dealer Manager | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction expense | 1,289 | 0 | 0 | |
Payable as of | 478 | 0 | ||
Advisory Fees | Advisor | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction expense | 33,747 | 21,433 | 17,211 | |
Payable as of | 2,868 | 2,094 | ||
Performance Participation Allocation | Advisor | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction expense | 23,747 | 15,327 | 4,608 | |
Payable as of | 23,747 | 15,327 | ||
Other Expense Reimbursements [Member] | Advisor | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction expense | 11,346 | 11,070 | 10,002 | |
Payable as of | 4,192 | 1,443 | ||
Other Expense Reimbursements [Member] | Dealer Manager | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction expense | 372 | 376 | 516 | |
Payable as of | $ 109 | 0 | ||
DST Program Manager Fees | ||||
Related Party Transaction [Line Items] | ||||
Percent of interests intended to be sold to third parties | 100% | |||
DST Program Manager Fees | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Maximum percentage of purchase price paid by investor | 50% | |||
Percentage of origination fee | 1% | |||
DST Program Manager Fees | Advisor | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction expense | $ 14,860 | 6,318 | 4,085 | |
Payable as of | $ 146 | 87 | ||
DST Program Manager Fees | DST Manager | DST Manager | ||||
Related Party Transaction [Line Items] | ||||
Redemption fee, payable to manager | 1% | |||
DST Program Manager Fees | DST Manager | DST Advisor | ||||
Related Party Transaction [Line Items] | ||||
Management Compensation Fee Receivable, Percent Of Gross Rents | 1% | |||
Management fee, percent of equity proceeds | 1% | |||
Management loan fee, percent of financing arranged | 1% | |||
DST Program dealer manager fees | Affiliated Entity | Dealer Manager | Ares Diversified Real Estate Exchange LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount of interests placed with dealer | $ 1,000,000 | |||
DST Program dealer manager fees | Dealer Manager | ||||
Related Party Transaction [Line Items] | ||||
Private placement, dealer fee, percent of gross equity proceeds | 1.50% | |||
Related party transaction expense | $ 22,467 | 9,871 | $ 4,097 | |
Payable as of | $ 241 | $ 219 | ||
DST Program dealer manager fees | Dealer Manager | Ares Diversified Real Estate Exchange LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Private placement, dealer fee, percent of gross equity proceeds | 1.50% | |||
Percent of gross equity proceeds | 5% | |||
Ongoing dealer manager fees associated with private placement offering | 0.85% | |||
Organization And Offering Expenses [Member] | Advisor | ||||
Related Party Transaction [Line Items] | ||||
Threshold criteria of organization and offering expenses | 15% |
RELATED PARTY TRANSACTIONS - (T
RELATED PARTY TRANSACTIONS - (Transactions with Affiliates) (Details) - Operating Partnership - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
General Partner [Member] | ||
Related Party Transaction [Line Items] | ||
General Partners' Contributed Capital | $ 2 | |
OP Units held by general partner | 200 | |
Limited Partner [Member] | ||
Related Party Transaction [Line Items] | ||
Contributed of gross proceeds of common stock to the operating partnership | 100% | |
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 78.30% | 85.70% |
NET INCOME (LOSS) PER COMMON _3
NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Net (loss) income attributable to common stockholders-basic | $ (39,979) | $ 30,754 | $ (14,914) |
Net (loss) income attributable to redeemable noncontrolling interests | (370) | 221 | (54) |
Net (loss) income attributable to noncontrolling interests | (9,314) | 3,565 | (1,091) |
Net (loss) income attributable to common stockholders-diluted | $ (49,663) | $ 34,540 | $ (16,059) |
Weighted-average shares outstanding-basic (in shares) | 194,039 | 154,767 | 142,268 |
Incremental weighted-average shares effect of conversion of OP Units (in shares) | 39,265 | 19,563 | 11,784 |
Weighted-average shares outstanding - diluted (in shares) | 233,304 | 174,330 | 154,052 |
Basic | $ (0.21) | $ 0.20 | $ (0.10) |
Diluted | $ (0.21) | $ 0.20 | $ (0.10) |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Noncash Investing and Financing Items [Abstract] | ||||
Interest paid related to consolidated indebtedness | $ 53,889 | $ 28,403 | $ 29,877 | |
Interest paid related to DST Program | 42,008 | 26,666 | 16,540 | |
Distributions reinvested in common stock | 29,442 | 23,197 | 21,278 | |
Change in accrued future ongoing distribution fees | 26,855 | 18,576 | 1,019 | |
Increase in DST Program Loans receivable through DST Program capital raising | 51,496 | 25,978 | 26,486 | |
Redeemable noncontrolling interest issued as settlement of performance participation allocation | 15,327 | 4,608 | 3,776 | |
Mortgage notes assumed on real estate acquisitions at fair value | 0 | 125,887 | 13,472 | |
Issuances of OP Units for DST Interests | 252,578 | 115,653 | 28,266 | |
Supplemental Cash Flow Information [Abstract] | ||||
Cash and cash equivalents | 13,336 | 10,605 | 11,266 | $ 97,772 |
Restricted cash | 3,850 | 3,747 | 10,468 | 10,010 |
Cash, cash equivalents and restricted cash | $ 17,186 | $ 14,352 | $ 21,734 | $ 107,782 |
SEGMENT FINANCIAL INFORMATION_2
SEGMENT FINANCIAL INFORMATION (Schedule of Total Assets by Business Segment) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Number of reportable segments | segment | 4 | |
Total Assets | $ 4,174,724 | $ 2,990,971 |
Operating Segments | Office | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | 377,546 | 335,811 |
Operating Segments | Retail | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | 537,147 | 639,584 |
Operating Segments | Residential | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | 1,495,532 | 837,491 |
Operating Segments | Industrial | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | 1,248,255 | 826,353 |
Corporate | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 516,244 | $ 351,732 |
SEGMENT FINANCIAL INFORMATION_3
SEGMENT FINANCIAL INFORMATION (Reconciliation of Net Operating Income to Reported Net Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of net operating income attributable to common shareholders | |||
Net (loss) income attributable to common stockholders | $ (39,979) | $ 30,754 | $ (14,914) |
Debt-related income | (9,989) | (9,174) | (2,347) |
Real estate-related depreciation and amortization | 134,617 | 74,415 | 62,923 |
General and administrative expenses | 10,570 | 8,797 | 7,548 |
Advisory fees | 33,747 | 21,433 | 17,211 |
Performance participation allocation | 23,747 | 15,327 | 4,608 |
Acquisition costs and reimbursements | 5,427 | 2,636 | 1,108 |
Litigation expense | 0 | 0 | 2,500 |
Impairment of real estate property | 0 | 758 | 0 |
Credit loss expense | 1,799 | 0 | 0 |
Equity in income from unconsolidated joint venture partnerships | (2,970) | (114) | 0 |
Interest expense | 140,406 | 70,494 | 58,747 |
Gain on sale of real estate property | (94,827) | (77,857) | (13,335) |
(Gain) loss on derivative instruments | (4,723) | (71) | 13 |
Other income | (2,860) | (1,781) | (1,050) |
Net (loss) income attributable to redeemable noncontrolling interests | (370) | 221 | (54) |
Net (loss) income attributable to noncontrolling interests | (9,314) | 3,565 | (1,091) |
Net operating income | $ 185,281 | $ 139,403 | $ 121,867 |
SEGMENT FINANCIAL INFORMATION_4
SEGMENT FINANCIAL INFORMATION (Revenue and Components of Net Operating Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Rental revenues | $ 289,234 | $ 209,176 | $ 184,245 |
Rental expenses | (103,953) | (69,773) | (62,378) |
Net operating income | 185,281 | 139,403 | 121,867 |
Real estate-related depreciation and amortization | 134,617 | 74,415 | 62,923 |
Operating Segments | Office | |||
Segment Reporting Information [Line Items] | |||
Rental revenues | 52,427 | 64,290 | 69,110 |
Rental expenses | (25,273) | (28,280) | (30,355) |
Net operating income | 27,154 | 36,010 | 38,755 |
Real estate-related depreciation and amortization | 15,951 | 19,875 | 21,130 |
Operating Segments | Retail | |||
Segment Reporting Information [Line Items] | |||
Rental revenues | 64,039 | 72,102 | 71,244 |
Rental expenses | (17,080) | (18,693) | (17,568) |
Net operating income | 46,959 | 53,409 | 53,676 |
Real estate-related depreciation and amortization | 17,370 | 19,485 | 19,795 |
Operating Segments | Residential | |||
Segment Reporting Information [Line Items] | |||
Rental revenues | 98,524 | 31,023 | 20,424 |
Rental expenses | (44,292) | (13,387) | (9,448) |
Net operating income | 54,232 | 17,636 | 10,976 |
Real estate-related depreciation and amortization | 47,696 | 11,062 | 9,762 |
Operating Segments | Industrial | |||
Segment Reporting Information [Line Items] | |||
Rental revenues | 74,244 | 41,761 | 23,467 |
Rental expenses | (17,308) | (9,413) | (5,007) |
Net operating income | 56,936 | 32,348 | 18,460 |
Real estate-related depreciation and amortization | $ 53,600 | $ 23,993 | $ 12,236 |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) $ in Thousands | 12 Months Ended | |||||
Mar. 20, 2023 USD ($) property | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) property | Dec. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 building | |
Subsequent Event [Line Items] | ||||||
Number of real estate properties | 90 | 195 | ||||
Contractual sale price | $ 274,816 | $ 223,791 | $ 27,372 | |||
Accounting basis (net of accumulated depreciation and amortization) | $ 2,589,826 | $ 3,605,578 | ||||
Retail properties | ||||||
Subsequent Event [Line Items] | ||||||
Number of real estate properties | building | 40 | |||||
Retail properties | Disposed of by Sale | ||||||
Subsequent Event [Line Items] | ||||||
Number of real estate properties | property | 6 | 3 | ||||
Subsequent Event | Retail properties | Disposed of by Sale | ||||||
Subsequent Event [Line Items] | ||||||
Number of real estate properties | property | 1 | |||||
Contractual sale price | $ 55,500 | |||||
Accounting basis (net of accumulated depreciation and amortization) | $ 16,500 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 property | Dec. 31, 2022 building | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | 90 | 195 | ||||
Debt | $ 587,916 | |||||
Initial Cost to Company, Land | 697,046 | |||||
Initial Cost to Company, Building & Improvements | 3,315,758 | |||||
Initial Cost to Company, Total | 4,012,804 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 165,525 | |||||
Gross Amount Carried, Land | 694,998 | |||||
Gross Amount Carried, Building and Improvements | 3,483,331 | |||||
Real Estate, Gross, Total Cost | 4,178,329 | $ 3,061,851 | $ 2,455,678 | $ 2,057,350 | ||
Accumulated Depreciation | (572,751) | |||||
Aggregate cost of investments in real property for federal income tax purposes | 1,500,000 | |||||
Office properties | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 11 | |||||
Debt | 127,000 | |||||
Initial Cost to Company, Land | 73,291 | |||||
Initial Cost to Company, Building & Improvements | 415,276 | |||||
Initial Cost to Company, Total | 488,567 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 103,634 | |||||
Gross Amount Carried, Land | 73,291 | |||||
Gross Amount Carried, Building and Improvements | 518,910 | |||||
Real Estate, Gross, Total Cost | 592,201 | |||||
Accumulated Depreciation | (234,604) | |||||
Office properties | Bala Pointe | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 10,115 | |||||
Initial Cost to Company, Building & Improvements | 27,516 | |||||
Initial Cost to Company, Total | 37,631 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 14,536 | |||||
Gross Amount Carried, Land | 10,115 | |||||
Gross Amount Carried, Building and Improvements | 42,052 | |||||
Real Estate, Gross, Total Cost | 52,167 | |||||
Accumulated Depreciation | (25,419) | |||||
Office properties | 1300 Connecticut | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 25,177 | |||||
Initial Cost to Company, Building & Improvements | 41,250 | |||||
Initial Cost to Company, Total | 66,427 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 12,516 | |||||
Gross Amount Carried, Land | 25,177 | |||||
Gross Amount Carried, Building and Improvements | 53,766 | |||||
Real Estate, Gross, Total Cost | 78,943 | |||||
Accumulated Depreciation | (31,583) | |||||
Office properties | CityView | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 4 | |||||
Initial Cost to Company, Land | 4,606 | |||||
Initial Cost to Company, Building & Improvements | 65,250 | |||||
Initial Cost to Company, Total | 69,856 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 10,385 | |||||
Gross Amount Carried, Land | 4,606 | |||||
Gross Amount Carried, Building and Improvements | 75,635 | |||||
Real Estate, Gross, Total Cost | 80,241 | |||||
Accumulated Depreciation | (24,756) | |||||
Office properties | Eden Prairie | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 3,538 | |||||
Initial Cost to Company, Building & Improvements | 25,865 | |||||
Initial Cost to Company, Total | 29,403 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,262 | |||||
Gross Amount Carried, Land | 3,538 | |||||
Gross Amount Carried, Building and Improvements | 27,127 | |||||
Real Estate, Gross, Total Cost | 30,665 | |||||
Accumulated Depreciation | (13,388) | |||||
Office properties | Preston Sherry Plaza | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 7,500 | |||||
Initial Cost to Company, Building & Improvements | 22,303 | |||||
Initial Cost to Company, Total | 29,803 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 14,905 | |||||
Gross Amount Carried, Land | 7,500 | |||||
Gross Amount Carried, Building and Improvements | 37,208 | |||||
Real Estate, Gross, Total Cost | 44,708 | |||||
Accumulated Depreciation | (19,518) | |||||
Office properties | 3 Second Street | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Debt | 127,000 | |||||
Initial Cost to Company, Land | 16,800 | |||||
Initial Cost to Company, Building & Improvements | 193,742 | |||||
Initial Cost to Company, Total | 210,542 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 48,411 | |||||
Gross Amount Carried, Land | 16,800 | |||||
Gross Amount Carried, Building and Improvements | 242,153 | |||||
Real Estate, Gross, Total Cost | 258,953 | |||||
Accumulated Depreciation | (119,117) | |||||
Office properties | 350 Carter Road | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 3,966 | |||||
Initial Cost to Company, Building & Improvements | 28,670 | |||||
Initial Cost to Company, Total | 32,636 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,500 | |||||
Gross Amount Carried, Land | 3,966 | |||||
Gross Amount Carried, Building and Improvements | 30,170 | |||||
Real Estate, Gross, Total Cost | 34,136 | |||||
Accumulated Depreciation | (743) | |||||
Office properties | 107 Morgan Lane | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 1,589 | |||||
Initial Cost to Company, Building & Improvements | 10,680 | |||||
Initial Cost to Company, Total | 12,269 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 119 | |||||
Gross Amount Carried, Land | 1,589 | |||||
Gross Amount Carried, Building and Improvements | 10,799 | |||||
Real Estate, Gross, Total Cost | 12,388 | |||||
Accumulated Depreciation | (80) | |||||
Office properties | Minimum | Bala Pointe | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Office properties | Minimum | 1300 Connecticut | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 2 years | |||||
Office properties | Minimum | CityView | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Office properties | Minimum | Eden Prairie | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 5 years | |||||
Office properties | Minimum | Preston Sherry Plaza | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Office properties | Minimum | 3 Second Street | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 3 years | |||||
Office properties | Minimum | 350 Carter Road | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 13 years | |||||
Office properties | Minimum | 107 Morgan Lane | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 10 years | |||||
Office properties | Maximum | Bala Pointe | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Office properties | Maximum | 1300 Connecticut | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Office properties | Maximum | CityView | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Office properties | Maximum | Eden Prairie | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Office properties | Maximum | Preston Sherry Plaza | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Office properties | Maximum | 3 Second Street | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Office properties | Maximum | 350 Carter Road | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Office properties | Maximum | 107 Morgan Lane | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Retail properties | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 40 | |||||
Debt | 74,561 | |||||
Initial Cost to Company, Land | 183,454 | |||||
Initial Cost to Company, Building & Improvements | 476,462 | |||||
Initial Cost to Company, Total | 659,916 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 31,839 | |||||
Gross Amount Carried, Land | 181,356 | |||||
Gross Amount Carried, Building and Improvements | 510,399 | |||||
Real Estate, Gross, Total Cost | 691,755 | |||||
Accumulated Depreciation | (167,074) | |||||
Retail properties | Beaver Creek | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 12,426 | |||||
Initial Cost to Company, Building & Improvements | 31,375 | |||||
Initial Cost to Company, Total | 43,801 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 739 | |||||
Gross Amount Carried, Land | 9,955 | |||||
Gross Amount Carried, Building and Improvements | 34,585 | |||||
Real Estate, Gross, Total Cost | 44,540 | |||||
Accumulated Depreciation | (14,953) | |||||
Retail properties | Sandwich | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 7,380 | |||||
Initial Cost to Company, Building & Improvements | 25,778 | |||||
Initial Cost to Company, Total | 33,158 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 874 | |||||
Gross Amount Carried, Land | 7,380 | |||||
Gross Amount Carried, Building and Improvements | 26,652 | |||||
Real Estate, Gross, Total Cost | 34,032 | |||||
Accumulated Depreciation | (12,239) | |||||
Retail properties | Wareham | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 12,972 | |||||
Initial Cost to Company, Building & Improvements | 27,030 | |||||
Initial Cost to Company, Total | 40,002 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 3,841 | |||||
Gross Amount Carried, Land | 12,972 | |||||
Gross Amount Carried, Building and Improvements | 30,871 | |||||
Real Estate, Gross, Total Cost | 43,843 | |||||
Accumulated Depreciation | (15,204) | |||||
Retail properties | Hyannis | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 10,405 | |||||
Initial Cost to Company, Building & Improvements | 917 | |||||
Initial Cost to Company, Total | 11,322 | |||||
Gross Amount Carried, Land | 10,405 | |||||
Gross Amount Carried, Building and Improvements | 917 | |||||
Real Estate, Gross, Total Cost | 11,322 | |||||
Accumulated Depreciation | (767) | |||||
Retail properties | Meriden | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 6,560 | |||||
Initial Cost to Company, Building & Improvements | 22,014 | |||||
Initial Cost to Company, Total | 28,574 | |||||
Gross Amount Carried, Land | 6,560 | |||||
Gross Amount Carried, Building and Improvements | 22,014 | |||||
Real Estate, Gross, Total Cost | 28,574 | |||||
Accumulated Depreciation | (10,310) | |||||
Retail properties | Whitman 475 Bedford Street | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 3,610 | |||||
Initial Cost to Company, Building & Improvements | 11,682 | |||||
Initial Cost to Company, Total | 15,292 | |||||
Gross Amount Carried, Land | 3,610 | |||||
Gross Amount Carried, Building and Improvements | 11,682 | |||||
Real Estate, Gross, Total Cost | 15,292 | |||||
Accumulated Depreciation | (5,711) | |||||
Retail properties | New Bedford | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Debt | 4,561 | |||||
Initial Cost to Company, Land | 3,790 | |||||
Initial Cost to Company, Building & Improvements | 11,152 | |||||
Initial Cost to Company, Total | 14,942 | |||||
Gross Amount Carried, Land | 3,790 | |||||
Gross Amount Carried, Building and Improvements | 11,152 | |||||
Real Estate, Gross, Total Cost | 14,942 | |||||
Accumulated Depreciation | (5,053) | |||||
Retail properties | 270 Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Debt | 70,000 | |||||
Initial Cost to Company, Land | 19,779 | |||||
Initial Cost to Company, Building & Improvements | 42,515 | |||||
Initial Cost to Company, Total | 62,294 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 5,062 | |||||
Gross Amount Carried, Land | 19,781 | |||||
Gross Amount Carried, Building and Improvements | 47,575 | |||||
Real Estate, Gross, Total Cost | 67,356 | |||||
Accumulated Depreciation | (21,332) | |||||
Retail properties | Springdale | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 11,866 | |||||
Initial Cost to Company, Building & Improvements | 723 | |||||
Initial Cost to Company, Total | 12,589 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 9 | |||||
Gross Amount Carried, Land | 11,866 | |||||
Gross Amount Carried, Building and Improvements | 732 | |||||
Real Estate, Gross, Total Cost | 12,598 | |||||
Accumulated Depreciation | (726) | |||||
Retail properties | Saugus | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 3,783 | |||||
Initial Cost to Company, Building & Improvements | 9,713 | |||||
Initial Cost to Company, Total | 13,496 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 470 | |||||
Gross Amount Carried, Land | 3,783 | |||||
Gross Amount Carried, Building and Improvements | 10,183 | |||||
Real Estate, Gross, Total Cost | 13,966 | |||||
Accumulated Depreciation | (5,572) | |||||
Retail properties | Salt Pond | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 2 | |||||
Initial Cost to Company, Land | 8,759 | |||||
Initial Cost to Company, Building & Improvements | 40,233 | |||||
Initial Cost to Company, Total | 48,992 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 2,336 | |||||
Gross Amount Carried, Land | 8,759 | |||||
Gross Amount Carried, Building and Improvements | 42,569 | |||||
Real Estate, Gross, Total Cost | 51,328 | |||||
Accumulated Depreciation | (13,018) | |||||
Retail properties | South Cape | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 6 | |||||
Initial Cost to Company, Land | 9,936 | |||||
Initial Cost to Company, Building & Improvements | 27,552 | |||||
Initial Cost to Company, Total | 37,488 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 5,211 | |||||
Gross Amount Carried, Land | 10,307 | |||||
Gross Amount Carried, Building and Improvements | 32,392 | |||||
Real Estate, Gross, Total Cost | 42,699 | |||||
Accumulated Depreciation | (9,139) | |||||
Retail properties | Shenandoah | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 3 | |||||
Initial Cost to Company, Land | 10,501 | |||||
Initial Cost to Company, Building & Improvements | 27,397 | |||||
Initial Cost to Company, Total | 37,898 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 499 | |||||
Gross Amount Carried, Land | 10,501 | |||||
Gross Amount Carried, Building and Improvements | 27,896 | |||||
Real Estate, Gross, Total Cost | 38,397 | |||||
Accumulated Depreciation | (7,692) | |||||
Retail properties | Chester Springs | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 4 | |||||
Initial Cost to Company, Land | 7,376 | |||||
Initial Cost to Company, Building & Improvements | 51,155 | |||||
Initial Cost to Company, Total | 58,531 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 7,429 | |||||
Gross Amount Carried, Land | 7,376 | |||||
Gross Amount Carried, Building and Improvements | 58,584 | |||||
Real Estate, Gross, Total Cost | 65,960 | |||||
Accumulated Depreciation | (16,247) | |||||
Retail properties | Yale Village | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 4 | |||||
Initial Cost to Company, Land | 3,492 | |||||
Initial Cost to Company, Building & Improvements | 30,655 | |||||
Initial Cost to Company, Total | 34,147 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,849 | |||||
Gross Amount Carried, Land | 3,492 | |||||
Gross Amount Carried, Building and Improvements | 32,504 | |||||
Real Estate, Gross, Total Cost | 35,996 | |||||
Accumulated Depreciation | (8,258) | |||||
Retail properties | Suniland Shopping Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 4 | |||||
Initial Cost to Company, Land | 34,804 | |||||
Initial Cost to Company, Building & Improvements | 33,902 | |||||
Initial Cost to Company, Total | 68,706 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,715 | |||||
Gross Amount Carried, Land | 34,804 | |||||
Gross Amount Carried, Building and Improvements | 35,617 | |||||
Real Estate, Gross, Total Cost | 70,421 | |||||
Accumulated Depreciation | (9,922) | |||||
Retail properties | Village at Lee Branch | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 2 | |||||
Initial Cost to Company, Land | 10,476 | |||||
Initial Cost to Company, Building & Improvements | 32,461 | |||||
Initial Cost to Company, Total | 42,937 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,338 | |||||
Gross Amount Carried, Land | 10,476 | |||||
Gross Amount Carried, Building and Improvements | 33,799 | |||||
Real Estate, Gross, Total Cost | 44,275 | |||||
Accumulated Depreciation | (5,495) | |||||
Retail properties | Barrow Crossing | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 5 | |||||
Initial Cost to Company, Land | 5,539 | |||||
Initial Cost to Company, Building & Improvements | 50,208 | |||||
Initial Cost to Company, Total | 55,747 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 467 | |||||
Gross Amount Carried, Land | 5,539 | |||||
Gross Amount Carried, Building and Improvements | 50,675 | |||||
Real Estate, Gross, Total Cost | 56,214 | |||||
Accumulated Depreciation | (5,436) | |||||
Retail properties | Minimum | Beaver Creek | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Retail properties | Minimum | Sandwich | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Retail properties | Minimum | Wareham | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Retail properties | Minimum | Hyannis | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 18 years | |||||
Retail properties | Minimum | Meriden | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 13 years | |||||
Retail properties | Minimum | Whitman 475 Bedford Street | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 16 years | |||||
Retail properties | Minimum | New Bedford | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 22 years | |||||
Retail properties | Minimum | 270 Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Retail properties | Minimum | Springdale | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 6 years | |||||
Retail properties | Minimum | Saugus | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 3 years | |||||
Retail properties | Minimum | Salt Pond | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Retail properties | Minimum | South Cape | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Retail properties | Minimum | Shenandoah | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Retail properties | Minimum | Chester Springs | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Retail properties | Minimum | Yale Village | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 3 years | |||||
Retail properties | Minimum | Suniland Shopping Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Retail properties | Minimum | Village at Lee Branch | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Retail properties | Minimum | Barrow Crossing | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Retail properties | Maximum | Beaver Creek | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Retail properties | Maximum | Sandwich | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Retail properties | Maximum | Wareham | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Retail properties | Maximum | Hyannis | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 68 years | |||||
Retail properties | Maximum | Meriden | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 43 years | |||||
Retail properties | Maximum | Whitman 475 Bedford Street | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 56 years | |||||
Retail properties | Maximum | New Bedford | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Retail properties | Maximum | 270 Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Retail properties | Maximum | Springdale | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 62 years | |||||
Retail properties | Maximum | Saugus | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Retail properties | Maximum | Salt Pond | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Retail properties | Maximum | South Cape | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Retail properties | Maximum | Shenandoah | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Retail properties | Maximum | Chester Springs | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Retail properties | Maximum | Yale Village | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Retail properties | Maximum | Suniland Shopping Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Retail properties | Maximum | Village at Lee Branch | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Retail properties | Maximum | Barrow Crossing | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Residential properties | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 80 | |||||
Debt | 259,663 | |||||
Initial Cost to Company, Land | 168,817 | |||||
Initial Cost to Company, Building & Improvements | 1,384,897 | |||||
Initial Cost to Company, Total | 1,553,714 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 7,364 | |||||
Gross Amount Carried, Land | 168,817 | |||||
Gross Amount Carried, Building and Improvements | 1,392,261 | |||||
Real Estate, Gross, Total Cost | 1,561,078 | |||||
Accumulated Depreciation | (72,698) | |||||
Residential properties | The Daley | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 4 | |||||
Debt | 62,000 | |||||
Initial Cost to Company, Land | 15,139 | |||||
Initial Cost to Company, Building & Improvements | 80,500 | |||||
Initial Cost to Company, Total | 95,639 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 838 | |||||
Gross Amount Carried, Land | 15,139 | |||||
Gross Amount Carried, Building and Improvements | 81,338 | |||||
Real Estate, Gross, Total Cost | 96,477 | |||||
Accumulated Depreciation | (9,632) | |||||
Residential properties | Juno Winter Park | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 9,129 | |||||
Initial Cost to Company, Building & Improvements | 75,420 | |||||
Initial Cost to Company, Total | 84,549 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 527 | |||||
Gross Amount Carried, Land | 9,129 | |||||
Gross Amount Carried, Building and Improvements | 75,947 | |||||
Real Estate, Gross, Total Cost | 85,076 | |||||
Accumulated Depreciation | (7,940) | |||||
Residential properties | Perimeter | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 17,407 | |||||
Initial Cost to Company, Building & Improvements | 99,763 | |||||
Initial Cost to Company, Total | 117,170 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 476 | |||||
Gross Amount Carried, Land | 17,407 | |||||
Gross Amount Carried, Building and Improvements | 100,239 | |||||
Real Estate, Gross, Total Cost | 117,646 | |||||
Accumulated Depreciation | (10,264) | |||||
Residential properties | The Palms | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 15 | |||||
Initial Cost to Company, Land | 18,737 | |||||
Initial Cost to Company, Building & Improvements | 60,475 | |||||
Initial Cost to Company, Total | 79,212 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 2,862 | |||||
Gross Amount Carried, Land | 18,737 | |||||
Gross Amount Carried, Building and Improvements | 63,337 | |||||
Real Estate, Gross, Total Cost | 82,074 | |||||
Accumulated Depreciation | (5,314) | |||||
Residential properties | oLiv Tucson | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Debt | 80,600 | |||||
Initial Cost to Company, Building & Improvements | 128,659 | |||||
Initial Cost to Company, Total | 128,659 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 76 | |||||
Gross Amount Carried, Building and Improvements | 128,735 | |||||
Real Estate, Gross, Total Cost | 128,735 | |||||
Accumulated Depreciation | (5,323) | |||||
Residential properties | Arabelle Clearwater | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 10 | |||||
Initial Cost to Company, Land | 11,633 | |||||
Initial Cost to Company, Building & Improvements | 104,719 | |||||
Initial Cost to Company, Total | 116,352 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 54 | |||||
Gross Amount Carried, Land | 11,633 | |||||
Gross Amount Carried, Building and Improvements | 104,773 | |||||
Real Estate, Gross, Total Cost | 116,406 | |||||
Accumulated Depreciation | (4,175) | |||||
Residential properties | Arabelle Riverwalk | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Debt | 117,063 | |||||
Initial Cost to Company, Land | 20,005 | |||||
Initial Cost to Company, Building & Improvements | 214,045 | |||||
Initial Cost to Company, Total | 234,050 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 160 | |||||
Gross Amount Carried, Land | 20,005 | |||||
Gross Amount Carried, Building and Improvements | 214,205 | |||||
Real Estate, Gross, Total Cost | 234,210 | |||||
Accumulated Depreciation | (8,319) | |||||
Residential properties | Skye 750 | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 12,535 | |||||
Initial Cost to Company, Building & Improvements | 80,310 | |||||
Initial Cost to Company, Total | 92,845 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 75 | |||||
Gross Amount Carried, Land | 12,535 | |||||
Gross Amount Carried, Building and Improvements | 80,385 | |||||
Real Estate, Gross, Total Cost | 92,920 | |||||
Accumulated Depreciation | (3,234) | |||||
Residential properties | Arabelle City Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 11 | |||||
Initial Cost to Company, Land | 15,776 | |||||
Initial Cost to Company, Building & Improvements | 141,006 | |||||
Initial Cost to Company, Total | 156,782 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,285 | |||||
Gross Amount Carried, Land | 15,776 | |||||
Gross Amount Carried, Building and Improvements | 142,291 | |||||
Real Estate, Gross, Total Cost | 158,067 | |||||
Accumulated Depreciation | (4,596) | |||||
Residential properties | Dallas Cityline | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 6,281 | |||||
Initial Cost to Company, Building & Improvements | 104,812 | |||||
Initial Cost to Company, Total | 111,093 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 155 | |||||
Gross Amount Carried, Land | 6,281 | |||||
Gross Amount Carried, Building and Improvements | 104,967 | |||||
Real Estate, Gross, Total Cost | 111,248 | |||||
Accumulated Depreciation | (3,451) | |||||
Residential properties | Dallas Wycliff | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 3 | |||||
Initial Cost to Company, Land | 14,021 | |||||
Initial Cost to Company, Building & Improvements | 80,062 | |||||
Initial Cost to Company, Total | 94,083 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 305 | |||||
Gross Amount Carried, Land | 14,021 | |||||
Gross Amount Carried, Building and Improvements | 80,367 | |||||
Real Estate, Gross, Total Cost | 94,388 | |||||
Accumulated Depreciation | (2,801) | |||||
Residential properties | Dallas Maple District | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 2 | |||||
Initial Cost to Company, Land | 14,725 | |||||
Initial Cost to Company, Building & Improvements | 78,364 | |||||
Initial Cost to Company, Total | 93,089 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 237 | |||||
Gross Amount Carried, Land | 14,725 | |||||
Gross Amount Carried, Building and Improvements | 78,601 | |||||
Real Estate, Gross, Total Cost | 93,326 | |||||
Accumulated Depreciation | (2,721) | |||||
Residential properties | San Vance | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 14 | |||||
Initial Cost to Company, Land | 8,860 | |||||
Initial Cost to Company, Building & Improvements | 68,726 | |||||
Initial Cost to Company, Total | 77,586 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 141 | |||||
Gross Amount Carried, Land | 8,860 | |||||
Gross Amount Carried, Building and Improvements | 68,867 | |||||
Real Estate, Gross, Total Cost | 77,727 | |||||
Accumulated Depreciation | (2,539) | |||||
Residential properties | San Stone Oak | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 15 | |||||
Initial Cost to Company, Land | 4,569 | |||||
Initial Cost to Company, Building & Improvements | 68,036 | |||||
Initial Cost to Company, Total | 72,605 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 173 | |||||
Gross Amount Carried, Land | 4,569 | |||||
Gross Amount Carried, Building and Improvements | 68,209 | |||||
Real Estate, Gross, Total Cost | 72,778 | |||||
Accumulated Depreciation | (2,389) | |||||
Residential properties | Minimum | The Daley | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Residential properties | Minimum | Juno Winter Park | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Residential properties | Minimum | Perimeter | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Residential properties | Minimum | The Palms | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Residential properties | Minimum | oLiv Tucson | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Residential properties | Minimum | Arabelle Clearwater | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Residential properties | Minimum | Arabelle Riverwalk | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Residential properties | Minimum | Skye 750 | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Residential properties | Minimum | Arabelle City Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Residential properties | Minimum | Dallas Cityline | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Residential properties | Minimum | Dallas Wycliff | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Residential properties | Minimum | Dallas Maple District | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Residential properties | Minimum | San Vance | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Residential properties | Minimum | San Stone Oak | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Residential properties | Maximum | The Daley | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Residential properties | Maximum | Juno Winter Park | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Residential properties | Maximum | Perimeter | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Residential properties | Maximum | The Palms | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Residential properties | Maximum | oLiv Tucson | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Residential properties | Maximum | Arabelle Clearwater | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Residential properties | Maximum | Arabelle Riverwalk | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Residential properties | Maximum | Skye 750 | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Residential properties | Maximum | Arabelle City Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Residential properties | Maximum | Dallas Cityline | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Residential properties | Maximum | Dallas Wycliff | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Residential properties | Maximum | Dallas Maple District | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Residential properties | Maximum | San Vance | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Residential properties | Maximum | San Stone Oak | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Industrial properties | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 64 | |||||
Debt | 126,692 | |||||
Initial Cost to Company, Land | 271,484 | |||||
Initial Cost to Company, Building & Improvements | 1,039,123 | |||||
Initial Cost to Company, Total | 1,310,607 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 22,688 | |||||
Gross Amount Carried, Land | 271,534 | |||||
Gross Amount Carried, Building and Improvements | 1,061,761 | |||||
Real Estate, Gross, Total Cost | 1,333,295 | |||||
Accumulated Depreciation | (98,375) | |||||
Industrial properties | Vasco Road | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Debt | 17,435 | |||||
Initial Cost to Company, Land | 4,880 | |||||
Initial Cost to Company, Building & Improvements | 12,019 | |||||
Initial Cost to Company, Total | 16,899 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | (60) | |||||
Gross Amount Carried, Land | 4,880 | |||||
Gross Amount Carried, Building and Improvements | 11,959 | |||||
Real Estate, Gross, Total Cost | 16,839 | |||||
Accumulated Depreciation | (3,168) | |||||
Industrial properties | Northgate | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Debt | 22,605 | |||||
Initial Cost to Company, Land | 3,940 | |||||
Initial Cost to Company, Building & Improvements | 20,715 | |||||
Initial Cost to Company, Total | 24,655 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 15 | |||||
Gross Amount Carried, Land | 3,943 | |||||
Gross Amount Carried, Building and Improvements | 20,727 | |||||
Real Estate, Gross, Total Cost | 24,670 | |||||
Accumulated Depreciation | (4,298) | |||||
Industrial properties | Stafford Grove | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 3 | |||||
Initial Cost to Company, Land | 8,540 | |||||
Initial Cost to Company, Building & Improvements | 28,879 | |||||
Initial Cost to Company, Total | 37,419 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 2,120 | |||||
Gross Amount Carried, Land | 8,586 | |||||
Gross Amount Carried, Building and Improvements | 30,953 | |||||
Real Estate, Gross, Total Cost | 39,539 | |||||
Accumulated Depreciation | (6,389) | |||||
Industrial properties | Kaiser Business Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 2 | |||||
Initial Cost to Company, Land | 6,140 | |||||
Initial Cost to Company, Building & Improvements | 12,730 | |||||
Initial Cost to Company, Total | 18,870 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,467 | |||||
Gross Amount Carried, Land | 6,140 | |||||
Gross Amount Carried, Building and Improvements | 14,197 | |||||
Real Estate, Gross, Total Cost | 20,337 | |||||
Accumulated Depreciation | (3,248) | |||||
Industrial properties | Tri-County DC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Debt | 16,819 | |||||
Initial Cost to Company, Land | 2,346 | |||||
Initial Cost to Company, Building & Improvements | 18,400 | |||||
Initial Cost to Company, Total | 20,746 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,025 | |||||
Gross Amount Carried, Land | 2,346 | |||||
Gross Amount Carried, Building and Improvements | 19,425 | |||||
Real Estate, Gross, Total Cost | 21,771 | |||||
Accumulated Depreciation | (3,360) | |||||
Industrial properties | Florence Logistics Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Debt | 14,358 | |||||
Initial Cost to Company, Land | 1,791 | |||||
Initial Cost to Company, Building & Improvements | 16,968 | |||||
Initial Cost to Company, Total | 18,759 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 27 | |||||
Gross Amount Carried, Land | 1,791 | |||||
Gross Amount Carried, Building and Improvements | 16,995 | |||||
Real Estate, Gross, Total Cost | 18,786 | |||||
Accumulated Depreciation | (2,751) | |||||
Industrial properties | World Connect Logistics Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Debt | 32,386 | |||||
Initial Cost to Company, Land | 4,983 | |||||
Initial Cost to Company, Building & Improvements | 39,172 | |||||
Initial Cost to Company, Total | 44,155 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 209 | |||||
Gross Amount Carried, Land | 4,983 | |||||
Gross Amount Carried, Building and Improvements | 39,381 | |||||
Real Estate, Gross, Total Cost | 44,364 | |||||
Accumulated Depreciation | (5,433) | |||||
Industrial properties | Tri-County DC II A | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Debt | 9,004 | |||||
Initial Cost to Company, Land | 1,280 | |||||
Initial Cost to Company, Building & Improvements | 8,562 | |||||
Initial Cost to Company, Total | 9,842 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 421 | |||||
Gross Amount Carried, Land | 1,280 | |||||
Gross Amount Carried, Building and Improvements | 8,983 | |||||
Real Estate, Gross, Total Cost | 10,263 | |||||
Accumulated Depreciation | (1,655) | |||||
Industrial properties | Aurora DC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 1,681 | |||||
Initial Cost to Company, Building & Improvements | 6,887 | |||||
Initial Cost to Company, Total | 8,568 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 911 | |||||
Gross Amount Carried, Land | 1,681 | |||||
Gross Amount Carried, Building and Improvements | 7,798 | |||||
Real Estate, Gross, Total Cost | 9,479 | |||||
Accumulated Depreciation | (1,660) | |||||
Industrial properties | Railhead DC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Debt | 8,391 | |||||
Initial Cost to Company, Land | 2,102 | |||||
Initial Cost to Company, Building & Improvements | 17,475 | |||||
Initial Cost to Company, Total | 19,577 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 92 | |||||
Gross Amount Carried, Land | 2,102 | |||||
Gross Amount Carried, Building and Improvements | 17,567 | |||||
Real Estate, Gross, Total Cost | 19,669 | |||||
Accumulated Depreciation | (2,241) | |||||
Industrial properties | Tri-County DC II B | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Debt | 2,393 | |||||
Initial Cost to Company, Land | 455 | |||||
Initial Cost to Company, Building & Improvements | 2,429 | |||||
Initial Cost to Company, Total | 2,884 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 53 | |||||
Gross Amount Carried, Land | 455 | |||||
Gross Amount Carried, Building and Improvements | 2,482 | |||||
Real Estate, Gross, Total Cost | 2,937 | |||||
Accumulated Depreciation | (381) | |||||
Industrial properties | Sterling IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 1,976 | |||||
Initial Cost to Company, Building & Improvements | 3,369 | |||||
Initial Cost to Company, Total | 5,345 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 13 | |||||
Gross Amount Carried, Land | 1,976 | |||||
Gross Amount Carried, Building and Improvements | 3,382 | |||||
Real Estate, Gross, Total Cost | 5,358 | |||||
Accumulated Depreciation | (434) | |||||
Industrial properties | Clayton Commerce Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 7,403 | |||||
Initial Cost to Company, Building & Improvements | 51,886 | |||||
Initial Cost to Company, Total | 59,289 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 5,415 | |||||
Gross Amount Carried, Land | 7,403 | |||||
Gross Amount Carried, Building and Improvements | 57,301 | |||||
Real Estate, Gross, Total Cost | 64,704 | |||||
Accumulated Depreciation | (7,489) | |||||
Industrial properties | Bay Area Commerce Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 10,135 | |||||
Initial Cost to Company, Building & Improvements | 38,672 | |||||
Initial Cost to Company, Total | 48,807 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,791 | |||||
Gross Amount Carried, Land | 10,135 | |||||
Gross Amount Carried, Building and Improvements | 40,463 | |||||
Real Estate, Gross, Total Cost | 50,598 | |||||
Accumulated Depreciation | (3,345) | |||||
Industrial properties | Air Tech DC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 2 | |||||
Debt | 3,301 | |||||
Initial Cost to Company, Land | 615 | |||||
Initial Cost to Company, Building & Improvements | 18,471 | |||||
Initial Cost to Company, Total | 19,086 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 213 | |||||
Gross Amount Carried, Land | 616 | |||||
Gross Amount Carried, Building and Improvements | 18,683 | |||||
Real Estate, Gross, Total Cost | 19,299 | |||||
Accumulated Depreciation | (1,986) | |||||
Industrial properties | East Columbia IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 2 | |||||
Initial Cost to Company, Land | 3,352 | |||||
Initial Cost to Company, Building & Improvements | 11,726 | |||||
Initial Cost to Company, Total | 15,078 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 204 | |||||
Gross Amount Carried, Land | 3,352 | |||||
Gross Amount Carried, Building and Improvements | 11,930 | |||||
Real Estate, Gross, Total Cost | 15,282 | |||||
Accumulated Depreciation | (1,841) | |||||
Industrial properties | Plainfield LC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 2,514 | |||||
Initial Cost to Company, Building & Improvements | 17,260 | |||||
Initial Cost to Company, Total | 19,774 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 17 | |||||
Gross Amount Carried, Land | 2,514 | |||||
Gross Amount Carried, Building and Improvements | 17,277 | |||||
Real Estate, Gross, Total Cost | 19,791 | |||||
Accumulated Depreciation | (1,310) | |||||
Industrial properties | 395 LC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 6,752 | |||||
Initial Cost to Company, Building & Improvements | 61,784 | |||||
Initial Cost to Company, Total | 68,536 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 300 | |||||
Gross Amount Carried, Land | 6,752 | |||||
Gross Amount Carried, Building and Improvements | 62,084 | |||||
Real Estate, Gross, Total Cost | 68,836 | |||||
Accumulated Depreciation | (5,390) | |||||
Industrial properties | Radar Distribution Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 7,167 | |||||
Initial Cost to Company, Building & Improvements | 42,373 | |||||
Initial Cost to Company, Total | 49,540 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 669 | |||||
Gross Amount Carried, Land | 7,167 | |||||
Gross Amount Carried, Building and Improvements | 43,042 | |||||
Real Estate, Gross, Total Cost | 50,209 | |||||
Accumulated Depreciation | (2,305) | |||||
Industrial properties | Intermountain Space Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 14,786 | |||||
Initial Cost to Company, Building & Improvements | 48,645 | |||||
Initial Cost to Company, Total | 63,431 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 756 | |||||
Gross Amount Carried, Land | 14,786 | |||||
Gross Amount Carried, Building and Improvements | 49,401 | |||||
Real Estate, Gross, Total Cost | 64,187 | |||||
Accumulated Depreciation | (5,182) | |||||
Industrial properties | Airway Industrial Park | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 5,740 | |||||
Initial Cost to Company, Building & Improvements | 18,616 | |||||
Initial Cost to Company, Total | 24,356 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 2,086 | |||||
Gross Amount Carried, Land | 5,740 | |||||
Gross Amount Carried, Building and Improvements | 20,702 | |||||
Real Estate, Gross, Total Cost | 26,442 | |||||
Accumulated Depreciation | (832) | |||||
Industrial properties | Greenwood Business Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 858 | |||||
Initial Cost to Company, Building & Improvements | 16,251 | |||||
Initial Cost to Company, Total | 17,109 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | (30) | |||||
Gross Amount Carried, Land | 858 | |||||
Gross Amount Carried, Building and Improvements | 16,221 | |||||
Real Estate, Gross, Total Cost | 17,079 | |||||
Accumulated Depreciation | (1,152) | |||||
Industrial properties | 25 Linden Industrial Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 7,764 | |||||
Initial Cost to Company, Building & Improvements | 9,576 | |||||
Initial Cost to Company, Total | 17,340 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 56 | |||||
Gross Amount Carried, Land | 7,764 | |||||
Gross Amount Carried, Building and Improvements | 9,632 | |||||
Real Estate, Gross, Total Cost | 17,396 | |||||
Accumulated Depreciation | (1,423) | |||||
Industrial properties | Little Orchard Business Park | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 4 | |||||
Initial Cost to Company, Land | 51,265 | |||||
Initial Cost to Company, Building & Improvements | 48,147 | |||||
Initial Cost to Company, Total | 99,412 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 733 | |||||
Gross Amount Carried, Land | 51,265 | |||||
Gross Amount Carried, Building and Improvements | 48,880 | |||||
Real Estate, Gross, Total Cost | 100,145 | |||||
Accumulated Depreciation | (5,682) | |||||
Industrial properties | Tustin Business Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 2 | |||||
Initial Cost to Company, Land | 22,734 | |||||
Initial Cost to Company, Building & Improvements | 12,233 | |||||
Initial Cost to Company, Total | 34,967 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 35 | |||||
Gross Amount Carried, Land | 22,734 | |||||
Gross Amount Carried, Building and Improvements | 12,268 | |||||
Real Estate, Gross, Total Cost | 35,002 | |||||
Accumulated Depreciation | (1,050) | |||||
Industrial properties | Campus Drive IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 2,364 | |||||
Initial Cost to Company, Building & Improvements | 4,288 | |||||
Initial Cost to Company, Total | 6,652 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 16 | |||||
Gross Amount Carried, Land | 2,364 | |||||
Gross Amount Carried, Building and Improvements | 4,304 | |||||
Real Estate, Gross, Total Cost | 6,668 | |||||
Accumulated Depreciation | (362) | |||||
Industrial properties | Long Island Logistics Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 4,927 | |||||
Initial Cost to Company, Building & Improvements | 16,198 | |||||
Initial Cost to Company, Total | 21,125 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 97 | |||||
Gross Amount Carried, Land | 4,927 | |||||
Gross Amount Carried, Building and Improvements | 16,295 | |||||
Real Estate, Gross, Total Cost | 21,222 | |||||
Accumulated Depreciation | (1,061) | |||||
Industrial properties | Phoenix IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 4,709 | |||||
Initial Cost to Company, Building & Improvements | 12,895 | |||||
Initial Cost to Company, Total | 17,604 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 151 | |||||
Gross Amount Carried, Land | 4,709 | |||||
Gross Amount Carried, Building and Improvements | 13,046 | |||||
Real Estate, Gross, Total Cost | 17,755 | |||||
Accumulated Depreciation | (1,207) | |||||
Industrial properties | Tempe IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 3,628 | |||||
Initial Cost to Company, Building & Improvements | 24,857 | |||||
Initial Cost to Company, Total | 28,485 | |||||
Gross Amount Carried, Land | 3,628 | |||||
Gross Amount Carried, Building and Improvements | 24,857 | |||||
Real Estate, Gross, Total Cost | 28,485 | |||||
Accumulated Depreciation | (1,782) | |||||
Industrial properties | Las Vegas IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 2 | |||||
Initial Cost to Company, Land | 2,623 | |||||
Initial Cost to Company, Building & Improvements | 6,186 | |||||
Initial Cost to Company, Total | 8,809 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 9 | |||||
Gross Amount Carried, Land | 2,623 | |||||
Gross Amount Carried, Building and Improvements | 6,195 | |||||
Real Estate, Gross, Total Cost | 8,818 | |||||
Accumulated Depreciation | (382) | |||||
Industrial properties | General Washington IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 2,452 | |||||
Initial Cost to Company, Building & Improvements | 8,599 | |||||
Initial Cost to Company, Total | 11,051 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 807 | |||||
Gross Amount Carried, Land | 2,452 | |||||
Gross Amount Carried, Building and Improvements | 9,406 | |||||
Real Estate, Gross, Total Cost | 11,858 | |||||
Accumulated Depreciation | (326) | |||||
Industrial properties | Western Foods Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 2 | |||||
Initial Cost to Company, Land | 10,399 | |||||
Initial Cost to Company, Building & Improvements | 28,989 | |||||
Initial Cost to Company, Total | 39,388 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 172 | |||||
Gross Amount Carried, Land | 10,399 | |||||
Gross Amount Carried, Building and Improvements | 29,161 | |||||
Real Estate, Gross, Total Cost | 39,560 | |||||
Accumulated Depreciation | (1,834) | |||||
Industrial properties | Orlando I & II | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 2 | |||||
Initial Cost to Company, Land | 8,975 | |||||
Initial Cost to Company, Building & Improvements | 88,020 | |||||
Initial Cost to Company, Total | 96,995 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 2,132 | |||||
Gross Amount Carried, Land | 8,975 | |||||
Gross Amount Carried, Building and Improvements | 90,152 | |||||
Real Estate, Gross, Total Cost | 99,127 | |||||
Accumulated Depreciation | (2,781) | |||||
Industrial properties | Orlando III & IV | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 2 | |||||
Initial Cost to Company, Land | 3,198 | |||||
Initial Cost to Company, Building & Improvements | 40,505 | |||||
Initial Cost to Company, Total | 43,703 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 324 | |||||
Gross Amount Carried, Land | 3,198 | |||||
Gross Amount Carried, Building and Improvements | 40,829 | |||||
Real Estate, Gross, Total Cost | 44,027 | |||||
Accumulated Depreciation | (1,397) | |||||
Industrial properties | Orlando V | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 1,939 | |||||
Initial Cost to Company, Building & Improvements | 33,219 | |||||
Initial Cost to Company, Total | 35,158 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 3 | |||||
Gross Amount Carried, Land | 1,939 | |||||
Gross Amount Carried, Building and Improvements | 33,222 | |||||
Real Estate, Gross, Total Cost | 35,161 | |||||
Accumulated Depreciation | (2,333) | |||||
Industrial properties | Orlando VI | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 3,405 | |||||
Initial Cost to Company, Building & Improvements | 26,043 | |||||
Initial Cost to Company, Total | 29,448 | |||||
Gross Amount Carried, Land | 3,405 | |||||
Gross Amount Carried, Building and Improvements | 26,043 | |||||
Real Estate, Gross, Total Cost | 29,448 | |||||
Accumulated Depreciation | (1,020) | |||||
Industrial properties | Orlando VII | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 3,156 | |||||
Initial Cost to Company, Building & Improvements | 20,404 | |||||
Initial Cost to Company, Total | 23,560 | |||||
Gross Amount Carried, Land | 3,156 | |||||
Gross Amount Carried, Building and Improvements | 20,404 | |||||
Real Estate, Gross, Total Cost | 23,560 | |||||
Accumulated Depreciation | (1,293) | |||||
Industrial properties | Gillingham IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 2,283 | |||||
Initial Cost to Company, Building & Improvements | 18,268 | |||||
Initial Cost to Company, Total | 20,551 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 32 | |||||
Gross Amount Carried, Land | 2,283 | |||||
Gross Amount Carried, Building and Improvements | 18,300 | |||||
Real Estate, Gross, Total Cost | 20,583 | |||||
Accumulated Depreciation | (467) | |||||
Industrial properties | Industrial Drive IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 1,220 | |||||
Initial Cost to Company, Building & Improvements | 2,798 | |||||
Initial Cost to Company, Total | 4,018 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 305 | |||||
Gross Amount Carried, Land | 1,220 | |||||
Gross Amount Carried, Building and Improvements | 3,103 | |||||
Real Estate, Gross, Total Cost | 4,323 | |||||
Accumulated Depreciation | (256) | |||||
Industrial properties | Maplewood Drive IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 1,026 | |||||
Initial Cost to Company, Building & Improvements | 4,488 | |||||
Initial Cost to Company, Total | 5,514 | |||||
Gross Amount Carried, Land | 1,026 | |||||
Gross Amount Carried, Building and Improvements | 4,488 | |||||
Real Estate, Gross, Total Cost | 5,514 | |||||
Accumulated Depreciation | (477) | |||||
Industrial properties | Glen Afton IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 2,294 | |||||
Initial Cost to Company, Building & Improvements | 19,742 | |||||
Initial Cost to Company, Total | 22,036 | |||||
Gross Amount Carried, Land | 2,294 | |||||
Gross Amount Carried, Building and Improvements | 19,742 | |||||
Real Estate, Gross, Total Cost | 22,036 | |||||
Accumulated Depreciation | (993) | |||||
Industrial properties | East 56th Ave IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 4,724 | |||||
Initial Cost to Company, Building & Improvements | 14,317 | |||||
Initial Cost to Company, Total | 19,041 | |||||
Gross Amount Carried, Land | 4,724 | |||||
Gross Amount Carried, Building and Improvements | 14,317 | |||||
Real Estate, Gross, Total Cost | 19,041 | |||||
Accumulated Depreciation | (923) | |||||
Industrial properties | Brockton IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 1,250 | |||||
Initial Cost to Company, Building & Improvements | 5,272 | |||||
Initial Cost to Company, Total | 6,522 | |||||
Gross Amount Carried, Land | 1,250 | |||||
Gross Amount Carried, Building and Improvements | 5,272 | |||||
Real Estate, Gross, Total Cost | 6,522 | |||||
Accumulated Depreciation | (514) | |||||
Industrial properties | Pine Vista IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 2,952 | |||||
Initial Cost to Company, Building & Improvements | 15,838 | |||||
Initial Cost to Company, Total | 18,790 | |||||
Gross Amount Carried, Land | 2,952 | |||||
Gross Amount Carried, Building and Improvements | 15,838 | |||||
Real Estate, Gross, Total Cost | 18,790 | |||||
Accumulated Depreciation | (925) | |||||
Industrial properties | Tri-County Parkway IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 1,579 | |||||
Initial Cost to Company, Building & Improvements | 11,205 | |||||
Initial Cost to Company, Total | 12,784 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 50 | |||||
Gross Amount Carried, Land | 1,579 | |||||
Gross Amount Carried, Building and Improvements | 11,255 | |||||
Real Estate, Gross, Total Cost | 12,834 | |||||
Accumulated Depreciation | (711) | |||||
Industrial properties | Miami NW 114th IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 5,533 | |||||
Initial Cost to Company, Building & Improvements | 6,489 | |||||
Initial Cost to Company, Total | 12,022 | |||||
Gross Amount Carried, Land | 5,533 | |||||
Gross Amount Carried, Building and Improvements | 6,489 | |||||
Real Estate, Gross, Total Cost | 12,022 | |||||
Accumulated Depreciation | (457) | |||||
Industrial properties | North Harney IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 3,586 | |||||
Initial Cost to Company, Building & Improvements | 4,439 | |||||
Initial Cost to Company, Total | 8,025 | |||||
Gross Amount Carried, Land | 3,586 | |||||
Gross Amount Carried, Building and Improvements | 4,439 | |||||
Real Estate, Gross, Total Cost | 8,025 | |||||
Accumulated Depreciation | (340) | |||||
Industrial properties | Wes Warren Drive IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 1,537 | |||||
Initial Cost to Company, Building & Improvements | 5,978 | |||||
Initial Cost to Company, Total | 7,515 | |||||
Gross Amount Carried, Land | 1,537 | |||||
Gross Amount Carried, Building and Improvements | 5,978 | |||||
Real Estate, Gross, Total Cost | 7,515 | |||||
Accumulated Depreciation | (438) | |||||
Industrial properties | Enterprise Way IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 537 | |||||
Initial Cost to Company, Building & Improvements | 5,982 | |||||
Initial Cost to Company, Total | 6,519 | |||||
Gross Amount Carried, Land | 537 | |||||
Gross Amount Carried, Building and Improvements | 5,982 | |||||
Real Estate, Gross, Total Cost | 6,519 | |||||
Accumulated Depreciation | (343) | |||||
Industrial properties | New Albany IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 5,630 | |||||
Initial Cost to Company, Building & Improvements | 11,914 | |||||
Initial Cost to Company, Total | 17,544 | |||||
Gross Amount Carried, Land | 5,630 | |||||
Gross Amount Carried, Building and Improvements | 11,914 | |||||
Real Estate, Gross, Total Cost | 17,544 | |||||
Accumulated Depreciation | (796) | |||||
Industrial properties | North 5th Street CC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Buildings | building | 1 | |||||
Initial Cost to Company, Land | 4,359 | |||||
Initial Cost to Company, Building & Improvements | 18,945 | |||||
Initial Cost to Company, Total | 23,304 | |||||
Costs Capitalized or Adjustments Subsequent to Acquisition | 52 | |||||
Gross Amount Carried, Land | 4,359 | |||||
Gross Amount Carried, Building and Improvements | 18,997 | |||||
Real Estate, Gross, Total Cost | 23,356 | |||||
Accumulated Depreciation | $ (952) | |||||
Industrial properties | Minimum | Vasco Road | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 3 years | |||||
Industrial properties | Minimum | Northgate | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 10 years | |||||
Industrial properties | Minimum | Stafford Grove | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 4 years | |||||
Industrial properties | Minimum | Kaiser Business Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 2 years | |||||
Industrial properties | Minimum | Tri-County DC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Industrial properties | Minimum | Florence Logistics Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Industrial properties | Minimum | World Connect Logistics Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Industrial properties | Minimum | Tri-County DC II A | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Industrial properties | Minimum | Aurora DC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Industrial properties | Minimum | Railhead DC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 6 years | |||||
Industrial properties | Minimum | Tri-County DC II B | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 4 years | |||||
Industrial properties | Minimum | Sterling IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 6 years | |||||
Industrial properties | Minimum | Clayton Commerce Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 7 years | |||||
Industrial properties | Minimum | Bay Area Commerce Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 9 years | |||||
Industrial properties | Minimum | Air Tech DC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Industrial properties | Minimum | East Columbia IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 3 years | |||||
Industrial properties | Minimum | Plainfield LC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 7 years | |||||
Industrial properties | Minimum | 395 LC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 5 years | |||||
Industrial properties | Minimum | Radar Distribution Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 7 years | |||||
Industrial properties | Minimum | Intermountain Space Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 3 years | |||||
Industrial properties | Minimum | Airway Industrial Park | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Industrial properties | Minimum | Greenwood Business Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 5 years | |||||
Industrial properties | Minimum | 25 Linden Industrial Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 2 years | |||||
Industrial properties | Minimum | Little Orchard Business Park | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Industrial properties | Minimum | Tustin Business Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 8 years | |||||
Industrial properties | Minimum | Campus Drive IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 10 years | |||||
Industrial properties | Minimum | Long Island Logistics Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 9 years | |||||
Industrial properties | Minimum | Phoenix IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Industrial properties | Minimum | Tempe IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 2 years | |||||
Industrial properties | Minimum | Las Vegas IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 4 years | |||||
Industrial properties | Minimum | General Washington IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 1 year | |||||
Industrial properties | Minimum | Western Foods Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 5 years | |||||
Industrial properties | Minimum | Orlando I & II | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 11 years | |||||
Industrial properties | Minimum | Orlando III & IV | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 11 years | |||||
Industrial properties | Minimum | Orlando V | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 10 years | |||||
Industrial properties | Minimum | Orlando VI | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 10 years | |||||
Industrial properties | Minimum | Orlando VII | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 11 years | |||||
Industrial properties | Minimum | Gillingham IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 5 years | |||||
Industrial properties | Minimum | Industrial Drive IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 5 years | |||||
Industrial properties | Minimum | Maplewood Drive IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 4 years | |||||
Industrial properties | Minimum | Glen Afton IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 11 years | |||||
Industrial properties | Minimum | East 56th Ave IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 7 years | |||||
Industrial properties | Minimum | Brockton IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 5 years | |||||
Industrial properties | Minimum | Pine Vista IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 11 years | |||||
Industrial properties | Minimum | Tri-County Parkway IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 8 years | |||||
Industrial properties | Minimum | Miami NW 114th IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 8 years | |||||
Industrial properties | Minimum | North Harney IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 6 years | |||||
Industrial properties | Minimum | Wes Warren Drive IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 7 years | |||||
Industrial properties | Minimum | Enterprise Way IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 9 years | |||||
Industrial properties | Minimum | New Albany IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 7 years | |||||
Industrial properties | Minimum | North 5th Street CC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 2 years | |||||
Industrial properties | Maximum | Vasco Road | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Industrial properties | Maximum | Northgate | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Industrial properties | Maximum | Stafford Grove | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Industrial properties | Maximum | Kaiser Business Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Industrial properties | Maximum | Tri-County DC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Industrial properties | Maximum | Florence Logistics Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Industrial properties | Maximum | World Connect Logistics Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Industrial properties | Maximum | Tri-County DC II A | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Industrial properties | Maximum | Aurora DC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Industrial properties | Maximum | Railhead DC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Industrial properties | Maximum | Tri-County DC II B | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Industrial properties | Maximum | Sterling IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Industrial properties | Maximum | Clayton Commerce Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Industrial properties | Maximum | Bay Area Commerce Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Industrial properties | Maximum | Air Tech DC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Industrial properties | Maximum | East Columbia IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 20 years | |||||
Industrial properties | Maximum | Plainfield LC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Industrial properties | Maximum | 395 LC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Industrial properties | Maximum | Radar Distribution Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Industrial properties | Maximum | Intermountain Space Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 20 years | |||||
Industrial properties | Maximum | Airway Industrial Park | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Industrial properties | Maximum | Greenwood Business Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Industrial properties | Maximum | 25 Linden Industrial Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 20 years | |||||
Industrial properties | Maximum | Little Orchard Business Park | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 20 years | |||||
Industrial properties | Maximum | Tustin Business Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 20 years | |||||
Industrial properties | Maximum | Campus Drive IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 20 years | |||||
Industrial properties | Maximum | Long Island Logistics Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 20 years | |||||
Industrial properties | Maximum | Phoenix IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 20 years | |||||
Industrial properties | Maximum | Tempe IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 20 years | |||||
Industrial properties | Maximum | Las Vegas IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 30 years | |||||
Industrial properties | Maximum | General Washington IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 20 years | |||||
Industrial properties | Maximum | Western Foods Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 20 years | |||||
Industrial properties | Maximum | Orlando I & II | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 49 years | |||||
Industrial properties | Maximum | Orlando III & IV | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 48 years | |||||
Industrial properties | Maximum | Orlando V | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 39 years | |||||
Industrial properties | Maximum | Orlando VI | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 41 years | |||||
Industrial properties | Maximum | Orlando VII | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 41 years | |||||
Industrial properties | Maximum | Gillingham IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 40 years | |||||
Industrial properties | Maximum | Industrial Drive IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 20 years | |||||
Industrial properties | Maximum | Maplewood Drive IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 20 years | |||||
Industrial properties | Maximum | Glen Afton IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 30 years | |||||
Industrial properties | Maximum | East 56th Ave IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 20 years | |||||
Industrial properties | Maximum | Brockton IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 20 years | |||||
Industrial properties | Maximum | Pine Vista IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 20 years | |||||
Industrial properties | Maximum | Tri-County Parkway IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 20 years | |||||
Industrial properties | Maximum | Miami NW 114th IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 20 years | |||||
Industrial properties | Maximum | North Harney IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 20 years | |||||
Industrial properties | Maximum | Wes Warren Drive IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 20 years | |||||
Industrial properties | Maximum | Enterprise Way IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 20 years | |||||
Industrial properties | Maximum | New Albany IC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 20 years | |||||
Industrial properties | Maximum | North 5th Street CC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable Life (years) | 20 years |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation (Activity of Real Estate and Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments in real estate properties: | |||
Balance at the beginning of period | $ 3,061,851 | $ 2,455,678 | $ 2,057,350 |
Acquisitions of properties | 1,206,476 | 924,206 | 380,525 |
Improvements | 30,842 | 38,295 | 40,595 |
Property dispositions or held for sale assets | (120,840) | (355,570) | (22,792) |
Impairment of real estate | 0 | (758) | 0 |
Balance at the end of period | 4,178,329 | 3,061,851 | 2,455,678 |
Accumulated depreciation and amortization: | |||
Balance at the beginning of period | 472,025 | 501,105 | 444,718 |
Real estate depreciation and amortization expense | 134,617 | 74,415 | 62,923 |
Above-market lease assets amortization expenses | 724 | 469 | 357 |
Right of use asset amortization expense | 102 | 53 | 0 |
Property dispositions or held for sale assets | (34,717) | (104,017) | (6,893) |
Balance at the end of period | $ 572,751 | $ 472,025 | $ 501,105 |