Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 29, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 000-56032 | ||
Entity Registrant Name | Ares Industrial Real Estate Income Trust Inc. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 47-1592886 | ||
Entity Address, Address Line One | One Tabor Center | ||
Entity Address, Address Line Two | 1200 Seventeenth Street, Suite 2900 | ||
Entity Address, City or Town | Denver | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80202 | ||
City Area Code | 303 | ||
Local Phone Number | 228-2200 | ||
Title of 12(g) Security | Common Stock, $0.01 Par Value | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Public Float | $ 0 | ||
Auditor Name | KPMG LLP | ||
Auditor Firm ID | 185 | ||
Auditor Location | Denver, Colorado | ||
Entity Central Index Key | 0001625941 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Class T Shares | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 129,855,489 | ||
Class D Shares | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 20,153,257 | ||
Class I Shares | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 136,277,889 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Net investment in real estate properties | $ 6,753,978 | $ 6,733,878 |
Investment in unconsolidated joint venture partnership | 20,511 | 19,668 |
Investments in real estate debt and securities, at fair value | 184,755 | 60,033 |
Cash and cash equivalents | 14,322 | 79,524 |
Restricted cash | 620 | 499 |
Derivative instruments | 83,531 | 99,333 |
DST Program Loans (includes $2,439 and $0 at fair value as of December 31, 2023 and December 31, 2022, respectively) | 202,715 | 152,402 |
Other assets | 69,072 | 78,138 |
Total assets | 7,329,504 | 7,223,475 |
Liabilities | ||
Accounts payable and accrued liabilities | 101,013 | 125,930 |
Debt, net | 3,421,181 | 2,827,613 |
Secured financings on investments in real estate debt securities | 42,298 | 0 |
Intangible lease liabilities, net | 75,141 | 97,399 |
Financing obligations, net (includes $87,145 and $0 at fair value as of December 31, 2023 and December 31, 2022, respectively) | 1,658,634 | 1,262,666 |
Distribution fees payable to affiliates | 64,517 | 92,145 |
Other liabilities | 57,176 | 194,822 |
Total liabilities | 5,419,960 | 4,600,575 |
Commitments and contingencies (Note 16) | ||
Redeemable noncontrolling interests | 114,310 | 69,553 |
Stockholders' equity: | ||
Preferred stock, $0.01 par value - 200,000 shares authorized, none issued and outstanding | ||
Additional paid-in capital | 2,850,329 | 3,219,132 |
Accumulated deficit and distributions | (1,094,009) | (739,497) |
Accumulated other comprehensive income | 35,716 | 70,255 |
Total stockholders' equity | 1,794,922 | 2,553,035 |
Noncontrolling interests | 312 | 312 |
Total equity | 1,795,234 | 2,553,347 |
Total liabilities and equity | 7,329,504 | 7,223,475 |
Class T Shares | ||
Stockholders' equity: | ||
Common stock, value | 1,628 | 2,272 |
Class D Shares | ||
Stockholders' equity: | ||
Common stock, value | 204 | 206 |
Class I Shares | ||
Stockholders' equity: | ||
Common stock, value | $ 1,054 | $ 667 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
DST Program Loans, fair value | $ 2,439 | $ 0 |
Financing obligations | $ 87,145 | $ 0 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 200,000 | 200,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class T Shares | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,200,000 | 1,200,000 |
Common stock, shares issued | 162,838 | 227,265 |
Common stock, shares outstanding | 162,838 | 227,265 |
Class D Shares | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 75,000 | 75,000 |
Common stock, shares issued | 20,410 | 20,577 |
Common stock, shares outstanding | 20,410 | 20,577 |
Class I Shares | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 225,000 | 225,000 |
Common stock, shares issued | 105,358 | 66,702 |
Common stock, shares outstanding | 105,358 | 66,702 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | |||
Rental revenues | $ 460,108 | $ 391,605 | $ 177,069 |
Debt-related income | 9,987 | 420 | 0 |
Total revenues | 470,095 | 392,025 | 177,069 |
Operating expenses: | |||
Rental expenses | 111,579 | 94,276 | 42,719 |
Real estate-related depreciation and amortization | 294,111 | 265,970 | 112,201 |
General and administrative expenses | 15,313 | 13,265 | 8,886 |
Advisory fees | 74,092 | 67,561 | 28,558 |
Performance participation allocation | 0 | 140,505 | 81,185 |
Acquisition costs and reimbursements | 10,217 | 5,322 | 3,735 |
Total operating expenses | 505,312 | 586,899 | 277,284 |
Other (income) expenses: | |||
Equity in loss (income) from unconsolidated joint venture partnership(s) | 118 | 97 | (54,296) |
Interest expense | 190,382 | 150,824 | 30,463 |
Unrealized gain on financing obligations | (179) | 0 | 0 |
(Gain) loss on derivative instruments | (5,124) | (28,628) | 177 |
Other income and expenses | (10,191) | (4,252) | (732) |
Total other (income) expenses | 175,006 | 118,041 | (24,388) |
Net loss | (210,223) | (312,915) | (75,827) |
Net loss attributable to redeemable noncontrolling interests | 5,587 | 4,874 | 498 |
Net income attributable to noncontrolling interests | (38) | (38) | (20) |
Net loss attributable to common stockholders | $ (204,674) | $ (308,079) | $ (75,349) |
Weighted-average shares outstanding - basic (in shares) | 303,660 | 295,683 | 201,169 |
Weighted-average shares outstanding - diluted (in shares) | 312,121 | 300,216 | 202,480 |
Net loss per common share - basic (in dollars per share) | $ (0.67) | $ (1.04) | $ (0.37) |
Net loss per common share - diluted (in dollars per share) | $ (0.67) | $ (1.04) | $ (0.37) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (210,223) | $ (312,915) | $ (75,827) |
Change from cash flow hedging activities | (35,625) | 68,341 | 12,462 |
Change from activities related to available-for-sale securities | 120 | 326 | |
Comprehensive loss | (245,728) | (244,248) | (63,365) |
Comprehensive loss attributable to redeemable noncontrolling interests | 6,552 | 3,831 | 417 |
Comprehensive loss attributable to common stockholders | $ (239,176) | $ (240,417) | $ (62,948) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total |
Beginning balance at Dec. 31, 2020 | $ 1,415 | $ 1,329,799 | $ (128,775) | $ (9,750) | $ 126 | $ 1,192,815 |
Beginning balance, shares at Dec. 31, 2020 | 141,471 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income (excludes income attributable to redeemable noncontrolling interest) | (75,349) | 20 | (75,329) | |||
Change from cash flow hedging activities and available-for-sale securities (excludes attributable to redeemable noncontrolling interest) | 12,381 | 12,381 | ||||
Issuance of common stock | $ 1,180 | 1,251,931 | 1,253,111 | |||
Issuance of common stock, shares | 118,048 | |||||
Share-based compensation, net of cancellations | 1,618 | 1,618 | ||||
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs | (22,537) | (22,537) | ||||
Trailing distribution fees | (56,480) | 16,022 | (40,458) | |||
Redemptions of common stock | $ (24) | (25,085) | $ (25,109) | |||
Redemptions of common stock, shares | (2,350) | (2,350) | ||||
Preferred interest in Subsidiary REITs | 186 | $ 186 | ||||
Distributions to stockholders (excludes attributable to redeemable noncontrolling interest) | (109,468) | (20) | (109,488) | |||
Redemption value allocation adjustment to redeemable noncontrolling interest | (3,531) | (3,531) | ||||
Ending balance at Dec. 31, 2021 | $ 2,571 | 2,475,715 | (297,570) | 2,631 | 312 | 2,183,659 |
Ending balance, shares at Dec. 31, 2021 | 257,169 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income (excludes income attributable to redeemable noncontrolling interest) | (308,079) | 38 | (308,041) | |||
Change from cash flow hedging activities and available-for-sale securities (excludes attributable to redeemable noncontrolling interest) | 67,624 | 67,624 | ||||
Issuance of common stock | $ 715 | 1,036,312 | 1,037,027 | |||
Issuance of common stock, shares | 71,518 | |||||
Share-based compensation, net of cancellations | 1,676 | 1,676 | ||||
Share-based compensation, net of cancellations (shares) | (34) | |||||
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs | (27,447) | (27,447) | ||||
Trailing distribution fees | (33,901) | 27,175 | (6,726) | |||
Redemptions of common stock | $ (141) | (213,303) | $ (213,444) | |||
Redemptions of common stock, shares | (14,109) | (14,109) | ||||
Distributions to stockholders (excludes attributable to redeemable noncontrolling interest) | (161,023) | (38) | $ (161,061) | |||
Redemption value allocation adjustment to redeemable noncontrolling interest | (19,920) | (19,920) | ||||
Ending balance at Dec. 31, 2022 | $ 3,145 | 3,219,132 | (739,497) | 70,255 | 312 | 2,553,347 |
Ending balance, shares at Dec. 31, 2022 | 314,544 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income (excludes income attributable to redeemable noncontrolling interest) | (204,674) | 38 | (204,636) | |||
Change from cash flow hedging activities and available-for-sale securities (excludes attributable to redeemable noncontrolling interest) | (34,539) | (34,539) | ||||
Issuance of common stock | $ 191 | 283,044 | $ 283,235 | |||
Issuance of common stock, shares | 19,155 | 18,900 | ||||
Share-based compensation, net of cancellations | 2,657 | $ 2,657 | ||||
Share-based compensation, net of cancellations (shares) | (49) | |||||
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs | (8,498) | (8,498) | ||||
Trailing distribution fees | 3,770 | 23,858 | 27,628 | |||
Redemptions of common stock | $ (450) | (652,304) | $ (652,754) | |||
Redemptions of common stock, shares | (45,044) | (45,044) | ||||
Distributions to stockholders (excludes attributable to redeemable noncontrolling interest) | (173,696) | (38) | $ (173,734) | |||
Redemption value allocation adjustment to redeemable noncontrolling interest | 2,528 | 2,528 | ||||
Ending balance at Dec. 31, 2023 | $ 2,886 | $ 2,850,329 | $ (1,094,009) | $ 35,716 | $ 312 | $ 1,795,234 |
Ending balance, shares at Dec. 31, 2023 | 288,606 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Net loss allocated to redeemable non-controlling interests | $ 5,587 | $ 4,874 | $ 498 |
Change from cash flow hedging activities and available-for-sale securities allocated to redeemable noncontrolling interest | (966) | 1,043 | 81 |
Distributions to redeemable noncontrolling interest | $ 4,850 | $ 2,493 | $ 715 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities: | |||
Net loss | $ (210,223) | $ (312,915) | $ (75,827) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Real estate-related depreciation and amortization | 294,111 | 265,970 | 112,201 |
Amortization of deferred financing costs | 10,900 | 7,863 | 2,354 |
(Decrease) increase in financing obligation liability appreciation | (12,303) | 26,568 | 0 |
Equity in loss (income) from unconsolidated joint venture partnership(s) | 118 | 97 | (54,296) |
Loss (gain) on changes in fair value of interest rate caps | 13,677 | (25,175) | 177 |
Amortization of interest rate cap premiums | 2,680 | 0 | 0 |
Unrealized gain on financing obligations | (179) | 0 | 0 |
Performance participation allocation | 0 | 140,505 | 81,185 |
Straight-line rent and amortization of above- and below-market leases | (36,403) | (34,448) | (14,719) |
Forfeited investment deposit | 7,689 | 245 | 0 |
Other | 1,387 | 2,205 | 1,408 |
Changes in operating assets and liabilities | |||
Other assets | (3,104) | 1,053 | (6,633) |
Accounts payable and accrued liabilities and other liabilities | 12,973 | 27,018 | 10,579 |
Due from / to affiliates, net | (1,485) | 2,587 | 6,157 |
Cash settlement of accrued performance participation allocation | (77,838) | 0 | 0 |
Net cash provided by operating activities | 2,000 | 101,573 | 62,586 |
Investing activities: | |||
Real estate acquisitions | (109,505) | (1,549,477) | (2,621,687) |
Incremental investment to acquire joint venture partnership portfolio | 0 | (259,526) | (584,809) |
Capital expenditures | (220,790) | (199,238) | (30,408) |
Investments in debt-related investments | (128,797) | 0 | 0 |
Investment in unconsolidated joint venture partnership(s) | (961) | (9,022) | (7,505) |
Distributions from joint venture partnership | 0 | 0 | 5,200 |
Purchases of available-for-sale debt securities | 0 | (59,650) | 0 |
Collection of principal on available-for-sale debt securities | 5,094 | 0 | 0 |
Other | 2,446 | 129 | 0 |
Net cash used in investing activities | (452,513) | (2,076,784) | (3,239,209) |
Financing activities: | |||
Net proceeds from (repayments of) line of credit | 480,000 | 90,000 | 0 |
Proceeds from term loan | 0 | 135,000 | 600,000 |
Net proceeds from (repayments of) secured funding agreement | 42,298 | 0 | 0 |
Proceeds from mortgage note | 107,527 | 367,830 | 1,078,390 |
Debt issuance costs paid | (3,279) | (18,000) | (13,776) |
Interest rate cap premiums | (36,180) | (2,963) | (200) |
Proceeds from issuance of common stock, net | 193,563 | 937,777 | 1,185,844 |
Proceeds from financing obligations, net | 356,571 | 672,045 | 415,192 |
Offering costs paid in connection with issuance of common stock and private placements | (6,335) | (5,464) | (26,205) |
Distributions paid to common stockholders, redeemable noncontrolling interest holders and preferred shareholders | (68,232) | (57,872) | (37,312) |
Distribution fees paid to affiliates | (24,768) | (26,495) | (15,365) |
Redemptions of common stock | (652,754) | (213,444) | (25,109) |
Redemptions of redeemable noncontrolling interests | (2,979) | (40,915) | 0 |
Net cash provided by financing activities | 385,432 | 1,837,499 | 3,161,459 |
Net decrease in cash, cash equivalents and restricted cash | (65,081) | (137,712) | (15,164) |
Cash, cash equivalents and restricted cash, at beginning of period | 80,023 | 217,735 | 232,899 |
Cash, cash equivalents and restricted cash, at end of period | $ 14,942 | $ 80,023 | $ 217,735 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | 1. DESCRIPTION OF BUSINESS Ares Industrial Real Estate Income Trust Inc. is a Maryland corporation formed on August 12, 2014. Unless the context otherwise requires, the “Company”, “we”, “our”, “us” and “AIREIT” refers to Ares Industrial Real Estate Income Trust Inc. and our consolidated subsidiaries, which includes AIREIT Operating Partnership LP (the “Operating Partnership”). We are externally managed by our advisor. 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, BCI IV Advisors LLC (the “Former Advisor”). As a result of this transaction, Ares Commercial Real Estate Management LLC became our new advisor (the “New Advisor”). Ares did not acquire our former sponsor, BCI IV Advisors Group LLC (the “Former Sponsor”), and we now consider the Ares real estate (“AREG”) to be our Sponsor. See “Note 12” for additional information regarding this transaction. References to the “Advisor” throughout this report mean BCI IV 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 BCI IV Advisors Group LLC for periods prior to July 1, 2021 and Ares real estate for periods thereafter. AIREIT was formed to make equity and debt investments in income-producing real estate assets consisting primarily of high-quality distribution warehouses and other industrial properties that are leased to creditworthy corporate customers throughout the U.S. Creditworthiness does not necessarily mean investment grade and the majority of our customers do not have a public credit rating. Although we intend to focus investment activities primarily on distribution warehouses and other industrial properties, our charter and bylaws do not preclude us from investing in other types of commercial property, real estate debt, or real estate-related equity securities. As of December 31, 2023, we owned and managed a real estate portfolio that included 256 industrial buildings. AIREIT operates as one reportable segment comprised of industrial real estate. We currently operate and have been elected to be treated as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2017, and we intend to continue to operate in accordance with the requirements for qualification as a REIT. We utilize an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) organizational structure to hold all or substantially all of its properties and securities through the Operating Partnership, of which we are the sole general partner and a limited partner. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Global macroeconomic conditions, including heightened inflation, changes to fiscal and monetary policy, higher interest rates and challenges in the supply chain, coupled with the conflicts in Ukraine and in the Middle East, have the potential to negatively impact us. These current macroeconomic conditions may continue or aggravate and could cause the United States to experience an economic slowdown or recession. We anticipate our business and operations could be materially adversely affected by a prolonged recession in the United States. In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Basis of Consolidation The consolidated financial statements include the accounts of AIREIT, the Operating Partnership, and its wholly-owned subsidiaries, as well as amounts related to noncontrolling interests and redeemable noncontrolling interests. See “Noncontrolling Interests” and “Redeemable Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests and redeemable noncontrolling interests. All material intercompany accounts and transactions have been eliminated. We consolidate all entities in which we have a controlling financial interest through majority ownership or voting rights and variable interest entities for which we are the primary beneficiary. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. We are the primary beneficiary of a VIE when we have (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when we control the entity through a majority voting interest or other means. When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments are initially recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions. The Operating Partnership meets the criteria of a VIE as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the agreement of limited partnership of the Operating Partnership (the “Partnership Agreement”), we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary. Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon determination of an asset acquisition, the purchase price of a property is allocated to land, building and improvements, and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. No debt was assumed in connection with our 2023, 2022 or 2021 acquisitions. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building, and intangible lease assets on a relative fair value basis. Properties that are probable to be sold are to be designated as “held for sale” on the consolidated balance sheets when certain criteria are met. We had two properties accounted for as held for sale as of December 31, 2023 that did not meet the materiality criteria for held for sale presentation on our consolidated balance sheets. See “Note 17” for additional information related to the disposition of these properties. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. Land, building, building improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest and development fees. Other than the transaction costs associated with the acquisition of a property described above, we do not capitalize any other costs, such as taxes, salaries or other general and administrative expenses. See “Capitalized Interest” below for additional detail. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Building and improvements 5 to 40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options Certain of our investments in real estate are subject to ground leases, for which a lease liability and corresponding right of use asset are recognized. We calculate the amount of the lease liability and right of use asset by taking the present value of the remaining lease payments and adjusting the right of use asset for any existing straight-line ground rent liability and acquired ground lease intangibles. An estimated incremental borrowing rate of a loan with a similar term as the ground lease is used as the discount rate. The lease liability is included as a component of other liabilities, and the related right of use asset is recorded as a component of net investments in real estate properties on our consolidated balance sheets. The amortization of the below-market ground lease is recorded as an adjustment to real estate-related depreciation and amortization on our consolidated statements of operations. Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. Investment 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 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 investment 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 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 investment in unconsolidated joint venture partnerships for the year ended December 31, 2023. See “Note 4” for additional information regarding our investment in unconsolidated joint venture partnerships. We may earn performance-based incentive fees based on a joint venture’s cumulative returns over a certain time period. The returns are determined by both the operating performance and real estate valuation of the venture, including highly variable inputs such as capitalization rates, market rents and interest rates. As these key inputs are highly volatile and out of our control, and such volatility can materially impact its performance-based incentive fee period over period, recognition of the performance-based incentive fee income is limited to amounts for which it is probable that a significant income reversal will not occur. See “Note 4” for additional information on the BTC II Partnership incentive fee distribution. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk. 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, 2023, all of 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, 2023, we have four 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 a component of gain (loss) on derivative instruments on the consolidated statements of income. We do not use derivative instruments for trading or speculative purposes. We have eight interest rate cap derivative instruments, six of which are effective as of December 31, 2023, that are designated as hedges. 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. Debt-Related Investments Our debt-related investments consist of floating-rate senior loans secured by real estate, which we acquire for investment purposes. We elect the fair value option for our debt-related investments and as such, the investments are carried at fair value. These assets are valued on a recurring basis and any unrealized gains and losses will be recorded as a component of other income and expenses on our consolidated statements of operations. Upfront fees and origination costs related to our debt-related investments for which the fair value option is elected are recognized in earnings as incurred and not deferred. Such items are recorded as components of debt-related income on our consolidated statements of operations. Interest income is recorded on an accrual basis and is recorded as a component of debt-related income. Available-for-Sale Debt Securities We acquire debt securities that are collateralized by mortgages on commercial real estate properties primarily for cash management and investment purposes. On the acquisition date, we designate investments in commercial real estate debt securities as available-for-sale. Investments in debt securities that are classified as available-for-sale are carried at fair value. These assets are valued on a recurring basis and any unrealized holding gains and losses other than those associated with a credit loss are recorded each period in other comprehensive income. As applicable, available-for-sale debt securities that are in an unrealized loss position are evaluated quarterly on an individual security basis to determine whether a credit loss exists. In the assessment we consider the extent of the difference between fair value and amortized cost, changes in credit rating, and any other adverse factors directly impacting the security. If we determine a credit loss exists, the extent of the credit loss is recognized in the consolidated statements of operations and any additional loss not attributable to credit loss is recognized in other comprehensive income. There was no credit loss recognized during the years ended December 31, 2023 and 2022, and we did not have any available-for-sale debt securities during the years ended December 31, 2021. Available-for-sale debt securities will be on non-accrual status at the earlier of (i) principal or interest payments becoming 90 days past due or (ii) when management’s determination that there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the debt security is placed on non-accrual status. Interest payments received on non-accrual securities may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the debt security based on the facts and circumstances regarding the payment received. Non-accrual debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. There were no securities on non-accrual status as of December 31, 2023 or 2022. DST Program We have a program to raise capital through private placement offerings by selling beneficial interests (the “DST Interests”) in specific Delaware statutory trusts 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 trusts by the Operating Partnership or its affiliates (each, a “DST Property” and collectively, the “DST Properties”). DST Properties may be sourced from properties currently owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are leased-back by a wholly owned subsidiary of the Operating Partnership on a long-term basis. These master lease agreements are fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the Delaware statutory trusts from the investors at a later time in exchange for OP Units. This results in a failed sale and leaseback transaction for accounting purposes. Therefore, we record DST Interests as financing obligation liabilities and the associated property and its operations remain fully consolidated. If we exercise our option to reacquire a DST Property by issuing OP units in exchange for DST Interests, we extinguish the financing obligation liability and record the issuance of the OP Units as an issuance of equity. Rental payments made to the DSTs pursuant to the master lease agreements are accounted for as interest expense related to the financing obligation liability. Increases in the fair value of the repurchase option are recognized as interest expense ratably through the estimated period in which the repurchase option is expected to be exercised, resulting in a corresponding accretion of the financial obligation liability balance. Decreases in fair value of the repurchase option below the initial financing obligation liability balance are not recognized unless the repurchase option is exercised, at which point a gain on extinguishment of debt would be recognized for the difference between the financing obligation liability balance and value of OP Units issued. All upfront costs incurred for services provided by the Advisor and its affiliates related to the DST Program offerings for which the fair value option has not been elected are accounted for as deferred financing costs and are netted against the financing obligation liability. Beginning with our most recent DST Program offering, which commenced on September 1, 2023, we have elected the fair value option for the associated financing obligations and as such, they will be carried at fair value. These liabilities are valued on a recurring basis and any unrealized gains and losses will be recorded in unrealized (gain) loss on financing obligations on our consolidated statements of operations. Costs incurred for services provided by the Advisor and its affiliates related to our DST Program offerings for which the fair value option has been elected are recognized in earnings as incurred and are not deferred. 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 in the trusts holding DST Properties to potential investors. We include our investments in DST Program Loans separately on our balance sheets in the DST Program Loans line item and we include income earned from DST Program Loans in other income and expenses on our consolidated statements of operations. Beginning with our most recent DST Program offering, which commenced on September 1, 2023, we have elected the fair value option for the associated DST Program Loans and as such, they will be carried at fair value. These assets are valued on a recurring basis and any unrealized gains and losses will be recorded as a component of other income and expenses on our consolidated statements of operations. For all DST Program Loans related to DST Program offerings for which the fair value option has not been elected, these instruments are carried at amortized cost. Credit loss reserves associated with our DST Program Loans for which the fair value option has not been elected were immaterial as of and for the years ended December 31, 2023, 2022 and 2021. 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 or financing obligations. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. Accumulated amortization of debt issuance costs was approximately $20.5 million and $11.9 million as of December 31, 2023 and 2022, respectively. Our interest expense for the years ended December 31, 2023, 2022 and 2021 included $8.6 million, $7.1 million and $2.4 million, respectively, of amortization of debt issuance costs. Accumulated amortization of financing costs associated with financing obligations was approximately $2.4 million and $0.8 million as of December 31, 2023 and 2022, respectively. Our interest expense for the year ended December 31, 2023 and 2022 included $2.2 million and $0.8 million of amortization of financing costs and expensed financing costs associated with financing obligations, respectively. As of December 31, 2021, we had no accumulated amortization of financing costs associated with financing obligations and no amortization expense was incurred for the year ended December 31, 2021. Capitalized Interest We capitalize interest as a cost of development on value-add buildings. Capitalization of interest for a particular asset begins when activities necessary to get the asset ready for its intended use are in progress and when interest costs have been incurred. Capitalization of interest ceases when the project is substantially complete and ready for occupancy. For the years ended December 31, 2023, 2022 and 2021, approximately $20.1 million, $7.3 million and $1.2 million of interest was capitalized, respectively. Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T shares and Class D shares in our securities offerings. We accrue for: (i) the monthly amount payable as of the balance sheet date, and (ii) the estimated amount of distribution fees to be paid in future periods based on the Class T shares and Class D shares outstanding as of the balance sheet date. The accrued distribution fees are reflected in additional paid-in capital in stockholders’ equity. See “Note 12” for additional information regarding when distribution fees become payable. Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The limited partner interests not owned by us are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. As the limited partner interests do not participate in the profits and losses of the Operating Partnership, there is no net income or loss attributable to this portion of noncontrolling interests on the consolidated statement of operations. Noncontrolling interests also represent the portion of equity in Subsidiary REITs, that we do not own. Such noncontrolling interests are equity instruments presented in the consolidated balance sheet as noncontrolling interests within permanent equity. See “Note 15” for additional information regarding the Subsidiary REITs. Reclassifications Certain items in our consolidated balance sheets, statements of operations and cash flows for the years ended December 31, 2022 and 2021 have been reclassified to conform to the 2023 presentation. Redeemable Noncontrolling Interests The Operating Partnership issued units in the Operating Partnership (“OP Units”) to the Advisor and Former Sponsor 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 (2023), effective as of April 30, 2023 (the “Advisory Agreement”), by and among us, the Operating Partnership and the Advisor. The Former Sponsor held, either directly or indirectly, OP Units, and subsequent to the Transaction (as defined in “Note 12”), the Former Sponsor transferred these OP Units to its members or their affiliates. We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the consolidated balance sheets due to the fact that, as defined in the Partnership Agreement, the limited partners who hold these OP Units generally have the ability to request transfer or redeem their OP Units at any time irrespective of the period that they have held such OP Units, and the Operating Partnership is required to satisfy such redemption for cash unless such cash redemption would be prohibited by applicable law or the Partnership Agreement, in which case such OP Units will be redeemed for shares of our common stock of the class corresponding to the class of such OP Units. The redeemable noncontrolling interests are recorded at the greater of the carrying amount, adjusted for the share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. See “Note 10” for additional information regarding redeemable noncontrolling interests. Revenue Recognition When a lease is entered into, we first determine if the collectability from the tenant 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. Revenues associated with operating expense recoveries are recognized in the period in which the expenses are incurred based upon the tenant lease provisions, in accordance with FASB ASC Topic 842, Leases. Certain properties have leases that offer the tenant 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 tenants for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. Management analyzes accounts receivable by considering customer creditworthiness, current economic trends, customers’ businesses, and customers’ ability to make payments on time and in full when evaluating the adequacy of the allowance for doubtful accounts receivable. We evaluate collectability from our tenants 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, 2023 and December 31, 2022, we have a $1.6 million and $0.5 million allowance for doubtful accounts, 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 is accrued based on the outstanding principal amount and the contractual terms of each debt-related investment or debt security. For available-for-sale debt securities, premiums or discounts are amortized or accreted into interest income as a yield adjustment using the effective interest method. Organization and Offering Expenses Organization costs are expensed as incurred and offering expenses associated with our securities offerings are recorded as a reduction of gross offering proceeds in additional paid-in capital. See “Note 12” for additional information regarding organization and offering expenses. Income Taxes As a REIT, we generally are not subject to federal income taxes on net income we distribute to stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to 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 or from the operations of our taxable REIT subsidiary. Net Income (Loss) Per Share Basic net income (loss) per common share is determined by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of OP Units. See “Note 13” for additional information regarding net income (loss) per share. Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any o |
INVESTMENTS IN REAL ESTATE PROP
INVESTMENTS IN REAL ESTATE PROPERTIES | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
INVESTMENTS IN REAL ESTATE PROPERTIES | 3. INVESTMENTS IN REAL ESTATE PROPERTIES As of December 31, 2023 and 2022, our consolidated investments in real estate properties consisted of 256 and 243 industrial buildings, respectively. Additionally, investment in real estate properties includes one building under construction and one building in the pre-construction phase as of December 31, 2023, and includes nine buildings under construction, two buildings in the pre-construction phase as of December 31, 2022. As of December 31, (in thousands) 2023 2022 Land $ 1,300,059 $ 1,284,003 Building and improvements (1) 5,486,636 5,139,402 Intangible lease assets 498,053 479,532 Construction in progress 219,659 285,214 Investment in real estate properties 7,504,407 7,188,151 Less accumulated depreciation and amortization (750,429) (454,273) Net investment in real estate properties $ 6,753,978 $ 6,733,878 (1) Includes site improvements. Acquisitions During the years ended December 31, 2023 and 2022, we acquired 100% of the following properties, which were determined to be asset acquisitions: Number of Total Purchase ($ in thousands) Acquisition Date Buildings Price (1) 2023 Acquisitions: Bayport 146 Distribution Center 2/21/2023 1 $ 49,606 Runway Distribution Center I & II 7/12/2023 2 56,992 Brittmoore Industrial Center 8/16/2023 1 22,288 Total Acquisitions 4 $ 128,886 Number of Total Purchase ($ in thousands) Acquisition Date Buildings Price (1) 2022 Acquisitions: Build-to-Core Logistics Portfolio II (2)(3) 2/15/2022 9 $ 359,202 Northlake Logistics Crossing 2/17/2022 — 21,569 Tampa Commerce Center 4/1/2022 & 5/25/2022 — 6,270 Medley 104 Industrial Center 4/18/2022 1 53,670 IDI U.S. Logistics Portfolio 4/28/2022 & 7/6/2022 7 419,970 Chicago Growth Portfolio 5/9/2022 14 182,135 4 Studebaker 5/12/2022 1 33,188 Southeast Orlando Portfolio 5/19/2022 5 138,540 I-465 East Logistics Center 5/26/2022 1 18,923 Industry Corporate Center 6/2/2022 1 52,086 County Line Corporate Park 6/8/2022 — 62,080 Robbinsville Distribution Center 6/10/2022 — 364 Innovation I & II Corporate Center 6/17/2022 2 63,939 IDI 2022 National Portfolio 6/22/2022 6 246,773 I-80 Logistics Park I-II 6/29/2022 1 138,530 Commonwealth Logistics Center 6/30/2022 — 8,927 County Line Corporate Park II (4) 12/28/2022 1 82,478 Total Acquisitions 49 $ 1,888,644 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2023 and 2022 acquisitions. (2) Two land parcels included in the acquisition of the Build-to-Core Logistics Portfolio II. (3) Refer to “Note 4” for further detail regarding the acquisitions of the Build-To-Core Logistics Portfolio II as a result of the BTC II Partnership Transaction (as defined in “Note 4”). (4) Two properties under construction included in the acquisition of County Line Corporate Park II. During the years ended December 31, 2023 and 2022, we allocated the purchase price of our acquisitions to land, building and improvements, construction in progress, and intangible lease assets and liabilities as follows: For the Years Ended December 31, (in thousands) 2023 2022 Land $ 15,835 $ 366,128 Building and improvements (1) 113,051 1,376,360 Intangible lease assets — 122,357 Above-market lease assets — 2,507 Construction in progress — 62,059 Below-market lease liabilities — (40,767) Total purchase price (2) $ 128,886 $ 1,888,644 (1) Includes site improvements. (2) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2023 and 2022 acquisitions. Intangible and above-market lease assets are amortized over the remaining lease term. Below-market lease liabilities are amortized over the remaining lease term, plus any below-market, fixed-rate renewal option periods. There were no intangible lease assets or liabilities acquired in connection with our acquisitions during the year ended December 31, 2023. The weighted-average amortization periods for the intangible lease assets and liabilities acquired in connection with our acquisitions during the year ended December 31, 2022, as of the respective date of each acquisition, was 4.9 years. Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of December 31, 2023 and 2022 included the following: As of December 31, 2023 As of December 31, 2022 Accumulated Accumulated (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) $ 485,184 $ (243,878) $ 241,306 $ 466,663 $ (158,757) $ 307,906 Above-market lease assets (1) 12,869 (5,916) 6,953 12,869 (3,872) 8,997 Below-market lease liabilities (129,823) 54,682 (75,141) (129,823) 32,424 (97,399) (1) Included in net investment in real estate properties on the consolidated balance sheets. The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2023, for the next five years and thereafter: Estimated Net Amortization Intangible Above-Market Below-Market (in thousands) Lease Assets Lease Assets Lease Liabilities Year 1 $ 66,749 $ 1,749 $ 16,818 Year 2 49,977 1,555 13,755 Year 3 35,346 1,272 9,856 Year 4 24,598 815 7,717 Year 5 17,430 491 5,955 Thereafter 47,206 1,071 21,040 Total $ 241,306 $ 6,953 $ 75,141 Future Minimum Rent Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our customers under the terms of non-cancelable operating leases in effect as of December 31, 2023 were as follows for the next five years and thereafter: As of (in thousands) December 31, 2023 Year 1 $ 334,778 Year 2 309,126 Year 3 259,231 Year 4 207,609 Year 5 159,884 Thereafter 339,317 Total $ 1,609,945 The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases and exclude reimbursements of operating expenses along with rental increases that are not fixed. Rental Revenue Adjustments and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: For the Year Ended December 31, (in thousands) 2023 2022 2021 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 16,190 $ 16,682 $ 9,101 Above-market lease amortization (2,044) (2,034) (1,144) Below-market lease amortization 22,257 19,800 6,762 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 208,991 $ 181,214 $ 70,898 Intangible lease asset amortization 85,120 84,756 41,303 |
INVESTMENT IN UNCONSOLIDATED JO
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS | 4. INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS On July 15, 2020, we acquired, from a subsidiary of Industrial Property Trust (“IPT”), interests in two joint venture partnerships, the Build-To-Core Industrial Partnership I LP (the “BTC I Partnership”) and the Build-To-Core Industrial Partnership II LP (the “BTC II Partnership” and, together with the BTC I Partnership, the “BTC Partnerships”). The BTC Partnerships were formed with third party investors for purposes of investing in industrial properties located in certain major U.S. distribution markets. On June 15, 2021, we entered into a transaction with our joint venture partners in the BTC I Partnership, pursuant to which we agreed to split the real property portfolio of the BTC I Partnership in an equitable manner, such that following the split, we and QR Master Holdings USA II LP, each owned a 100% interest in approximately half of the portfolio of the BTC I Partnership (the “BTC I Partnership Transaction”). We have no further interest in the BTC I Partnership as a result of the BTC I Partnership Transaction. On February 15, 2022, we, along with our joint venture partners in the BTC II Partnership, entered into a transaction to split the majority of the properties in the BTC II Partnership’s portfolio amongst three of the four joint venture partners, with the fourth joint venture partner’s respective interest in such properties having been redeemed for $24.9 million (the “BTC II Partnership Transaction”). We have no further interest in the BTC II Partnership as a result of the BTC II Partnership Transaction. Concurrently with the BTC II Partnership Transaction, we and our joint venture partners formed a new joint venture partnership (the “BTC II B Partnership”), through which we co-own five properties that were part of the original BTC II Partnership’s portfolio and were not part of the BTC II Partnership Transaction. We own an 8.0% interest in the BTC II B Partnership as general partner and as a limited partner. We elected the cost accumulation and allocation model to account for the BTC I Partnership Transaction and the BTC II Partnership Transaction, which allocates the cost of the acquisition at the carrying amount of the previously held interests, along with the incremental consideration paid and transaction costs incurred based on relative fair values. We have reported our investments in the BTC Partnerships and the BTC II B Partnership under the equity method on our consolidated balance sheets, because with respect to the BTC Partnerships, for the periods prior to the BTC I Partnership Transaction and the BTC II Partnership Transaction, we had the ability to exercise significant influence but did not have control over the partnerships. Similarly, with respect to the BTC II B Partnership, we have the ability to exercise significant influence but do not have control of the partnership. As of December 31, 2023, we had an 8.0% interest in the BTC II B Partnership, which includes two industrial properties totaling approximately 0.8 million square feet and three properties that were either under construction or in the pre-construction phase totaling approximately 1.0 million square feet, with a book value of our investment in the BTC II B Partnership of $20.5 million, which includes $5.5 million of outside basis difference. The outside basis difference originated from the difference between the contributions we made for the minority ownership interest in the joint venture partnership, which was based on fair value, and the book value of our share of the underlying net assets and liabilities of the BTC II B Partnership. |
INVESTMENTS IN REAL ESTATE DEBT
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES | 5. INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES Debt-Related Investments Our debt-related investments consist of floating-rate senior loans secured by real estate, which we acquire for investment purposes. We held no debt investments as of December 31, 2022. The following table summarizes our debt-related investments as of December 31, 2023: ($ in thousands) As of December 31, 2023 Loan Type Property Type Location Origination Date Total Commitment Outstanding Principal Fair Value Interest Rate Maturity Date (1) Senior Industrial TX July 2023 $ 60,860 $ 29,700 $ 29,700 9.21 % Aug 2025 Senior Industrial NY August 2023 113,910 99,423 99,423 8.86 Sept 2026 Total / weighted-average $ 174,770 $ 129,123 $ 129,123 8.94 % (1) The weighted-average remaining term of our debt-related investments was approximately 2.45 years as of December 31, 2023. Available-for-Sale Debt Securities As of December 31, 2023 and 2022, we had debt security investments designated as available-for-sale debt securities. The weighted-average remaining term of our available-for-sale debt securities, which is based on the fully extended maturity date of the instruments, was approximately 3.21 years as of December 31, 2023. The following table summarizes our investments in available-for-sale debt securities as of December 31, 2023 and 2022: ($ in thousands) Face Amount (1) Amortized Cost Unamortized Discount Unrealized Gain, Net (2) Fair Value As of December 31, 2023 $ 57,326 $ 55,186 $ 2,140 $ 446 $ 55,632 As of December 31, 2022 62,420 59,708 2,712 326 60,033 (1) Face amount is presented net of repayments. (2) Represents cumulative unrealized gain (loss) beginning from acquisition date. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2023 | |
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 the non-recourse mortgage notes are secured by mortgages or deeds of trust and related assignments and security interests in collateralized and certain cross-collateralized properties, which are generally owned by single purpose entities. A summary of our debt is as follows: Weighted-Average Effective Interest Rate as of Balance as of December 31, December 31, December 31, December 31, ($ in thousands) 2023 2022 Maturity Date 2023 2022 Line of credit (1) 6.20 % 5.71 % March 2025 $ 570,000 $ 90,000 Term loan (2) 3.35 2.87 March 2027 550,000 550,000 Term loan (3) 3.42 3.65 May 2026 600,000 600,000 Fixed-rate mortgage notes (4) 3.58 3.58 August 2024 - 996,720 996,720 Floating-rate mortgage notes (5) 4.48 3.68 January 2025 - 725,605 617,250 Total principal amount / weighted-average (6) 4.17 % 3.55 % $ 3,442,325 $ 2,853,970 Less unamortized debt issuance costs (21,359) (26,784) Add unamortized mark-to-market adjustment on assumed debt 215 427 Total debt, net $ 3,421,181 $ 2,827,613 Gross book value of properties encumbered by debt $ 2,596,052 $ 2,389,179 (1) The effective interest rate is calculated based on either: (i) the Term Secured Overnight Financing Rate (“Term SOFR”) plus a 10 basis point adjustment (“Adjusted Term SOFR”) plus a margin ranging from 1.25% to 2.00% ; or (ii) an alternative base rate plus a margin ranging from 0.25% to 1.0% , each depending on our consolidated leverage ratio. Customary fall-back provisions apply if Term SOFR is unavailable. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate cap agreements on $100.0 million of borrowings. The line of credit is available for general corporate purposes including, but not limited to, our acquisition and operation of permitted investments. As of December 31, 2023, total commitments for the line of credit were $1.0 billion, and the unused and available portions under the line of credit were both $430.0 million. (2) The effective interest rate is calculated based on either (i) Adjusted Term SOFR plus a margin ranging from 1.20% to 1.90% ; or (ii) an alternative base rate plus a margin ranging from 0.20% to 0.90% , depending on our consolidated leverage ratio. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements which fix Term SOFR for $250.0 million of borrowings and interest rate cap agreements on $300.0 million of borrowings. As of December 31, 2023, total commitments for the term loan were $550.0 million. This term loan is available for general corporate purposes including, but not limited to, our acquisition and operation of permitted investments. (3) The effective interest rate is calculated based on Term SOFR plus a 11.448 basis point adjustment plus a margin ranging from 1.35% to 2.20% ; or (ii) an alternative base rate plus a margin ranging from 0.35% to 1.20% , depending on our consolidated leverage ratio. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements which fix Term SOFR for $525.0 million of borrowings and an interest rate cap agreement on $75.0 million of borrowings. As of December 31, 2023, total commitments for the term loan were $600.0 million. This term loan is available for general corporate purposes including, but not limited to, our acquisition and operation of permitted investments. (4) Interest rates range from 2.85% to 4.71% , including the effect of an interest rate swap agreement which fixes Term SOFR for $367.8 million of borrowings. The assets and credit of each of our consolidated properties pledged as collateral for our mortgage notes are not available to satisfy our other debt and obligations, unless we first satisfy the mortgage notes payable on the respective underlying properties. (5) Comprised of a $209.3 million mortgage note, a $408.0 million mortgage note and a $129.1 million mortgage note. As of December 31, 2023, borrowings under the $129.1 million mortgage note amounted to $108.4 million. The effective interest rate of the $209.3 million mortgage note is calculated based on Adjusted Term SOFR plus a margin of 1.50% , including the effects of an interest rate cap agreement on $170.0 million of borrowings. The effective interest rate of the $408.0 million mortgage note is calculated based on Adjusted Term SOFR plus a margin of 1.65% , including the effects of interest rate cap agreements. The effective interest rate of the $129.1 million mortgage note is calculated based on Term SOFR plus a margin of 3.30% , including the effects of interest rate cap agreements. (6) The weighted-average remaining term of our consolidated debt was approximately 2.4 years as of December 31, 2023, excluding any extension options on the line of credit and the floating-rate mortgage notes. For the years ended December 31, 2023, 2022 and 2021, the amount of interest incurred related to our consolidated indebtedness, excluding debt issuance cost amortization and amounts capitalized, was $144.7 million, $82.2 million and $23.5 million, respectively. See “Note 7” for the amount of interest incurred related to the DST Program (as defined below). As of December 31, 2023, the principal payments due on our consolidated debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit (1) Term Loans Mortgage Notes (2) Total 2024 $ — $ — $ 38,000 $ 38,000 2025 570,000 — 985,080 1,555,080 2026 — 600,000 108,355 708,355 2027 — 550,000 129,750 679,750 2028 — — — — Thereafter — — 461,140 461,140 Total principal payments $ 570,000 $ 1,150,000 $ 1,722,325 $ 3,442,325 (1) The line of credit matures in March 2025 and the term may be extended pursuant to two one-year extension options, subject to certain conditions. (2) With respect to our mortgage notes, there is a $209.3 million mortgage note that matures in July 2025 and the term may be extended pursuant to a one-year extension option, subject to certain conditions, a $408.0 million mortgage note that matures in January 2025 , and a $367.8 million mortgage note that matures in July 2025 . There is also a $129.1 million mortgage note that matures in October 2026, and the terms of all three may be extended pursuant to two one-year extension options, subject to certain conditions. Debt Covenants Our line of credit, term loans and mortgage note agreements contain various property-level covenants, including customary affirmative and negative covenants. In addition, the line of credit and term loan agreements contain certain corporate level financial covenants, including leverage ratio, fixed charge coverage ratio, and tangible net worth thresholds. We were in compliance with all covenants as of December 31, 2023. Master Repurchase Agreement On June 26, 2023, we entered into a master repurchase agreement (the “Morgan Stanley MRA”) with Morgan Stanley Bank, N.A. (“Morgan Stanley”). Under the Morgan Stanley MRA, we may negotiate individual transactions to sell, and later repurchase, certain securities or other assets to Morgan Stanley. Any transactions under the Morgan Stanley MRA will be recognized as secured borrowings while they are outstanding and are carried at the contractual amount, as specified in the Morgan Stanley MRA. Such borrowings are recorded as secured financings on investments in real estate debt securities on the consolidated balance sheets. The terms of the Morgan Stanley MRA provide the lenders the ability to determine the size and terms of the financing provided based upon the particular collateral we have pledged, and may require us to provide additional collateral in the form of cash, securities, and other assets if the market value of such financed investments declines. The Morgan Stanley MRA may be terminated at any time by either party to the agreement, without penalty. The interest rate on the Morgan Stanley MRA borrowings is determined based on prevailing rates corresponding to the terms of the borrowings, and interest is paid at the termination of each borrowing. We have $42.3 million of borrowings outstanding pursuant to the Morgan Stanley MRA, collateralized by our available-for-sale securities, which are fair valued at $55.6 million, as of December 31, 2023. Advances under the Morgan Stanley MRA for the year ended December 31, 2023 accrued interest at a per annum rate equal to the sum of Term SOFR plus a pricing margin of 0.90% . For the year ended December 31, 2023, the amount of interest incurred related to our secured financings was $1.4 million, which is recorded as a component of interest expense on the consolidated statements of operations. Derivative Instruments To manage interest rate risk for certain of our variable-rate debt, we use interest rate derivative instruments as part of our risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by either providing a fixed interest rate or capping the variable interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the interest rate swap agreements without exchange of the underlying notional amount. Interest rate caps involve the receipt of variable amounts from a counterparty at the end of each period in which the interest rate exceeds the agreed fixed price. Certain of our variable-rate borrowings are not hedged, and therefore, to an extent, we have on-going exposure to interest rate movements. We have eight outstanding interest rate cap derivative instruments that are designated as cash flow hedges, six of which are effective as of December 31, 2023, and therefore, changes in fair value are recognized as component of AOCI and reclassified into earnings as interest expense. As of December 31, 2023, we have During the next 12 months, we estimate that approximately $27.8 million will be reclassified as a decrease to interest expense related to active effective hedges of existing floating-rate debt. The following table summarizes the location and fair value of the derivative instruments on our consolidated balance sheets as of December 31, 2023 and 2022: Number of Notional Balance Sheet Fair ($ in thousands) Contracts Amount (1) Location Value As of December 31, 2023 Interest rate swaps designated as cash flow hedges 11 $ 1,142,830 Derivative instruments $ 41,091 Interest rate caps not designated as cash flow hedges 4 707,110 Derivative instruments 14,887 Interest rate caps designated as cash flow hedges 8 475,000 Derivative instruments 27,553 Total derivative instruments 23 $ 2,324,940 $ 83,531 As of December 31, 2022 Interest rate swaps designated as cash flow hedges 17 $ 1,442,830 Derivative instruments $ 70,994 Interest rate caps not designated as cash flow hedges 2 578,000 Derivative instruments 28,339 Total derivative instruments 19 $ 2,020,830 $ 99,333 (1) Excludes interest rate caps with a notional amount of $100.0 million established pursuant to agreements entered into in December 2023 with an effective date in January 2024. One of these interest rate cap agreements is replacing a separate interest rate swap agreement with a $50.0 million notional amount that is expiring in January 2024. The following table presents the effect of our derivative instruments on our consolidated financial statements: For the Year Ended December 31, (in thousands) 2023 2022 2021 Derivative Instruments Designated as Cash Flow Hedges Gain (loss) recognized in AOCI $ 9,000 $ 73,592 $ 8,298 Amount reclassified from AOCI as an (decrease) increase into interest expense (44,625) (5,251) 4,164 Total interest expense presented in the consolidated statements of operations in which the effects of the cash flow hedges are recorded 190,382 150,824 30,463 Derivative Instruments Not Designated as Cash Flow Hedges Unrealized loss (gain) on derivative instruments recognized in other (income) expenses (1) $ 13,677 $ (25,176) $ 177 Realized (gain) loss on derivative instruments recognized in other (income) expenses (2) (18,801) (3,452) — (1) Unrealized loss (gain) on changes in fair value of derivative instruments relates to mark-to-market changes on our derivatives not designated as cash flow hedges. (2) Realized gain on derivative instruments relates to interim settlements for our derivatives not designated as cash flow hedges. |
DST PROGRAM
DST PROGRAM | 12 Months Ended |
Dec. 31, 2023 | |
Delaware Statutory Trust Program [Abstract] | |
DST PROGRAM | 7. DST PROGRAM The following table summarizes our DST Program Loans as of December 31, 2023 and 2022: Outstanding Unrealized Weighted-Average Weighted-Average ($ in thousands) Principal Gain, Net (1) Book Value Interest Rate Remaining Life (Years) As of December 31, 2023 DST Program Loans, carried at cost $ 200,276 $ N/A $ 200,276 4.98 % 7.42 DST Program Loans, carried at fair value 2,439 — 2,439 6.27 10.00 Total $ 202,715 $ — $ 202,715 5.00 % 7.45 As of December 31, 2022 DST Program Loans, carried at cost $ 152,402 $ N/A $ 152,402 4.63 % 9.27 Total $ 152,402 $ N/A $ 152,402 4.63 % 9.27 (1) Represents cumulative unrealized gain or loss on DST Program Loans carried at fair value. The following table summarizes our financing obligations, net as of December 31, 2023 and 2022: DST Unamortized Total Unrealized ($ in thousands) Interests Sold (1) Program Costs Appreciation (2) Gain, Net (3) Book Value As of December 31, 2023 Financing obligations, carried at cost $ 1,559,200 $ (1,975) $ 14,264 $ N/A $ 1,571,489 Financing obligations, carried at fair value 87,324 — — (179) 87,145 Total $ 1,646,524 $ (1,975) $ 14,264 $ (179) $ 1,658,634 As of December 31, 2022 Financing obligations, carried at cost $ 1,237,641 $ (1,543) $ 26,568 $ N/A $ 1,262,666 Total $ 1,237,641 $ (1,543) $ 26,568 $ N/A $ 1,262,666 (1) DST Interests sold are presented net of upfront fees. (2) Represents cumulative financing obligation liability appreciation on financing obligations carried at cost. (3) Represents cumulative unrealized gain or loss on financing obligations carried at fair value. The following table presents our DST Program activity for the years ended December 31, 2023, 2022, and 2021: For the Year Ended December 31, (in thousands) 2023 2022 2021 DST Interests sold $ 416,507 $ 768,639 $ 492,168 DST Interests financed by DST Program Loans 52,542 84,798 68,772 Income earned from DST Program Loans (1) 8,884 4,811 861 (Decrease) increase in financing obligation liability appreciation (2) (12,303) 26,568 — Rent obligation incurred under master lease agreements (2) 67,324 41,702 6,039 (1) Included in other income and expenses on the consolidated statements of operations. (2) Included in interest expense on the consolidated statements of operations. Refer to “Note 12” for detail relating to the fees paid to the Advisor, the Dealer Manager and their affiliates for raising capital through the DST Program. |
FAIR VALUE
FAIR VALUE | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | 8. FAIR VALUE We estimate the fair value of our financial assets and liabilities using available market information and valuation methodologies we believe to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that we would realize upon disposition of our financial assets and liabilities. Fair Value Measurements on a Recurring Basis The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022: Total (in thousands) Level 1 Level 2 Level 3 Fair Value As of December 31, 2023 Assets Derivative instruments $ — $ 83,531 $ — $ 83,531 Available-for-sale debt securities — 55,632 — 55,632 Debt-related investments — — 129,123 129,123 DST Program Loans — — 2,439 2,439 Total assets measured at fair value $ — $ 139,163 $ 131,562 $ 270,725 Liabilities Financing obligations $ — $ — $ 87,145 $ 87,145 Total liabilities measured at fair value $ — $ — $ 87,145 $ 87,145 As of December 31, 2022 Assets Derivative instruments $ — $ 99,333 $ — $ 99,333 Available-for-sale debt securities — 60,033 — 60,033 Total assets measured at fair value $ — $ 159,366 $ — $ 159,366 The following methods and assumptions were used to estimate the fair value of each class of financial assets and liabilities: Derivative Instruments. Available-for-Sale Debt Securities. Debt-Related Investments. DST Program Loans. Financing Obligations. The following table presents our financial assets measured at fair value on a recurring basis using Level 3 inputs: (in thousands) DST Program Loans Debt-related investments Total Balance as of December 31, 2022 $ — $ — $ — Purchases and contributions 2,439 128,797 131,236 Paid-in-kind interest — 326 326 Balance as of December 31, 2023 $ 2,439 $ 129,123 $ 131,562 The following table presents our financial liabilities measured at fair value on a recurring basis using Level 3 inputs: (in thousands) Financing Obligations Balance as of December 31, 2022 $ — DST Interests sold, net of upfront fees 87,324 Unrealized gain on financing obligations (179) Balance as of December 31, 2023 $ 87,145 The following table presents the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of December 31, 2023: (in thousands) Fair Value Valuation Technique Unobservable Inputs Impact to Valuation from an Increase to Input Assets: Debt-related investments $ 129,123 Yield Method Market Yield Decrease DST Program Loans 2,439 Yield Method Market Yield Decrease Liabilities: Financing obligations $ 87,145 Discounted Cash Flow Discount Rate Decrease Exit Capitalization Rate Decrease Financial Assets and Liabilities Not Measured At Fair Value As of December 31, 2023 and 2022, the fair values of cash and cash equivalents, restricted cash, other assets, and accounts payable and accrued liabilities approximate their carrying values due to the short-term nature of these instruments. The table below includes fair values for certain of our financial instruments for which it is practicable to estimate fair value. The carrying values and fair values of these financial instruments were as follows: As of December 31, 2023 As of December 31, 2022 Level in Carrying Fair Carrying Fair (in thousands) Fair Value Hierarchy (1) Value (2) Value Value (2) Value Assets: DST Program Loans (3) 3 $ 200,276 $ 196,715 $ 152,402 $ 146,728 Liabilities: Line of credit 3 $ 570,000 $ 570,000 $ 90,000 $ 90,000 Term loans 3 1,150,000 1,150,000 1,150,000 1,150,000 Mortgage notes 3 1,722,325 1,647,660 1,613,970 1,521,046 Secured financings on investments in real estate debt securities 3 42,298 42,298 — — (1) The estimate of fair value of DST Program Loans, line of credit, term loans, mortgage notes and secured financings on investments in real estate debt securities takes into consideration various factors including current market rates and conditions and similar agreements with comparable loan-to-value ratios and credit profiles, as applicable. Debt instruments with near-term maturities are generally valued at par. (2) The carrying value reflects the principal amount outstanding. (3) Comprised of instruments for which we have not elected the fair value option and do not record at fair value on the consolidated balance sheets. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
EQUITY | 9. EQUITY Public Offering We may conduct a continuous public offering that will not have a predetermined duration, subject to continued compliance with the rules and regulations of the SEC and applicable state laws. On August 4, 2021, the SEC declared our registration statement on Form S-11 with respect to our third public offering of up to $5.0 billion of shares of our common stock effective, and the third public offering commenced the same day. Under the third public offering, we are offering up to $3.75 billion of shares of our common stock in the primary offering and up to $1.25 billion of shares of our common stock pursuant to our distribution reinvestment plan, in any combination of Class T shares, Class D shares and Class I shares. We may reallocate amounts between the primary offering and distribution reinvestment plan. The Class T shares, Class D shares, and Class I shares, all of which are collectively referred to herein as shares of common stock, have identical rights and privileges, including identical voting rights, but have differing fees that are payable on a class-specific basis. The per share amount of distributions paid on Class T shares and Class D shares will be lower than the per share amount of distributions paid on Class I shares because of the distribution fees payable with respect to Class T shares and Class D shares sold in the primary offering. Pursuant to our public offering, we offer shares of our common stock at the “transaction price,” plus applicable selling commissions and dealer manager fees. The “transaction price” generally is equal to the net asset value (“NAV”) per share of our common stock most recently disclosed. Our NAV per share is calculated as of the last calendar day of each month for each of our outstanding classes of stock, and will be available generally within 15 calendar days after the end of the applicable month. Shares issued pursuant to our distribution reinvestment plan are offered at the transaction price, as indicated above, in effect on the distribution date. We may update a previously disclosed transaction price in cases where we believe there has been a material change (positive or negative) to our NAV per share relative to the most recently disclosed monthly NAV per share. During the year ended December 31, 2023, we raised gross proceeds of approximately $283.2 million from the sale of approximately 18.9 million shares of our common stock in our ongoing public offering, including proceeds from our distribution reinvestment plan of approximately $85.2 million. Common Stock The following table summarizes the changes in the shares outstanding for each class of common stock for the periods presented below: Class T Class D Class I Total (in thousands) Shares Shares Shares (1) Shares Balance as of December 31, 2020 130,565 7,866 3,040 141,471 Issuance of common stock: Primary shares 73,534 5,614 33,790 112,938 DRIP 4,234 283 387 4,904 Stock grants, net of cancellations — — 233 233 Redemptions (2,204) (114) (32) (2,350) Forfeitures — — (27) (27) Balance as of December 31, 2021 206,129 13,649 37,391 257,169 Issuance of common stock: Primary shares 40,034 7,308 18,636 65,978 DRIP 4,002 355 981 5,338 Stock grants, net of cancellations — — 193 193 Redemptions (9,120) (735) (4,254) (14,109) Conversions (13,780) — 13,780 — Forfeitures — — (25) (25) Balance as of December 31, 2022 227,265 20,577 66,702 314,544 Issuance of common stock: Primary shares 7,990 1,813 3,259 13,062 DRIP 3,725 445 1,700 5,870 Stock grants, net of cancellations — — 197 197 Redemptions (29,182) (2,425) (13,437) (45,044) Conversions (46,960) — 46,960 — Forfeitures — — (23) (23) Balance as of December 31, 2023 162,838 20,410 105,358 288,606 (1) Includes 20,000 Class I shares sold to the Advisor in November 2014. See “Note 12” for additional information. Distributions. Amount Common Stock Declared per Distributions Other Cash Reinvested Distribution Gross (in thousands, except per share data) Common Share (1) Paid in Cash Distributions (2) in Shares Fees (3) Distributions (4) 2023 December 31 $ 0.15000 $ 16,483 $ 1,270 $ 22,196 $ 4,987 $ 44,936 September 30 0.15000 16,825 1,296 22,550 5,721 46,392 June 30 0.13625 15,490 1,177 20,357 6,344 43,368 March 31 0.13625 15,284 1,107 20,653 6,806 43,850 Total $ 0.57250 $ 64,082 $ 4,850 $ 85,756 $ 23,858 $ 178,546 2022 December 31 $ 0.13625 $ 14,963 $ 618 $ 20,522 $ 7,372 $ 43,475 September 30 0.13625 14,593 618 19,942 7,304 42,457 June 30 0.13625 13,674 618 18,953 6,852 40,097 March 31 0.13625 13,043 639 18,158 5,656 37,496 Total $ 0.54500 $ 56,273 $ 2,493 $ 77,575 $ 27,184 $ 163,525 2021 December 31 $ 0.13625 $ 12,429 $ 179 $ 16,900 $ 5,146 $ 34,654 September 30 0.13625 11,020 178 15,219 4,263 30,680 June 30 0.13625 8,552 179 12,295 3,373 24,399 March 31 0.13625 6,721 179 10,310 3,240 20,450 $ 0.54500 $ 38,722 $ 715 $ 54,724 $ 16,022 $ 110,183 (1) Amounts reflect the quarterly distribution rate authorized by our board of directors per Class T share, per Class D share, and per Class I share of common stock. Distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T shares and Class D shares of common stock are reduced by the respective distribution fees that are payable with respect to such Class T shares and Class D shares. (2) Consists of distributions paid to holders of OP Units for redeemable noncontrolling interests. (3) Distribution fees are paid monthly to Ares Wealth Management Solutions, LLC (the “Dealer Manager”) with respect to Class T shares and Class D shares issued in the primary portion of our public offerings only. All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. Refer to “Note 12” for further detail regarding distribution fees. (4) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares and Class D shares issued in the primary portion of our public offerings. Redemptions Below is a summary of redemptions and repurchases pursuant to our share redemption program for the years ended December 31, 2023, 2022 and 2021. All eligible redemption requests were fulfilled for the periods presented. Eligible redemption requests are requests submitted in good order by the request submission deadline set forth in the share redemption program. Our board of directors may modify or suspend our current share redemption programs if it deems such action to be in the best interest of our stockholders: For the Year Ended December 31, (in thousands, except per share data) 2023 2022 2021 Number of shares redeemed 45,044 14,109 2,350 Aggregate dollar amount of shares redeemed $ 652,754 $ 213,444 $ 25,109 Average redemption price per share $ 14.49 $ 15.13 $ 10.68 |
REDEEMABLE NONCONTROLLING INTER
REDEEMABLE NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2023 | |
Redeemable Noncontrolling Interest [Abstract] | |
REDEEMABLE NONCONTROLLING INTERESTS | 10. REDEEMABLE NONCONTROLLING INTERESTS The Operating Partnership’s net income and loss will generally be allocated to the general partner and the limited partners in accordance with the respective percentage interest in the OP Units issued by the Operating Partnership. The Operating Partnership issued OP Units to the Advisor and Former Sponsor as payment of the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the Advisory Agreement. We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the consolidated balance sheets. The redeemable noncontrolling interests are recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. The following table summarizes the redeemable noncontrolling interests activity for the years ended December 31, 2023 and 2022: For the Year Ended December 31, 2023 For the Year Ended December 31, 2022 ($ and units in thousands) $ Units $ Units Balance at beginning of the year $ 69,553 4,532 $ 15,687 1,311 Settlement of prior year performance participation allocation (1) 62,667 4,106 81,185 6,494 Distributions to redeemable noncontrolling interests (4,850) — (2,493) — Redemptions of redeemable noncontrolling interests (3,979) (292) (40,915) (3,273) Net loss attributable to redeemable noncontrolling interests (5,587) — (4,874) — Change from cash flow hedging activities and available-for-sale securities attributable to redeemable noncontrolling interests (966) — 1,043 — Redemption value allocation adjustment to redeemable noncontrolling interests (2) (2,528) — 19,920 — Ending balance $ 114,310 8,346 $ 69,553 4,532 (1) The 2022 performance participation allocation in the amount of $140.5 million became payable on December 31, 2022, and the Advisor elected to settle a portion of the amount owed in cash in the amount of $77.8 million, and the remainder in Class I OP Units in January 2023. The 2021 performance participation allocation in the amount of $81.2 million became payable on December 31, 2021, and was issued as 6,494,463 Class I OP Units in January 2022 to the holder of a separate series of partnership interests in the Operating Partnership with special distribution rights (the “Special Units”), AIREIT Incentive Fee LP (the “Special Unit Holder”). At the direction of the Advisor, and in light of our Former Sponsor having been the holder of the Special Units, for the first six months of 2021, the Special Unit Holder designated 3,221,460 of these Class I OP Units to entities affiliated with our Former Sponsor. The Special Unit Holder transferred 3,273,003 Class I OP Units to the Advisor thereafter. (2) Represents the adjustment recorded to mark to the redemption value of the redeemable noncontrolling interests, which is equivalent to fair value as of December 31, 2023. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 11. INCOME TAXES We have concluded that there was no impact related to uncertain tax positions from our results of operations for the years ended December 31, 2023, 2022 and 2021. We had a net deferred tax asset of approximately $0.3 million as of December 31, 2023. We had no deferred tax assets as of December 31, 2022. The U.S. is the major tax jurisdiction for us and the earliest tax year subject to examination by the taxing authority is 2020. Distributions Distributions to stockholders are characterized for U.S. federal income tax purposes as: (i) ordinary income; (ii) non-taxable return of capital; or (iii) long-term capital gain. Distributions that exceed our current and accumulated tax earnings and profits constitute a return of capital and reduce the stockholders’ basis in the common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholders’ basis in the common shares, the distributions will generally be treated as a gain from the sale or exchange of such stockholders’ common shares. For taxable years beginning before January 1, 2026, all distributions (other than distributions designated as capital gain distributions and distributions traceable to distributions from a taxable REIT subsidiary) which are received by a pass-through entity or an individual, are eligible for a 20% deduction from gross income. At the beginning of each year, we notify our stockholders of the taxability of the distributions paid during the preceding year. The unaudited preliminary taxability of our 2023, 2022 and 2021 distributions were: For the Year Ended December 31, (unaudited) 2023 2022 2021 Ordinary income — % — % 11.6 % Non-taxable return of capital 100.0 100.0 34.8 Long-term capital gain — — 53.6 Total distribution 100.0 % 100.0 % 100.0 % Though we owed no performance participation allocation for 2023, the taxability of distributions remained unchanged in 2023 as compared to 2022, due to the increase in interest expense and tax depreciation. The decrease in taxable income for the year ended December 31, 2022, compared to the same period of the previous year, is primarily due to (i) the increase in the incentive-based performance participation allocation to $140.5 million for the year ended December 31, 2022, as compared to $81.2 million for the same period of the previous year and (ii) our Advisor’s election to settle 55.4% of the 2022 performance participation allocation in cash instead of OP Units, which is deductible as an ordinary business deduction, as compared to the 2021 performance participation allocation, which the Advisor elected to settle entirely in OP Units, which is not deductible for tax purposes. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 12. RELATED PARTY TRANSACTIONS We rely on the Advisor, a related party, to manage our day-to-day operating and acquisition activities and to implement our investment strategy pursuant to the terms of the Advisory Agreement. The current term of the Advisory Agreement ends April 30, 2024, subject to renewals by our board of directors for an unlimited number of successive one-year periods. The Dealer Manager provides dealer manager services in connection with the third public offering pursuant to the terms of the dealer manager agreement, dated as of February 11, 2022 (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 then-current advisory agreement to our New Advisor. Ares did not acquire the Former Sponsor, and we now consider Ares real estate to be our sponsor. Prior to the Transaction, the Former Sponsor, which owned the Former Advisor, was directly or indirectly majority owned by the founders of the Former Sponsor and/or their affiliates and the Former Sponsor and the Former Advisor were jointly controlled by founders of the Former Sponsor and/or their respective affiliates. The Advisor, the Sponsor and the Dealer Manager receive compensation in the form of fees and expense reimbursements for services relating to the securities offerings and for the investment and management of our assets. The following is a description of the fees and expense reimbursements payable to the Advisor, the Sponsor, and the Dealer Manager. This summary does not purport to be a complete summary of the Advisory Agreement, the Dealer Manager Agreement, and the eleventh amended and restated limited partnership agreement of the Operating Partnership. As used below, “Fund Interests” means our outstanding shares of common stock, along with the OP Units, which may be or were held directly or indirectly by the Advisor, our Former Sponsor, members or affiliates or our Former Sponsor, and third parties. Selling Commissions, Dealer Manager Fees and Distribution Fees. dealer manager fees are calculated as a percentage of the offering price at the time of purchase of such shares. All or a portion of the upfront selling commissions and dealer manager fees will be retained by, or reallowed to, participating broker dealers. In addition, the Dealer Manager is entitled to receive ongoing distribution fees based on the NAV of Class T shares and Class D shares sold in the primary portion of the offerings. The distribution fees will be payable monthly in arrears and will be paid on a continuous basis from year to year. The Dealer Manager will reallow the distribution fees to participating broker dealers and broker dealers servicing accounts of investors who own Class T shares and/or Class D shares. The following table details the selling commissions, dealer manager fees and distribution fees applicable for each share class. With respect to Class T shares, the distribution fees were payable at a rate of 1.0% of NAV per annum for periods prior to March 1, 2021. With respect to Class D shares, the distribution fees are payable at a rate of 0.25% of NAV per annum for periods after December 31, 2021. Class T Class D Class I Selling commissions (as % of offering price) up to 2.0 % — % — % Dealer manager fees (as % of offering price) up to 2.5 % — % — % Distribution fees (as % of NAV per annum) 0.85 % 0.50 % — % We will cease paying the distribution fees with respect to individual Class T shares and Class D shares when they are no longer outstanding, including as a result of a conversion to Class I shares. Each Class T share 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 8.5% of the aggregate purchase price of all shares of such class held by such stockholder within such account and purchased in the primary portion of the offerings. Advisory Fee. th th The performance participation allocation, which will be paid to the holder of a separate series of partnership interests in the Operating Partnership with special distribution rights (the “Special Units”), is a performance-based amount in the form of an allocation and distribution. This amount will be paid to the holder of the Special Units, so long as the Advisory Agreement has not been terminated, as a performance participation interest with respect to the Special Units or, at the election of the Advisor, all or a portion of this amount will be paid instead to the Special Unit Holder in the form of a cash fee, as described in the Advisory Agreement. The performance participation allocation is calculated as the lesser of: (1) 12.5% of (a) the annual total return amount less (b) any loss carryforward; and (2) the amount equal to (x) the annual total return amount, less (y) any loss carryforward, less (z) the amount needed to achieve an annual total return amount equal to 5.0% of the NAV per Fund Interest at the beginning of such year (the “Hurdle Amount”). The foregoing calculations are calculated on a per Fund Interest basis and multiplied by the weighted average Fund Interests outstanding during the year. In no event will the performance participation allocation be less than zero. Accordingly, if the annual total return amount exceeds the Hurdle Amount plus the amount of any loss carryforward, then the performance participation allocation will be equal to 100.0% of such excess, but limited to 12.5% of the annual total return amount that is in excess of the loss carryforward. The “annual total return amount” referred to above means all distributions paid or accrued per Fund Interest plus any change in NAV per Fund Interest since the end of the prior calendar year, adjusted to exclude the negative impact on annual total return resulting from our payment or obligation to pay, or distribute, as applicable, the performance participation allocation as well as ongoing distribution fees (i.e., our ongoing class-specific fees). If the performance participation allocation is being calculated with respect to a year in which we complete a liquidity event, for purposes of determining the annual total return amount, the change in NAV per Fund Interest will be deemed to equal the difference between the NAV per Fund Interest as of the end of the prior calendar year and the value per Fund Interest determined in connection with such liquidity event, as described in the Advisory Agreement. The “loss carryforward” referred to above tracks any negative annual total return amounts from prior years and offsets the positive annual total return amount for purposes of the calculation of the performance participation allocation. We completed the 2023 calendar year with an annual total return loss and therefore have a loss carryforward that will apply to future performance participation allocations. The loss carryforward as of December 31, 2023 is approximately $1.47 per Fund Interest (unaudited). Realization of the loss carryforward is contingent on future performance. As such, the loss carryforward is not included in the consolidated balance sheet as of December 31, 2023. Even after the offset of the loss carryforward, future performance participation allocations will be subject to the Hurdle Amount. Organization and Offering Expenses. Development Fees. Fees from Other Services. Acquisition Expense Reimbursements. Property-Level Accounting Services. DST Program DST Program Dealer Manager Fees. private investors in that program, through one or more purchase price “mark ups” of the initial estimated fair value of the DST Properties to be sold to investors, fees paid by the investors at the time of investment, or deductions from distributions paid to such investors. AIREX will pay certain up-front fees and reimburse certain related expenses to the Dealer Manager with respect to capital raised through the DST Program. AIREX is obligated to pay the Dealer Manager a dealer manager fee of up to 1.5% of gross equity proceeds raised and a commission of up to 5.0% of gross equity proceeds raised through the private placements. In addition, with respect to certain classes of interests (or the corresponding classes of OP Units or shares for which they may be exchanged in certain circumstances) we, the Operating Partnership or AIREX will pay the Dealer Manager ongoing fees in amounts up to 1.0% of the equity investment or net asset value thereof per year. The Dealer Manager may re-allow such commissions, ongoing fees and a portion of such dealer manager fees to participating broker dealers. In addition, pursuant to the dealer manager agreement for the DST Program, we, or our subsidiaries, are obligated to reimburse the Dealer Manager for (a) customary travel, lodging, meals and reasonable entertainment expenses incurred in connection with the private placements; (b) costs and expenses of conducting educational conferences and seminars, attending broker-dealer sponsored conferences, or educational conferences sponsored by AIREX; (c) customary promotional items; and (d) legal fees of the Dealer Manager. Pursuant to the Advisory Agreement and Operating Partnership Agreement, DST Properties are included when calculating the fixed advisory fee and the performance participation allocation due to the Advisor. Furthermore, because the Advisor funds certain Dealer Manager personnel costs that are not reimbursed under the DST Program dealer manager agreement, we have also agreed to pay the Advisor a fee equal to the fee paid by DST Program investors for these costs, which is up to 1.5% of the total equity amount paid for the interests. DST Manager Fees. In connection with the DST Program, AIREX maintains a loan program and may, upon request, provide DST Program Loans to certain purchasers of the interests in the DST Interests to finance a portion of the purchase price payable upon their acquisition of such DST Interests (the “Purchase Price”). The DST Program Loans are made by a subsidiary of ours (the “DST Lender”). The DST Program Loans may differ in original principal amounts. The original principal amount of the DST Program Loans expressed as a percentage of the total Purchase Price for the applicable DST Interests may also vary, but no DST Program Loan to any purchaser will exceed 50% of the Purchase Price paid by such purchaser for its DST Interest in the Trust, excluding the amount of the Origination Fee, as hereinafter defined. Each purchaser that elects to obtain a DST Program Loan, will pay an origination fee to the DST Manager equal to up to 1.0% of the original principal amount of its DST Program Loan (the “Origination Fee”) upon origination of such DST Program Loan, which Origination Fee will be assigned by the DST Manager to an affiliate of the Advisor. The purchaser will be required to represent, among other things, that no portion of the Purchase Price for its DST Interest and no fee paid in connection with the acquisition of its DST Interest (including, without limitation, the Origination Fee) has been or will be funded with any nonrecourse indebtedness other than the DST Program Loan. The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services the Dealer Manager provided in connection with our securities offerings, and any related amounts payable: For the Year Ended December 31, Receivable (Payable) as of (in thousands) 2023 2022 2021 December 31, 2023 December 31, 2022 Selling commissions and dealer manager fees (1) $ 4,449 $ 22,815 $ 15,046 $ — $ — Ongoing distribution fees (1)(2) 23,858 27,175 16,022 (1,549) (2,459) Advisory fee—fixed component 74,092 67,561 28,558 (5,813) (6,371) Performance participation allocation (3) — 140,505 81,185 — (140,505) Other expense reimbursements (4)(5) 12,116 12,452 11,434 (2,799) (2,624) Property accounting fee (6) 3,017 2,803 1,262 129 (269) DST Program selling commissions, dealer manager fees and distribution fees (1) 6,393 8,584 3,527 (852) (672) Other DST Program related costs (5) 5,664 9,974 5,925 (215) (145) Development fees (7) 1,795 8,460 937 (588) (471) Total $ 131,384 $ 300,329 $ 163,896 $ (11,687) $ (153,516) (1) All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. (2) The distribution fees are payable monthly in arrears. Additionally, we accrue for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable were approximately $64.5 million and $92.1 million as of December 31, 2023 and 2022, respectively. (3) The 2022 performance participation allocation in the amount of $140.5 million became payable on December 31, 2022 and was settled in January 2023. The Advisor elected to settle the amounts owed partially in cash in the amount of $77.8 million and the remainder in 4.1 million OP Units. (4) Other expense reimbursements include certain expenses incurred for organization and offering, acquisition and general administrative services provided to us under the Advisory Agreement, including, but not limited to, certain expenses described below after footnote 7, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (5) Includes costs reimbursed to the Advisor related to the DST Program. (6) The cost of the property management fee, including the property accounting fee, is generally borne by the tenant or tenants at each real property, either via a direct reimbursement to us or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain limited circumstances, we may pay for a portion of the property management fee, including the property accounting fee, without reimbursement from the tenant or tenants at a real property. (7) Development fees are included in the total development project costs of the respective properties and are capitalized in construction in progress, which is included in net investment in real estate properties on our consolidated balance sheets. Amounts also include our proportionate share of development acquisition fees relating to the BTC Partnerships, which are included in investment in unconsolidated joint venture partnership(s) on our consolidated balance sheets. Certain of the expense reimbursements described in the table above include a portion of the compensation expenses of officers, including a portion of compensation (whether paid in cash, stock, or other forms), benefits and other overhead costs of certain of our named executive officers, as well as employees of the Advisor or its affiliates related to activities for which the Advisor did not otherwise receive a separate fee. We incurred approximately $11.2 million, $11.4 million and $10.1 million for the years ended December 31, 2023, 2022 and 2021 respectively, for such compensation expenses reimbursable to the Advisor. Transactions with Affiliates The Operating Partnership issued 100 Special Units to the Former Sponsor for consideration of $1,000. The Special Units are classified as noncontrolling interests. On July 1, 2021, the 100 Special Units were assigned to the Advisor and in December 2021, the Advisor assigned the 100 Special Units to its subsidiary, the Special Unit Holder. Performance Participation Allocation The allocation of the performance participation interest is ultimately determined at the end of each calendar year and will be paid in Class I OP units or cash, at the election of the Advisor. The performance hurdle was not achieved as of December 31, 2023; therefore no performance participation allocation expense was recognized in our consolidated statements of operations for the year ended December 31, 2023. As the performance hurdle was achieved as of December 31, 2022, we recognized approximately $140.5 million of performance participation allocation expense in our consolidated statements of operations for the year ended December 31, 2022. Joint Venture Partnerships From the beginning of the first quarter of 2022 until the completion of the BTC II Partnership Transaction, the BTC II Partnership incurred approximately $1.8 million in acquisition and asset management fees, and fees related to development, which were paid to affiliates of the Advisor pursuant to the respective service agreements. For the year ended December 31, 2021, the BTC Partnerships incurred in aggregate approximately $10.1 million in acquisition and asset management fees, and fees related to development, which were paid to affiliates of the Advisor pursuant to their respective service agreements. For the year ended December 31, 2023, the BTC II B Partnership incurred approximately $2.1 million in acquisition and asset management fees, and fees related to development, which were paid to affiliates of the Advisor pursuant to the respective service agreements. From the completion of the BTC II Partnership Transaction until December 31, 2022, the BTC II B Partnership incurred approximately $1.1 million in acquisition and asset management fees, and fees related to development, which were paid to affiliates of the Advisor pursuant to the respective service agreements. |
NET INCOME (LOSS) PER COMMON SH
NET INCOME (LOSS) PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER COMMON SHARE | 13. NET INCOME (LOSS) PER COMMON SHARE The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: For the Year Ended December 31, (in thousands, except per share data) 2023 2022 2021 Net loss attributable to common stockholders—basic $ (204,674) $ (308,079) $ (75,349) Net loss attributable to redeemable noncontrolling interests (5,587) (4,874) (498) Net loss attributable to noncontrolling interests 38 38 20 Net loss attributable to common stockholders—diluted $ (210,223) $ (312,915) $ (75,827) Weighted-average shares outstanding—basic 303,660 295,683 201,169 Incremental weighted-average shares outstanding—diluted 8,461 4,533 1,311 Weighted-average shares outstanding—diluted 312,121 300,216 202,480 Net loss per share attributable to common stockholders: Basic $ (0.67) $ (1.04) $ (0.37) Diluted $ (0.67) $ (1.04) $ (0.37) |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | 14. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Year Ended December 31, (in thousands) 2023 2022 2021 Supplemental disclosure of non-cash investing and financing activities: Interest paid related to consolidated indebtedness, net of capitalized interest $ 118,575 $ 70,667 $ 21,772 Interest paid related to DST Program 62,507 32,157 1,757 Distributions reinvested in common stock 85,224 76,434 52,223 Increase in DST Program Loans receivable through DST Program capital raising 52,542 83,630 68,772 Redeemable noncontrolling interests issued as settlement of performance participation allocation 62,667 81,185 9,640 Non-cash redemption of minority ownership interest in unconsolidated joint venture partnership — 91,028 279,340 (Decrease) increase in accrued future ongoing distribution fees (27,628) 6,726 40,458 (Decrease) increase in accrued capital expenditures (33,214) 58,902 2,433 Non-cash selling commissions and dealer manager fees 4,449 22,815 15,046 Restricted Cash Restricted cash consists of lender, insurance and property-related escrow accounts, as well as utility deposits. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows: For the Year Ended December 31, (in thousands) 2023 2022 2021 Beginning of period: Cash and cash equivalents $ 79,524 $ 216,848 $ 232,369 Restricted cash 499 887 530 Cash, cash equivalents and restricted cash $ 80,023 $ 217,735 $ 232,899 End of period: Cash and cash equivalents $ 14,322 $ 79,524 $ 216,848 Restricted cash 620 499 887 Cash, cash equivalents and restricted cash $ 14,942 $ 80,023 $ 217,735 |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS | 15. NONCONTROLLING INTERESTS Special Units In November 2014, the Operating Partnership issued 100 Special Units to the parent of the Former Advisor for consideration of $1,000. On July 1, 2021, the 100 Special Units were assigned to the Advisor. In December 2021, the Special Units were assigned by the Advisor to the Special Unit Holder. The holder of the Special Units does not participate in the profits and losses of the Operating Partnership. The holder of the Special Units will be paid a performance participation allocation. Refer to “Note 12” for details regarding the performance participation allocation and Class I OP Units issued as payment for the performance participation allocation. This amount will be paid to the Special Unit Holder, so long as the Advisory Agreement has not been terminated, as a performance participation interest with respect to the Special Units or, at the election of the Advisor, will be paid instead to the Advisor in the form of a cash fee, as described in the Advisory Agreement. The limited partner interests not owned by us are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. Subsidiary REITs As of December 31, 2023, we indirectly own and control the managing member of three Subsidiary REITs. Noncontrolling interests represent the portion of equity in the Subsidiary REIT that we do not own. Such noncontrolling interests are equity instruments presented in the consolidated balance sheet as of December 31, 2023 as noncontrolling interests within permanent equity. Such noncontrolling interests were issued by the Subsidiary REITS in the form of preferred shares, which are non-voting and have no rights to income or loss. The preferred shares are redeemable by the respective Subsidiary REIT at our discretion, through our ownership and control of the managing member. The following table includes details for each Subsidiary REIT: Annual Dividend Payable as of December 31, Subsidiary REIT Acquisition Date Acquired Number of Shares Par Value Preferred Dividend 2023 (1) 2022 (1) Executive Airport II 9/3/2020 125 $ 1,000 12.5% $ 7,812 $ 7,812 Build-To-Core Logistics Portfolio 6/15/2021 122 $ 500 12.0% $ — $ — Hainesport Commerce Center 12/21/2021 125 $ 1,000 12.0% $ — $ — (1) Recorded in accounts payable and accrued expenses on our consolidated balance sheets. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 16. COMMITMENTS AND CONTINGENCIES Litigation From time to time, we and our subsidiaries may be involved in various claims and legal actions arising in the ordinary course of business. As of December 31, 2023, we and our subsidiaries were not involved in any material legal proceedings. Environmental Matters A majority of the properties we acquire have been or will be subject to environmental reviews either by us or the previous owners. In addition, we may incur environmental remediation costs associated with certain land parcels we may acquire in connection with the development of land. We have 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 material. 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, 2023. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 17. SUBSEQUENT EVENTS Subsequent to December 31, 2023, we sold two industrial properties for an aggregate contractual purchase price of $35.1 million. Our accounting basis (net of accumulated depreciation and amortization) for these properties as of the disposition date was approximately $27.0 million. |
SCHEDULE III-REAL ESTATE AND AC
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION Costs Capitalized or Gross Amount Carried as of Initial Cost to Company Adjustments December 31, 2023 Accumulated Acquisition / # of Buildings and Total Subsequent to Buildings and Total Depreciation and Completion ($ in thousands) Buildings Debt Land Improvements (7) Costs Acquisition Land Improvements (7) Costs (8), (10) Amortization (9),(10) Date Consolidated Industrial Properties: Ontario Industrial Center in Ontario, CA 1 $ — (1) $ 5,225 $ 5,370 $ 10,595 $ 1,002 $ 5,225 $ 6,372 $ 11,597 $ (2,313) 2/26/18 Medley Industrial Center in Medley, FL 1 — 2,864 4,559 7,423 312 2,864 4,871 7,735 (1,441) 4/11/18 Ontario Distribution Center in Ontario, CA 1 — (2) 14,657 16,101 30,758 1,566 14,657 17,667 32,324 (6,595) 5/17/18 Park 429 Logistics Center in Ocoee, FL 2 — 7,963 36,919 44,882 320 7,963 37,239 45,202 (7,120) 6/7/18 Pescadero Distribution Center in Tracy, CA 1 — (1) 5,602 40,021 45,623 975 5,602 40,996 46,598 (8,710) 6/20/18 Gothard Industrial Center in Huntington Beach, CA 1 — (1) 5,325 4,771 10,096 421 5,325 5,192 10,517 (1,715) 6/25/18 Midway Industrial Center in Odenton, MD 1 — (3) 4,579 3,548 8,127 446 4,579 3,994 8,573 (1,734) 10/22/18 Executive Airport Distribution Center I in Henderson, NV 1 — 10,360 40,710 51,070 372 10,360 41,082 51,442 (9,742) 11/20/18 Iron Run Distribution Center in Allentown, PA 1 — (3) 5,483 10,039 15,522 258 5,483 10,297 15,780 (3,380) 12/4/18 Elgin Distribution Center in Elgin, IL 1 — 4,032 16,951 20,983 157 4,032 17,108 21,140 (2,771) 12/11/18 Addison Distribution Center II in Addison, IL 1 — 4,439 8,009 12,448 879 4,439 8,888 13,327 (2,408) 12/21/18 Fontana Distribution Center in Fontana, CA 1 — (2) 20,558 21,943 42,501 958 20,558 22,901 43,459 (8,395) 12/28/18 Airport Industrial Center in Ontario, CA 1 — 4,085 4,051 8,136 587 4,085 4,638 8,723 (1,714) 1/8/19 Kelly Trade Center in Austin, TX 1 — 2,686 12,654 15,340 1,981 2,686 14,635 17,321 (3,712) 1/31/19 7A Distribution Center in Robbinsville, NJ 1 — 8,002 4,149 12,151 523 3,385 9,289 12,674 (3,046) 2/11/19 Quakerbridge Distribution Center in Hamilton, NJ 1 — (3) 3,434 5,160 8,594 982 2,334 7,242 9,576 (2,281) 3/11/19 Hebron Airpark Logistics Center in Hebron, KY 1 — 2,228 9,572 11,800 497 2,228 10,069 12,297 (1,995) 5/30/19 Las Vegas Light Industrial Portfolio in Las Vegas, NV 4 — 19,872 39,399 59,271 1,311 19,872 40,710 60,582 (10,585) 5/30/19 Monte Vista Industrial Center in Chino, CA 1 — 7,947 7,592 15,539 560 7,947 8,152 16,099 (2,625) 6/7/19 King of Prussia Core Infill Portfolio in King of Prussia, PA 5 — (3) 14,791 17,187 31,978 2,143 14,791 19,330 34,121 (6,749) 6/21/19 Dallas Infill Industrial Portfolio in Arlington, TX 3 38,000 17,159 74,981 92,140 5,941 17,159 80,922 98,081 (18,110) 6/28/19 Dallas Infill Industrial Portfolio in Garland, TX 2 11,250 3,545 20,370 23,915 594 3,545 20,964 24,509 (3,792) 6/28/19 Edison Distribution Center in Edison, NJ 1 — (3) 11,519 16,079 27,598 276 11,519 16,355 27,874 (4,935) 6/28/19 395 Distribution Center in Reno, NV 2 — (2) 8,904 45,114 54,018 911 8,904 46,025 54,929 (8,531) 8/5/19 I-80 Distribution Center in Reno, NV 4 — (1) 11,645 60,364 72,009 2,133 11,645 62,497 74,142 (12,684) 9/4/19 Avenue B Industrial Center in Bethlehem, PA 1 — 2,190 4,923 7,113 108 2,190 5,031 7,221 (1,756) 9/11/19 485 Distribution Center in Shiremanstown, PA 1 — (4) 6,145 36,914 43,059 267 6,145 37,181 43,326 (7,062) 9/13/19 Weston Business Center in Weston, FL 1 — 14,627 17,784 32,411 255 14,627 18,039 32,666 (4,687) 12/10/19 Marigold Distribution Center in Redlands, CA 1 — 15,660 24,075 39,735 1,820 15,660 25,895 41,555 (6,760) 12/20/19 Bishops Gate Distribution Center in Mount Laurel, NJ 1 — (3) 6,018 26,208 32,226 628 6,018 26,836 32,854 (7,420) 12/31/19 Norcross Industrial Center in Peachtree Corner, GA 1 — 3,220 6,285 9,505 6,008 3,220 12,293 15,513 (2,686) 3/23/20 Port 146 Distribution Center in LaPorte, TX 1 — 1,748 7,823 9,571 2,369 1,748 10,192 11,940 (1,069) 4/14/20 Lima Distribution Center in Denver, CO 1 — 1,853 9,769 11,622 212 1,853 9,981 11,834 (2,729) 4/15/20 Valwood Crossroads in Carrollton, TX 2 — (4) 12,457 57,542 69,999 170 12,457 57,712 70,169 (9,931) 5/11/20 Eaglepoint LC in Brownsburg, IN 1 — 3,598 36,618 40,216 109 3,598 36,727 40,325 (7,017) 5/26/20 7A DC II in Robbinsville Township, NJ 1 — (3) 6,235 16,983 23,218 783 6,235 17,766 24,001 (3,903) 5/27/20 Legacy Logistics Center in Salt Lake City, UT 1 — (1) 5,590 34,128 39,718 1,995 5,590 36,123 41,713 (6,189) 6/3/20 Logistics Center at 33 in Easton, PA 1 — (4) 8,983 54,302 63,285 498 8,983 54,800 63,783 (9,679) 6/4/20 Intermodal Logistics Center in Fort Worth, TX 1 — 5,191 23,437 28,628 177 5,191 23,614 28,805 (3,498) 6/29/20 Executive Airport Distribution Center II, III in Henderson, NV 2 — 7,852 25,348 33,200 4,145 7,852 29,493 37,345 (2,847) 9/3/20 Airpark International Logistics Center in Hebron, KY 2 — 2,371 27,830 30,201 416 2,371 28,246 30,617 (3,800) 10/9/20 Carlstadt Industrial Center in Carlstadt, NJ 2 — (3) 16,989 20,541 37,530 1,165 16,989 21,706 38,695 (5,388) 11/10/20 Nelson Industrial Center in La Puente, CA 1 — 3,943 5,089 9,032 141 3,943 5,230 9,173 (1,121) 12/7/20 Miraloma Industrial Center in Placentia, CA 1 — 4,843 4,655 9,498 251 4,843 4,906 9,749 (1,308) 12/10/20 Pennsy Logistics Center in Landover, MD 2 — (3) 8,273 51,824 60,097 155 8,273 51,979 60,252 (7,970) 12/18/20 Gerwig Distribution Center in Columbia, MD 1 — 8,069 11,205 19,274 360 8,069 11,565 19,634 (2,270) 1/8/21 Harvill Business Center in Perris, CA 1 — (4) 14,098 46,490 60,588 41 14,098 46,531 60,629 (5,821) 3/10/21 Princess Logistics Center in Lawrenceville, NJ 1 — (4) 10,883 63,192 74,075 1,232 10,883 64,424 75,307 (6,132) 4/12/21 Costs Capitalized or Gross Amount Carried as of Initial Cost to Company Adjustments December 31, 2023 Accumulated Acquisition / # of Buildings and Total Subsequent to Buildings and Total Depreciation and Completion ($ in thousands) Buildings Debt Land Improvements (7) Costs Acquisition Land Improvements (7) Costs (8), (10) Amortization (9),(10) Date Rancho Cucamonga Business Center in Rancho Cucamonga, CA 1 — 8,185 16,439 24,624 635 8,185 17,074 25,259 (2,590) 5/28/21 Norton Distribution Center in Norton, MA 1 — 4,350 28,063 32,413 252 4,350 28,315 32,665 (4,784) 6/1/21 Build-To-Core Logistics Portfolio in Austin, TX 5 — (5) 11,918 42,446 54,364 1,910 11,918 44,356 56,274 (7,609) 6/15/21 Build-To-Core Logistics Portfolio in Hayward, CA 1 — (5) 39,357 91,117 130,474 3,649 39,357 94,766 134,123 (8,050) 6/15/21 Build-To-Core Logistics Portfolio in LaPorte, TX 1 — 1,998 15,261 17,259 485 1,998 15,746 17,744 (1,701) 6/15/21 Build-To-Core Logistics Portfolio in Lehigh Valley, PA 1 — 14,522 49,076 63,598 2,018 14,522 51,094 65,616 (5,216) 6/15/21 Build-To-Core Logistics Portfolio in Lodi, NJ 2 — (4) 18,545 78,491 97,036 408 18,545 78,899 97,444 (6,590) 6/15/21 Build-To-Core Logistics Portfolio in Rancho Cucamonga, CA 1 — (4) 26,126 71,385 97,511 (251) 26,126 71,134 97,260 (8,759) 6/15/21 Build-To-Core Logistics Portfolio in Richmond, CA 1 — 6,954 33,862 40,816 1,301 7,045 35,072 42,117 (3,022) 6/15/21 Build-To-Core Logistics Portfolio in San Diego, CA 2 — (5) 7,999 34,888 42,887 30 7,999 34,918 42,917 (3,723) 6/15/21 Build-To-Core Logistics Portfolio in San Jose, CA 1 — 9,799 23,467 33,266 332 9,799 23,799 33,598 (2,198) 6/15/21 Build-To-Core Logistics Portfolio in Suwanee, GA 4 — (5) 5,612 65,492 71,104 3,724 5,612 69,216 74,828 (12,420) 6/15/21 Build-To-Core Logistics Portfolio in Tacoma, WA 2 — (2) 29,942 144,714 174,656 1,287 29,942 146,001 175,943 (14,756) 6/15/21 Build-To-Core Logistics Portfolio in Tracy, CA 1 — (5) 3,564 50,196 53,760 (9) 3,564 50,187 53,751 (4,679) 6/15/21 Benchmark Distribution Center in Houston, TX 1 — 4,809 14,842 19,651 1,186 4,809 16,028 20,837 (1,857) 6/18/21 Key Logistics Portfolio in Allentown, PA 1 — 2,876 15,208 18,084 1,000 2,876 16,208 19,084 (2,352) 7/14/21 Key Logistics Portfolio in Auburn, WA 3 — 7,822 34,089 41,911 1,043 7,822 35,132 42,954 (4,485) 7/14/21 Key Logistics Portfolio in Aurora, CO 1 — 1,818 9,147 10,965 — 1,818 9,147 10,965 (1,534) 7/14/21 Key Logistics Portfolio in Boca Raton, FL 1 — 4,959 8,586 13,545 199 4,959 8,785 13,744 (2,014) 7/14/21 Key Logistics Portfolio in Glen Burnie, MD 1 — (3) 2,545 17,976 20,521 84 2,545 18,060 20,605 (3,430) 7/14/21 Key Logistics Portfolio in Kent, WA 4 — 11,478 27,605 39,083 1,018 11,478 28,623 40,101 (4,854) 7/14/21 Key Logistics Portfolio in King of Prussia, PA 2 — (3) 4,120 17,984 22,104 508 4,120 18,492 22,612 (3,408) 7/14/21 Key Logistics Portfolio in Lanham, MD 1 — (3) 3,979 18,147 22,126 671 3,979 18,818 22,797 (2,327) 7/14/21 Key Logistics Portfolio in Lincolnshire, IL 1 — 1,695 11,939 13,634 58 1,695 11,997 13,692 (1,469) 7/14/21 Key Logistics Portfolio in Louisville, KY 5 — 8,248 117,907 126,155 1,516 8,248 119,423 127,671 (18,545) 7/14/21 Key Logistics Portfolio in Mechanicsburg, PA 1 — 2,205 11,882 14,087 495 2,205 12,377 14,582 (2,041) 7/14/21 Key Logistics Portfolio in Memphis, TN 6 — 6,873 103,715 110,588 2,737 6,873 106,452 113,325 (21,076) 7/14/21 Key Logistics Portfolio in Olive Branch, MS 1 — 2,656 29,453 32,109 89 2,656 29,542 32,198 (3,685) 7/14/21 Key Logistics Portfolio in Ontario, CA 3 — 13,418 38,965 52,383 442 13,418 39,407 52,825 (6,470) 7/14/21 Key Logistics Portfolio in Pompano Beach, FL 2 — 4,431 10,992 15,423 394 4,431 11,386 15,817 (1,866) 7/14/21 Key Logistics Portfolio in Renton, WA 1 — 4,745 13,612 18,357 — 4,745 13,612 18,357 (2,280) 7/14/21 Key Logistics Portfolio in Salt Lake City, UT 2 — 5,966 53,720 59,686 487 5,966 54,207 60,173 (8,725) 7/14/21 Key Logistics Portfolio in Stockton, CA 4 — (4) 15,700 73,083 88,783 1,665 15,700 74,748 90,448 (12,621) 7/14/21 Key Logistics Portfolio in Tacoma, WA 1 — 3,844 6,354 10,198 202 3,844 6,556 10,400 (999) 7/14/21 Key Logistics Portfolio in Totowa, NJ 1 — (3) 11,530 46,672 58,202 1,170 11,530 47,842 59,372 (7,202) 7/14/21 Key Logistics Portfolio in Tracy, CA 2 — 11,240 47,595 58,835 1,307 11,240 48,902 60,142 (7,573) 7/14/21 Key Logistics Portfolio in Upper Marlboro, MD 1 — 2,206 4,926 7,132 1,432 2,206 6,358 8,564 (680) 7/14/21 Key Logistics Portfolio in Valencia, CA 1 — 6,555 11,619 18,174 53 6,555 11,672 18,227 (1,305) 7/14/21 Key Logistics Portfolio in Wayne, NJ 1 — (3) 5,800 13,770 19,570 1,600 5,800 15,370 21,170 (1,954) 7/14/21 Key Logistics Portfolio in York, PA 1 — (4) 4,645 20,466 25,111 1,546 4,645 22,012 26,657 (3,834) 7/14/21 Stonewood Logistics Center in York, PA 1 — 1,193 18,150 19,343 1,471 1,193 19,621 20,814 (1,648) 7/16/21 Heron Industrial Center in Swedesboro, NJ 1 — 5,622 20,377 25,999 283 5,622 20,660 26,282 (4,224) 7/21/21 Colony Crossing Logistics Portfolio in Houston, TX 2 — 5,258 16,311 21,569 775 5,258 17,086 22,344 (2,820) 8/17/21 Harvill Industrial Center in Riverside, CA — — 7,532 — 7,532 5,172 7,782 4,922 12,704 — 8/23/21 Commerce Farms Logistics Center in Lebanon, TN 1 — 3,117 60,704 63,821 1,078 3,117 61,782 64,899 (7,230) 8/25/21 North County Commerce Center in Vista, CA 5 — (2) 42,171 104,961 147,132 1,050 42,171 106,011 148,182 (16,334) 8/30/21 Performance Distribution Center in Stockton, CA 1 — (2) 9,733 19,799 29,532 33 9,733 19,832 29,565 (2,099) 9/7/21 Madison Distribution Center in Tampa, FL 1 — 766 12,236 13,002 9 766 12,245 13,011 (1,322) 9/17/21 355 Logistics Center in Lockport, IL 2 — 3,360 62,062 65,422 2,554 3,360 64,616 67,976 (6,764) 10/1/21 1 Stanley Drive in Aston, PA 1 — (4) 1,265 20,974 22,239 98 1,265 21,072 22,337 (2,123) 10/6/21 Gilbert Gateway Commerce Park in Gilbert, AZ 3 — (2) 8,129 80,026 88,155 3,036 8,129 83,062 91,191 (7,997) 10/6/21 California Business Center in Salt Lake City, UT 2 — 4,780 26,290 31,070 694 4,780 26,984 31,764 (4,736) 10/21/21 Molto Portfolio in Aurora, IL 1 — 5,169 32,432 37,601 787 5,169 33,219 38,388 (2,790) 11/17/21 Molto Portfolio in Hebron, KY 1 — 1,857 20,674 22,531 — 1,857 20,674 22,531 (1,574) 11/17/21 Molto Portfolio in Houston, TX 2 — 7,370 70,096 77,466 1,563 7,370 71,659 79,029 (6,275) 11/17/21 Molto Portfolio in La Vergne, TN 1 — 3,696 23,720 27,416 — 3,696 23,720 27,416 (2,090) 11/17/21 Molto Portfolio in Louisville, KY 1 — 3,755 36,195 39,950 1,399 3,755 37,594 41,349 (3,251) 11/17/21 Walker Mill Industrial Center in Capitol Heights, MD 1 — (3) 2,908 14,297 17,205 116 2,908 14,413 17,321 (1,816) 11/18/21 Greater Boston Portfolio in Danvers, MA 1 — 4,176 16,169 20,345 46 4,176 16,215 20,391 (2,565) 11/22/21 Greater Boston Portfolio in Franklin, MA 1 — 2,646 14,367 17,013 1,367 2,646 15,734 18,380 (1,904) 11/22/21 Costs Capitalized or Gross Amount Carried as of Initial Cost to Company Adjustments December 31, 2023 Accumulated Acquisition / # of Buildings and Total Subsequent to Buildings and Total Depreciation and Completion ($ in thousands) Buildings Debt Land Improvements (7) Costs Acquisition Land Improvements (7) Costs (8), (10) Amortization (9),(10) Date McDonald Portfolio in Alpharetta, GA 4 — 4,228 49,773 54,001 3,131 4,228 52,904 57,132 (6,731) 12/16/21 McDonald Portfolio in Atlanta, GA 6 — 10,312 192,196 202,508 2,556 10,312 194,752 205,064 (23,869) 12/16/21 McDonald Portfolio in Ellenwood, GA 2 — 4,808 72,142 76,950 931 4,808 73,073 77,881 (8,252) 12/16/21 McDonald Portfolio in Savannah, GA 2 — 5,862 56,433 62,295 483 5,467 57,311 62,778 (5,995) 12/16/21 Riggs Hill Industrial Center in Jessup, MD 1 — 827 4,832 5,659 77 827 4,909 5,736 (896) 12/17/21 Valwood Industrial Center in Carrollton, TX 4 — 12,755 30,377 43,132 1,006 12,755 31,383 44,138 (4,313) 12/17/21 Port Crossing Logistics Center in LaPorte, TX 1 — 2,518 29,476 31,994 164 2,518 29,640 32,158 (2,536) 12/21/21 Hainesport Commerce Center in Hainesport, NJ 1 — 19,042 113,768 132,810 1,127 19,042 114,895 133,937 (8,104) 12/21/21 Beltway Logistics Center in Charlotte, NC 1 — 4,726 23,327 28,053 119 4,726 23,446 28,172 (1,639) 12/22/21 Clackamas Industrial Center in Clackamas, OR 1 — 9,623 41,551 51,174 597 9,623 42,148 51,771 (7,659) 12/23/21 Build-to-Core II Logistics Portfolio in Aurora, IL 1 — 3,187 21,354 24,541 352 3,187 21,706 24,893 (1,835) 2/15/22 Build-to-Core II Logistics Portfolio in Avenel, NJ 1 — 20,489 22,267 42,756 61 20,489 22,328 42,817 (1,591) 2/15/22 Build-to-Core II Logistics Portfolio in Lakewood, WA 3 — 30,833 149,703 180,536 3,080 30,838 152,778 183,616 (11,235) 2/15/22 Build-to-Core II Logistics Portfolio in Mount Prospect, IL 1 — 3,725 20,434 24,159 35 3,725 20,469 24,194 (1,527) 2/15/22 Build-to-Core II Logistics Portfolio in Naperville, IL 1 — 1,951 16,137 18,088 594 1,951 16,731 18,682 (1,360) 2/15/22 Build-to-Core II Logistics Portfolio in Newark, NJ 1 — (6) 25,879 1,634 27,513 20,004 25,879 21,638 47,517 — 2/15/22, 9/28/23 Build-to-Core II Logistics Portfolio in Schertz, TX 1 — 503 9,177 9,680 457 503 9,634 10,137 (1,009) 2/15/22 Build-to-Core II Logistics Portfolio in Tualatin, OR 1 — 4,231 27,698 31,929 (83) 4,102 27,744 31,846 (2,168) 2/15/22 Northlake Logistics Crossing in Northlake, TX 2 — 21,569 — 21,569 113,318 22,094 112,793 134,887 (682) 2/17/22, 4/12/23 Tampa Commerce Center in Temple Terrace, FL 1 — 6,270 — 6,270 25,199 6,270 25,199 31,469 — 4/1/22 & 5/25/22, Medley 104 Industrial Center in Medley, FL 1 — 13,436 40,234 53,670 248 13,436 40,482 53,918 (5,117) 4/18/22 IDI U.S. Logistics Portfolio in Buford, GA 1 — 2,962 18,213 21,175 — 2,962 18,213 21,175 (1,059) 4/28/22 IDI U.S. Logistics Portfolio in Channahon, IL 1 — 8,940 93,938 102,878 349 8,940 94,287 103,227 (5,048) 7/6/22 IDI U.S. Logistics Portfolio in Jefferson, GA 1 — 6,798 83,287 90,085 1,478 6,798 84,765 91,563 (7,463) 4/28/22 IDI U.S. Logistics Portfolio in Fort Worth, TX 1 — 4,254 42,904 47,158 36 4,254 42,940 47,194 (2,824) 4/28/22 IDI U.S. Logistics Portfolio in Garland, TX 1 — 4,711 59,177 63,888 — 4,711 59,177 63,888 (4,036) 4/28/22 IDI U.S. Logistics Portfolio in Indianapolis, IN 1 — 5,104 63,962 69,066 1,996 5,104 65,958 71,062 (5,030) 4/28/22 IDI U.S. Logistics Portfolio in Southhaven, MS 1 — 2,082 23,638 25,720 13 2,082 23,651 25,733 (1,674) 4/28/22 Chicago Growth Portfolio in Bolingbrook, IL 2 — 2,354 22,921 25,275 85 2,354 23,006 25,360 (2,562) 5/9/22 Chicago Growth Portfolio in Chicago, IL 1 — 3,326 28,536 31,862 762 3,326 29,298 32,624 (3,947) 5/10/22 Chicago Growth Portfolio in Elgin, IL 4 — 4,911 34,448 39,359 715 4,911 35,163 40,074 (4,386) 5/11/22 Chicago Growth Portfolio in Lemont, IL 2 — 2,387 20,705 23,092 629 2,387 21,334 23,721 (2,596) 5/12/22 Chicago Growth Portfolio in Libertyville, IL 4 — 4,732 46,322 51,054 991 4,732 47,313 52,045 (5,305) 5/13/22 Chicago Growth Portfolio in Romeoville, IL 1 — 1,049 10,444 11,493 56 1,049 10,500 11,549 (1,334) 5/14/22 4 Studebaker Commerce Center in Irvine, CA 1 — 9,334 23,854 33,188 85 9,334 23,939 33,273 (3,111) 5/12/22 Southeast Orlando Portfolio in Kissimmee, FL 1 — — 20,468 20,468 267 — 20,735 20,735 (2,197) 5/19/22 Southeast Orlando Portfolio in Orlando, FL 4 — 23,658 94,414 118,072 484 23,658 94,898 118,556 (11,337) 5/19/22 I-465 East Logistics Center in Indianapolis, IN 1 — 2,097 16,826 18,923 103 2,097 16,929 19,026 (1,253) 5/26/22 Industry Commerce Center in City of Industry, CA 1 — 12,157 39,929 52,086 187 12,157 40,116 52,273 (5,674) 6/2/22 County Line Corporate Park in Hialeah, FL 2 — 34,850 27,230 62,080 101,209 34,850 128,439 163,289 (1,995) 6/8/2022, 11/7/23 Robbinsville Distribution Center in Robbinsville, NJ - — 364 — 364 3,064 1,853 1,575 3,428 — 6/10/22 Innovation Corporate Park I & II in New Albany, OH 2 — 5,807 58,132 63,939 253 5,807 58,385 64,192 (4,073) 6/17/22 IDI 2022 National Portfolio in Bolingbrook, IL 2 — 13,054 94,917 107,971 — 13,054 94,917 107,971 (6,314) 6/22/22 IDI 2022 National Portfolio in Mesquite, TX 1 — 2,930 24,934 27,864 259 2,930 25,193 28,123 (1,648) 6/22/22 IDI 2022 National Portfolio in Monroe, OH 1 — 7,309 42,003 49,312 113 7,309 42,116 49,425 (4,489) 6/22/22 IDI 2022 National Portfolio in Olive Branch, MS 2 — 6,983 54,643 61,626 31 6,983 54,674 61,657 (4,323) 6/22/22 I-80 Logistics Park in Wayne, NJ 1 — 16,924 121,606 138,530 239 16,924 121,845 138,769 (14,170) 6/29/22 Commonwealth Logistics Center in Jacksonville, FL 2 — 8,927 — 8,927 54,389 8,927 54,389 63,316 — 6/30/22, 10/20/23 County Line Corporate Park II in Hileah, FL 3 — 36,050 46,428 82,478 25,680 36,050 72,108 108,158 (2,564) 12/28/22, 5/19/23 Bayport 146 Distribution Center in Seabrook, TX 1 — (6) 6,289 43,317 49,606 8,371 6,289 51,688 57,977 (1,047) 2/21/23 Runway Distribution Center I and II in San Diego, CA 2 — (6) 8,143 48,849 56,992 3,011 8,143 51,860 60,003 (81) 7/12/23 Brittmoore Industrial Center in Houston, TX 1 — (6) 1,403 20,885 22,288 1,707 1,403 22,592 23,995 — 8/16/23 Total 256 $ 1,722,325 $ 1,303,940 $ 5,583,012 $ 6,886,952 $ 487,632 $ 1,300,059 $ 6,074,525 $ 7,374,584 $ (750,429) (1) These properties include a $118.5 million mortgage note as of December 31, 2023. This borrowing is non-recourse and secured by deeds of trust for the eight collateralized buildings. The mortgage note has a maturity date of November 1, 2027 and an interest rate of 2.90% . See “Note 6 to the Consolidated Financial Statements” in Item 8. “Financial Statements and Supplementary Data” for more detail. (2) These properties include a $408.0 million mortgage note as of December 31, 2023. This borrowing is non-recourse and secured by deeds of trust for the 15 collateralized buildings. The mortgage note has an initial maturity date of January 5, 2025 and the interest rate is calculated based on Adjusted SOFR plus a margin of 1.65% . See “Note 6 to the Consolidated Financial Statements” in Item 8. “Financial Statements and Supplementary Data” for more detail. (3) These properties include a $367.8 million mortgage note as of December 31, 2023. This borrowing is non-recourse and secured by deeds of trust for the 23 collateralized buildings. The mortgage note has an initial maturity date of July 15, 2025 and the interest rate is calculated based on Adjusted SOFR plus a margin of 1.85% . See “Note 6 to the Consolidated Financial Statements” in Item 8. “Financial Statements and Supplementary Data” for more detail. (4) These properties include a $461.1 million mortgage note as of December 31, 2023. This borrowing is non-recourse and secured by deeds of trust for the 12 collateralized buildings. The mortgage note has a maturity date of January 1, 2029 and an interest rate of 2.85% . See “Note 6 to the Consolidated Financial Statements” in Item 8. “Financial Statements and Supplementary Data” for more detail. (5) These properties include a $209.3 million mortgage note as of December 31, 2023. This borrowing is non-recourse and secured by deeds of trust for the 13 collateralized buildings. The mortgage note has an initial maturity date of July 16, 2025 and the interest rate is calculated based on Adjusted SOFR plus a margin of 1.50% . See “Note 6 to the Consolidated Financial Statements” in Item 8. “Financial Statements and Supplementary Data” for more detail. (6) These properties include a $129.1 million mortgage note as of December 31, 2023. This borrowing is non-recourse and secured by deeds of trust for the five collateralized buildings. The mortgage note has an initial maturity date of October 11, 2026 and the interest rate is calculated based on Adjusted SOFR plus a margin of 3.30% . See “Note 6 to the Consolidated Financial Statements” in Item 8. “Financial Statements and Supplementary Data” for more detail (7) Includes site improvements as well as gross intangible lease assets of $498.1 million and gross intangible lease liabilities of $129.8 million. (8) As of December 31, 2023, the aggregate cost for federal income tax purposes of investments in property was $5.6 billion (unaudited). (9) See “Note 2 to the Consolidated Financial Statements” in Item 8. “Financial Statements and Supplementary Data” for details of depreciable lives. (10) A summary of activity for investment in real estate properties is as follows: For the Year Ended December 31, (in thousands) 2023 2022 2021 Investment in real estate properties: Balance at beginning of period $ 7,058,013 $ 4,916,055 $ 1,377,912 Acquisition of properties 128,886 1,888,644 3,507,041 Improvements 187,685 253,314 31,102 Balance at end of period $ 7,374,584 $ 7,058,013 $ 4,916,055 Accumulated depreciation and amortization: Balance at beginning of period $ (454,273) $ (186,269) $ (72,924) Additions charged to costs and expenses (296,156) (268,004) (113,345) Balance at end of period $ (750,429) $ (454,273) $ (186,269) |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Global macroeconomic conditions, including heightened inflation, changes to fiscal and monetary policy, higher interest rates and challenges in the supply chain, coupled with the conflicts in Ukraine and in the Middle East, have the potential to negatively impact us. These current macroeconomic conditions may continue or aggravate and could cause the United States to experience an economic slowdown or recession. We anticipate our business and operations could be materially adversely affected by a prolonged recession in the United States. In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. |
Basis of Consolidation | Basis of Consolidation The consolidated financial statements include the accounts of AIREIT, the Operating Partnership, and its wholly-owned subsidiaries, as well as amounts related to noncontrolling interests and redeemable noncontrolling interests. See “Noncontrolling Interests” and “Redeemable Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests and redeemable noncontrolling interests. All material intercompany accounts and transactions have been eliminated. We consolidate all entities in which we have a controlling financial interest through majority ownership or voting rights and variable interest entities for which we are the primary beneficiary. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. We are the primary beneficiary of a VIE when we have (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when we control the entity through a majority voting interest or other means. When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments are initially recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions. The Operating Partnership meets the criteria of a VIE as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the agreement of limited partnership of the Operating Partnership (the “Partnership Agreement”), we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements. |
Use of Estimates | Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary. |
Investment in Real Estate Properties | Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon determination of an asset acquisition, the purchase price of a property is allocated to land, building and improvements, and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. No debt was assumed in connection with our 2023, 2022 or 2021 acquisitions. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building, and intangible lease assets on a relative fair value basis. Properties that are probable to be sold are to be designated as “held for sale” on the consolidated balance sheets when certain criteria are met. We had two properties accounted for as held for sale as of December 31, 2023 that did not meet the materiality criteria for held for sale presentation on our consolidated balance sheets. See “Note 17” for additional information related to the disposition of these properties. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. Land, building, building improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest and development fees. Other than the transaction costs associated with the acquisition of a property described above, we do not capitalize any other costs, such as taxes, salaries or other general and administrative expenses. See “Capitalized Interest” below for additional detail. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Building and improvements 5 to 40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options Certain of our investments in real estate are subject to ground leases, for which a lease liability and corresponding right of use asset are recognized. We calculate the amount of the lease liability and right of use asset by taking the present value of the remaining lease payments and adjusting the right of use asset for any existing straight-line ground rent liability and acquired ground lease intangibles. An estimated incremental borrowing rate of a loan with a similar term as the ground lease is used as the discount rate. The lease liability is included as a component of other liabilities, and the related right of use asset is recorded as a component of net investments in real estate properties on our consolidated balance sheets. The amortization of the below-market ground lease is recorded as an adjustment to real estate-related depreciation and amortization on our consolidated statements of operations. Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. |
Investment in Unconsolidated Joint Venture Partnerships | Investment 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 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 investment 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 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 investment in unconsolidated joint venture partnerships for the year ended December 31, 2023. See “Note 4” for additional information regarding our investment in unconsolidated joint venture partnerships. We may earn performance-based incentive fees based on a joint venture’s cumulative returns over a certain time period. The returns are determined by both the operating performance and real estate valuation of the venture, including highly variable inputs such as capitalization rates, market rents and interest rates. As these key inputs are highly volatile and out of our control, and such volatility can materially impact its performance-based incentive fee period over period, recognition of the performance-based incentive fee income is limited to amounts for which it is probable that a significant income reversal will not occur. See “Note 4” for additional information on the BTC II Partnership incentive fee distribution. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk. |
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, 2023, all of 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, 2023, we have four 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 a component of gain (loss) on derivative instruments on the consolidated statements of income. We do not use derivative instruments for trading or speculative purposes. We have eight interest rate cap derivative instruments, six of which are effective as of December 31, 2023, that are designated as hedges. 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. |
Debt-Related Investments | Debt-Related Investments Our debt-related investments consist of floating-rate senior loans secured by real estate, which we acquire for investment purposes. We elect the fair value option for our debt-related investments and as such, the investments are carried at fair value. These assets are valued on a recurring basis and any unrealized gains and losses will be recorded as a component of other income and expenses on our consolidated statements of operations. Upfront fees and origination costs related to our debt-related investments for which the fair value option is elected are recognized in earnings as incurred and not deferred. Such items are recorded as components of debt-related income on our consolidated statements of operations. Interest income is recorded on an accrual basis and is recorded as a component of debt-related income. |
Available-for-Sale Debt Securities | Available-for-Sale Debt Securities We acquire debt securities that are collateralized by mortgages on commercial real estate properties primarily for cash management and investment purposes. On the acquisition date, we designate investments in commercial real estate debt securities as available-for-sale. Investments in debt securities that are classified as available-for-sale are carried at fair value. These assets are valued on a recurring basis and any unrealized holding gains and losses other than those associated with a credit loss are recorded each period in other comprehensive income. As applicable, available-for-sale debt securities that are in an unrealized loss position are evaluated quarterly on an individual security basis to determine whether a credit loss exists. In the assessment we consider the extent of the difference between fair value and amortized cost, changes in credit rating, and any other adverse factors directly impacting the security. If we determine a credit loss exists, the extent of the credit loss is recognized in the consolidated statements of operations and any additional loss not attributable to credit loss is recognized in other comprehensive income. There was no credit loss recognized during the years ended December 31, 2023 and 2022, and we did not have any available-for-sale debt securities during the years ended December 31, 2021. Available-for-sale debt securities will be on non-accrual status at the earlier of (i) principal or interest payments becoming 90 days past due or (ii) when management’s determination that there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the debt security is placed on non-accrual status. Interest payments received on non-accrual securities may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the debt security based on the facts and circumstances regarding the payment received. Non-accrual debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. There were no securities on non-accrual status as of December 31, 2023 or 2022. |
DST Program | DST Program We have a program to raise capital through private placement offerings by selling beneficial interests (the “DST Interests”) in specific Delaware statutory trusts 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 trusts by the Operating Partnership or its affiliates (each, a “DST Property” and collectively, the “DST Properties”). DST Properties may be sourced from properties currently owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are leased-back by a wholly owned subsidiary of the Operating Partnership on a long-term basis. These master lease agreements are fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the Delaware statutory trusts from the investors at a later time in exchange for OP Units. This results in a failed sale and leaseback transaction for accounting purposes. Therefore, we record DST Interests as financing obligation liabilities and the associated property and its operations remain fully consolidated. If we exercise our option to reacquire a DST Property by issuing OP units in exchange for DST Interests, we extinguish the financing obligation liability and record the issuance of the OP Units as an issuance of equity. Rental payments made to the DSTs pursuant to the master lease agreements are accounted for as interest expense related to the financing obligation liability. Increases in the fair value of the repurchase option are recognized as interest expense ratably through the estimated period in which the repurchase option is expected to be exercised, resulting in a corresponding accretion of the financial obligation liability balance. Decreases in fair value of the repurchase option below the initial financing obligation liability balance are not recognized unless the repurchase option is exercised, at which point a gain on extinguishment of debt would be recognized for the difference between the financing obligation liability balance and value of OP Units issued. All upfront costs incurred for services provided by the Advisor and its affiliates related to the DST Program offerings for which the fair value option has not been elected are accounted for as deferred financing costs and are netted against the financing obligation liability. Beginning with our most recent DST Program offering, which commenced on September 1, 2023, we have elected the fair value option for the associated financing obligations and as such, they will be carried at fair value. These liabilities are valued on a recurring basis and any unrealized gains and losses will be recorded in unrealized (gain) loss on financing obligations on our consolidated statements of operations. Costs incurred for services provided by the Advisor and its affiliates related to our DST Program offerings for which the fair value option has been elected are recognized in earnings as incurred and are not deferred. 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 in the trusts holding DST Properties to potential investors. We include our investments in DST Program Loans separately on our balance sheets in the DST Program Loans line item and we include income earned from DST Program Loans in other income and expenses on our consolidated statements of operations. Beginning with our most recent DST Program offering, which commenced on September 1, 2023, we have elected the fair value option for the associated DST Program Loans and as such, they will be carried at fair value. These assets are valued on a recurring basis and any unrealized gains and losses will be recorded as a component of other income and expenses on our consolidated statements of operations. For all DST Program Loans related to DST Program offerings for which the fair value option has not been elected, these instruments are carried at amortized cost. Credit loss reserves associated with our DST Program Loans for which the fair value option has not been elected were immaterial as of and for the years ended December 31, 2023, 2022 and 2021. |
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 or financing obligations. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. Accumulated amortization of debt issuance costs was approximately $20.5 million and $11.9 million as of December 31, 2023 and 2022, respectively. Our interest expense for the years ended December 31, 2023, 2022 and 2021 included $8.6 million, $7.1 million and $2.4 million, respectively, of amortization of debt issuance costs. Accumulated amortization of financing costs associated with financing obligations was approximately $2.4 million and $0.8 million as of December 31, 2023 and 2022, respectively. Our interest expense for the year ended December 31, 2023 and 2022 included $2.2 million and $0.8 million of amortization of financing costs and expensed financing costs associated with financing obligations, respectively. As of December 31, 2021, we had no accumulated amortization of financing costs associated with financing obligations and no amortization expense was incurred for the year ended December 31, 2021. |
Capitalized Interest | Capitalized Interest We capitalize interest as a cost of development on value-add buildings. Capitalization of interest for a particular asset begins when activities necessary to get the asset ready for its intended use are in progress and when interest costs have been incurred. Capitalization of interest ceases when the project is substantially complete and ready for occupancy. For the years ended December 31, 2023, 2022 and 2021, approximately $20.1 million, $7.3 million and $1.2 million of interest was capitalized, respectively. |
Distribution Fees | Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T shares and Class D shares in our securities offerings. We accrue for: (i) the monthly amount payable as of the balance sheet date, and (ii) the estimated amount of distribution fees to be paid in future periods based on the Class T shares and Class D shares outstanding as of the balance sheet date. The accrued distribution fees are reflected in additional paid-in capital in stockholders’ equity. See “Note 12” for additional information regarding when distribution fees become payable. |
Noncontrolling Interests | Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The limited partner interests not owned by us are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. As the limited partner interests do not participate in the profits and losses of the Operating Partnership, there is no net income or loss attributable to this portion of noncontrolling interests on the consolidated statement of operations. Noncontrolling interests also represent the portion of equity in Subsidiary REITs, that we do not own. Such noncontrolling interests are equity instruments presented in the consolidated balance sheet as noncontrolling interests within permanent equity. See “Note 15” for additional information regarding the Subsidiary REITs. |
Reclassifications | Reclassifications Certain items in our consolidated balance sheets, statements of operations and cash flows for the years ended December 31, 2022 and 2021 have been reclassified to conform to the 2023 presentation. |
Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interests The Operating Partnership issued units in the Operating Partnership (“OP Units”) to the Advisor and Former Sponsor 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 (2023), effective as of April 30, 2023 (the “Advisory Agreement”), by and among us, the Operating Partnership and the Advisor. The Former Sponsor held, either directly or indirectly, OP Units, and subsequent to the Transaction (as defined in “Note 12”), the Former Sponsor transferred these OP Units to its members or their affiliates. We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the consolidated balance sheets due to the fact that, as defined in the Partnership Agreement, the limited partners who hold these OP Units generally have the ability to request transfer or redeem their OP Units at any time irrespective of the period that they have held such OP Units, and the Operating Partnership is required to satisfy such redemption for cash unless such cash redemption would be prohibited by applicable law or the Partnership Agreement, in which case such OP Units will be redeemed for shares of our common stock of the class corresponding to the class of such OP Units. The redeemable noncontrolling interests are recorded at the greater of the carrying amount, adjusted for the share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. See “Note 10” for additional information regarding redeemable noncontrolling interests. |
Revenue Recognition | Revenue Recognition When a lease is entered into, we first determine if the collectability from the tenant 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. Revenues associated with operating expense recoveries are recognized in the period in which the expenses are incurred based upon the tenant lease provisions, in accordance with FASB ASC Topic 842, Leases. Certain properties have leases that offer the tenant 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 tenants for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. Management analyzes accounts receivable by considering customer creditworthiness, current economic trends, customers’ businesses, and customers’ ability to make payments on time and in full when evaluating the adequacy of the allowance for doubtful accounts receivable. We evaluate collectability from our tenants 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, 2023 and December 31, 2022, we have a $1.6 million and $0.5 million allowance for doubtful accounts, 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 is accrued based on the outstanding principal amount and the contractual terms of each debt-related investment or debt security. For available-for-sale debt securities, premiums or discounts are amortized or accreted into interest income as a yield adjustment using the effective interest method. |
Organization and Offering Expenses | Organization and Offering Expenses Organization costs are expensed as incurred and offering expenses associated with our securities offerings are recorded as a reduction of gross offering proceeds in additional paid-in capital. See “Note 12” for additional information regarding organization and offering expenses. |
Income Taxes | Income Taxes As a REIT, we generally are not subject to federal income taxes on net income we distribute to stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to 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 or from the operations of our taxable REIT subsidiary. |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Basic net income (loss) per common share is determined by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of OP Units. See “Note 13” for additional information regarding net income (loss) per share. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. We believe it mitigates this risk by investing our cash with high-credit quality financial institutions. As our revenues predominantly consist of rental payments, we are dependent on our customers for our source of revenues. Concentration of credit risk arises when its source of revenue is highly concentrated from certain of its customers. As of December 31, 2023, no customers represented more than 10.0% of total annualized base rent of its properties. |
Fair Value Measurements | Fair Value Measurements Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: ● Quoted prices for similar assets/liabilities in active markets; ● Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); ● Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and ● Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data . |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Effective November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances disclosure requirements to segment reporting. ASU No. 2023-07 will improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis to develop more useful financial analysis and includes the following changes: (i) single segment entities must follow segment guidance, (ii) must name the title and position of the chief operating decision maker and (iii) the ability to elect more than one performance measure. ASU No. 2023-07 does not change how a public entity identifies its operating segments, aggregates those operating segments, or applies quantitative thresholds to determine its reportable segments. ASU No. 2023-07 is effective beginning in annual periods after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and retrospective adoption is required for all prior periods presented. We are currently assessing this guidance and determining the impact on our consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment | Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Building and improvements 5 to 40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options |
INVESTMENTS IN REAL ESTATE PR_2
INVESTMENTS IN REAL ESTATE PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
Schedule of Consolidated Investments in Real Estate Properties | As of December 31, 2023 and 2022, our consolidated investments in real estate properties consisted of 256 and 243 industrial buildings, respectively. Additionally, investment in real estate properties includes one building under construction and one building in the pre-construction phase as of December 31, 2023, and includes nine buildings under construction, two buildings in the pre-construction phase as of December 31, 2022. As of December 31, (in thousands) 2023 2022 Land $ 1,300,059 $ 1,284,003 Building and improvements (1) 5,486,636 5,139,402 Intangible lease assets 498,053 479,532 Construction in progress 219,659 285,214 Investment in real estate properties 7,504,407 7,188,151 Less accumulated depreciation and amortization (750,429) (454,273) Net investment in real estate properties $ 6,753,978 $ 6,733,878 (1) Includes site improvements. |
Schedule of Asset Acquisitions | During the years ended December 31, 2023 and 2022, we acquired 100% of the following properties, which were determined to be asset acquisitions: Number of Total Purchase ($ in thousands) Acquisition Date Buildings Price (1) 2023 Acquisitions: Bayport 146 Distribution Center 2/21/2023 1 $ 49,606 Runway Distribution Center I & II 7/12/2023 2 56,992 Brittmoore Industrial Center 8/16/2023 1 22,288 Total Acquisitions 4 $ 128,886 Number of Total Purchase ($ in thousands) Acquisition Date Buildings Price (1) 2022 Acquisitions: Build-to-Core Logistics Portfolio II (2)(3) 2/15/2022 9 $ 359,202 Northlake Logistics Crossing 2/17/2022 — 21,569 Tampa Commerce Center 4/1/2022 & 5/25/2022 — 6,270 Medley 104 Industrial Center 4/18/2022 1 53,670 IDI U.S. Logistics Portfolio 4/28/2022 & 7/6/2022 7 419,970 Chicago Growth Portfolio 5/9/2022 14 182,135 4 Studebaker 5/12/2022 1 33,188 Southeast Orlando Portfolio 5/19/2022 5 138,540 I-465 East Logistics Center 5/26/2022 1 18,923 Industry Corporate Center 6/2/2022 1 52,086 County Line Corporate Park 6/8/2022 — 62,080 Robbinsville Distribution Center 6/10/2022 — 364 Innovation I & II Corporate Center 6/17/2022 2 63,939 IDI 2022 National Portfolio 6/22/2022 6 246,773 I-80 Logistics Park I-II 6/29/2022 1 138,530 Commonwealth Logistics Center 6/30/2022 — 8,927 County Line Corporate Park II (4) 12/28/2022 1 82,478 Total Acquisitions 49 $ 1,888,644 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2023 and 2022 acquisitions. (2) Two land parcels included in the acquisition of the Build-to-Core Logistics Portfolio II. (3) Refer to “Note 4” for further detail regarding the acquisitions of the Build-To-Core Logistics Portfolio II as a result of the BTC II Partnership Transaction (as defined in “Note 4”). (4) Two properties under construction included in the acquisition of County Line Corporate Park II. |
Allocation of Purchase Price of Acquisitions | During the years ended December 31, 2023 and 2022, we allocated the purchase price of our acquisitions to land, building and improvements, construction in progress, and intangible lease assets and liabilities as follows: For the Years Ended December 31, (in thousands) 2023 2022 Land $ 15,835 $ 366,128 Building and improvements (1) 113,051 1,376,360 Intangible lease assets — 122,357 Above-market lease assets — 2,507 Construction in progress — 62,059 Below-market lease liabilities — (40,767) Total purchase price (2) $ 128,886 $ 1,888,644 (1) Includes site improvements. (2) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2023 and 2022 acquisitions. |
Intangible Lease Assets And Liabilities | Intangible lease assets and liabilities as of December 31, 2023 and 2022 included the following: As of December 31, 2023 As of December 31, 2022 Accumulated Accumulated (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) $ 485,184 $ (243,878) $ 241,306 $ 466,663 $ (158,757) $ 307,906 Above-market lease assets (1) 12,869 (5,916) 6,953 12,869 (3,872) 8,997 Below-market lease liabilities (129,823) 54,682 (75,141) (129,823) 32,424 (97,399) (1) Included in net investment in real estate properties on the consolidated balance sheets. |
Estimated Net Amortization of Intangible Lease Assets and Liabilities | The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2023, for the next five years and thereafter: Estimated Net Amortization Intangible Above-Market Below-Market (in thousands) Lease Assets Lease Assets Lease Liabilities Year 1 $ 66,749 $ 1,749 $ 16,818 Year 2 49,977 1,555 13,755 Year 3 35,346 1,272 9,856 Year 4 24,598 815 7,717 Year 5 17,430 491 5,955 Thereafter 47,206 1,071 21,040 Total $ 241,306 $ 6,953 $ 75,141 |
Future Minimum Rent | Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our customers under the terms of non-cancelable operating leases in effect as of December 31, 2023 were as follows for the next five years and thereafter: As of (in thousands) December 31, 2023 Year 1 $ 334,778 Year 2 309,126 Year 3 259,231 Year 4 207,609 Year 5 159,884 Thereafter 339,317 Total $ 1,609,945 |
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) 2023 2022 2021 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 16,190 $ 16,682 $ 9,101 Above-market lease amortization (2,044) (2,034) (1,144) Below-market lease amortization 22,257 19,800 6,762 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 208,991 $ 181,214 $ 70,898 Intangible lease asset amortization 85,120 84,756 41,303 |
INVESTMENTS IN REAL ESTATE DE_2
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of debt related investments | ($ in thousands) As of December 31, 2023 Loan Type Property Type Location Origination Date Total Commitment Outstanding Principal Fair Value Interest Rate Maturity Date (1) Senior Industrial TX July 2023 $ 60,860 $ 29,700 $ 29,700 9.21 % Aug 2025 Senior Industrial NY August 2023 113,910 99,423 99,423 8.86 Sept 2026 Total / weighted-average $ 174,770 $ 129,123 $ 129,123 8.94 % (1) The weighted-average remaining term of our debt-related investments was approximately 2.45 years as of December 31, 2023. |
Summary of available for sale debt securities | ($ in thousands) Face Amount (1) Amortized Cost Unamortized Discount Unrealized Gain, Net (2) Fair Value As of December 31, 2023 $ 57,326 $ 55,186 $ 2,140 $ 446 $ 55,632 As of December 31, 2022 62,420 59,708 2,712 326 60,033 (1) Face amount is presented net of repayments. (2) Represents cumulative unrealized gain (loss) beginning from acquisition date. |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Weighted-Average Effective Interest Rate as of Balance as of December 31, December 31, December 31, December 31, ($ in thousands) 2023 2022 Maturity Date 2023 2022 Line of credit (1) 6.20 % 5.71 % March 2025 $ 570,000 $ 90,000 Term loan (2) 3.35 2.87 March 2027 550,000 550,000 Term loan (3) 3.42 3.65 May 2026 600,000 600,000 Fixed-rate mortgage notes (4) 3.58 3.58 August 2024 - 996,720 996,720 Floating-rate mortgage notes (5) 4.48 3.68 January 2025 - 725,605 617,250 Total principal amount / weighted-average (6) 4.17 % 3.55 % $ 3,442,325 $ 2,853,970 Less unamortized debt issuance costs (21,359) (26,784) Add unamortized mark-to-market adjustment on assumed debt 215 427 Total debt, net $ 3,421,181 $ 2,827,613 Gross book value of properties encumbered by debt $ 2,596,052 $ 2,389,179 (1) The effective interest rate is calculated based on either: (i) the Term Secured Overnight Financing Rate (“Term SOFR”) plus a 10 basis point adjustment (“Adjusted Term SOFR”) plus a margin ranging from 1.25% to 2.00% ; or (ii) an alternative base rate plus a margin ranging from 0.25% to 1.0% , each depending on our consolidated leverage ratio. Customary fall-back provisions apply if Term SOFR is unavailable. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate cap agreements on $100.0 million of borrowings. The line of credit is available for general corporate purposes including, but not limited to, our acquisition and operation of permitted investments. As of December 31, 2023, total commitments for the line of credit were $1.0 billion, and the unused and available portions under the line of credit were both $430.0 million. (2) The effective interest rate is calculated based on either (i) Adjusted Term SOFR plus a margin ranging from 1.20% to 1.90% ; or (ii) an alternative base rate plus a margin ranging from 0.20% to 0.90% , depending on our consolidated leverage ratio. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements which fix Term SOFR for $250.0 million of borrowings and interest rate cap agreements on $300.0 million of borrowings. As of December 31, 2023, total commitments for the term loan were $550.0 million. This term loan is available for general corporate purposes including, but not limited to, our acquisition and operation of permitted investments. (3) The effective interest rate is calculated based on Term SOFR plus a 11.448 basis point adjustment plus a margin ranging from 1.35% to 2.20% ; or (ii) an alternative base rate plus a margin ranging from 0.35% to 1.20% , depending on our consolidated leverage ratio. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements which fix Term SOFR for $525.0 million of borrowings and an interest rate cap agreement on $75.0 million of borrowings. As of December 31, 2023, total commitments for the term loan were $600.0 million. This term loan is available for general corporate purposes including, but not limited to, our acquisition and operation of permitted investments. (4) Interest rates range from 2.85% to 4.71% , including the effect of an interest rate swap agreement which fixes Term SOFR for $367.8 million of borrowings. The assets and credit of each of our consolidated properties pledged as collateral for our mortgage notes are not available to satisfy our other debt and obligations, unless we first satisfy the mortgage notes payable on the respective underlying properties. (5) Comprised of a $209.3 million mortgage note, a $408.0 million mortgage note and a $129.1 million mortgage note. As of December 31, 2023, borrowings under the $129.1 million mortgage note amounted to $108.4 million. The effective interest rate of the $209.3 million mortgage note is calculated based on Adjusted Term SOFR plus a margin of 1.50% , including the effects of an interest rate cap agreement on $170.0 million of borrowings. The effective interest rate of the $408.0 million mortgage note is calculated based on Adjusted Term SOFR plus a margin of 1.65% , including the effects of interest rate cap agreements. The effective interest rate of the $129.1 million mortgage note is calculated based on Term SOFR plus a margin of 3.30% , including the effects of interest rate cap agreements. (6) The weighted-average remaining term of our consolidated debt was approximately 2.4 years as of December 31, 2023, excluding any extension options on the line of credit and the floating-rate mortgage notes. |
Schedule of Maturities of Long-term Debt | As of December 31, 2023, the principal payments due on our consolidated debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit (1) Term Loans Mortgage Notes (2) Total 2024 $ — $ — $ 38,000 $ 38,000 2025 570,000 — 985,080 1,555,080 2026 — 600,000 108,355 708,355 2027 — 550,000 129,750 679,750 2028 — — — — Thereafter — — 461,140 461,140 Total principal payments $ 570,000 $ 1,150,000 $ 1,722,325 $ 3,442,325 (1) The line of credit matures in March 2025 and the term may be extended pursuant to two one-year extension options, subject to certain conditions. (2) With respect to our mortgage notes, there is a $209.3 million mortgage note that matures in July 2025 and the term may be extended pursuant to a one-year extension option, subject to certain conditions, a $408.0 million mortgage note that matures in January 2025 , and a $367.8 million mortgage note that matures in July 2025 . There is also a $129.1 million mortgage note that matures in October 2026, and the terms of all three may be extended pursuant to two one-year extension options, subject to certain conditions. |
Schedule of Derivative Instruments | The following table summarizes the location and fair value of the derivative instruments on our consolidated balance sheets as of December 31, 2023 and 2022: Number of Notional Balance Sheet Fair ($ in thousands) Contracts Amount (1) Location Value As of December 31, 2023 Interest rate swaps designated as cash flow hedges 11 $ 1,142,830 Derivative instruments $ 41,091 Interest rate caps not designated as cash flow hedges 4 707,110 Derivative instruments 14,887 Interest rate caps designated as cash flow hedges 8 475,000 Derivative instruments 27,553 Total derivative instruments 23 $ 2,324,940 $ 83,531 As of December 31, 2022 Interest rate swaps designated as cash flow hedges 17 $ 1,442,830 Derivative instruments $ 70,994 Interest rate caps not designated as cash flow hedges 2 578,000 Derivative instruments 28,339 Total derivative instruments 19 $ 2,020,830 $ 99,333 (1) Excludes interest rate caps with a notional amount of $100.0 million established pursuant to agreements entered into in December 2023 with an effective date in January 2024. One of these interest rate cap agreements is replacing a separate interest rate swap agreement with a $50.0 million notional amount that is expiring in January 2024. |
Derivative Instruments, Gain (Loss) | The following table presents the effect of our derivative instruments on our consolidated financial statements: For the Year Ended December 31, (in thousands) 2023 2022 2021 Derivative Instruments Designated as Cash Flow Hedges Gain (loss) recognized in AOCI $ 9,000 $ 73,592 $ 8,298 Amount reclassified from AOCI as an (decrease) increase into interest expense (44,625) (5,251) 4,164 Total interest expense presented in the consolidated statements of operations in which the effects of the cash flow hedges are recorded 190,382 150,824 30,463 Derivative Instruments Not Designated as Cash Flow Hedges Unrealized loss (gain) on derivative instruments recognized in other (income) expenses (1) $ 13,677 $ (25,176) $ 177 Realized (gain) loss on derivative instruments recognized in other (income) expenses (2) (18,801) (3,452) — (1) Unrealized loss (gain) on changes in fair value of derivative instruments relates to mark-to-market changes on our derivatives not designated as cash flow hedges. (2) Realized gain on derivative instruments relates to interim settlements for our derivatives not designated as cash flow hedges. |
DST PROGRAM (Tables)
DST PROGRAM (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Delaware Statutory Trust Program [Abstract] | |
Schedule of DST Program Loans | The following table summarizes our DST Program Loans as of December 31, 2023 and 2022: Outstanding Unrealized Weighted-Average Weighted-Average ($ in thousands) Principal Gain, Net (1) Book Value Interest Rate Remaining Life (Years) As of December 31, 2023 DST Program Loans, carried at cost $ 200,276 $ N/A $ 200,276 4.98 % 7.42 DST Program Loans, carried at fair value 2,439 — 2,439 6.27 10.00 Total $ 202,715 $ — $ 202,715 5.00 % 7.45 As of December 31, 2022 DST Program Loans, carried at cost $ 152,402 $ N/A $ 152,402 4.63 % 9.27 Total $ 152,402 $ N/A $ 152,402 4.63 % 9.27 (1) Represents cumulative unrealized gain or loss on DST Program Loans carried at fair value. |
Schedule of Financing Obligations | The following table summarizes our financing obligations, net as of December 31, 2023 and 2022: DST Unamortized Total Unrealized ($ in thousands) Interests Sold (1) Program Costs Appreciation (2) Gain, Net (3) Book Value As of December 31, 2023 Financing obligations, carried at cost $ 1,559,200 $ (1,975) $ 14,264 $ N/A $ 1,571,489 Financing obligations, carried at fair value 87,324 — — (179) 87,145 Total $ 1,646,524 $ (1,975) $ 14,264 $ (179) $ 1,658,634 As of December 31, 2022 Financing obligations, carried at cost $ 1,237,641 $ (1,543) $ 26,568 $ N/A $ 1,262,666 Total $ 1,237,641 $ (1,543) $ 26,568 $ N/A $ 1,262,666 (1) DST Interests sold are presented net of upfront fees. (2) Represents cumulative financing obligation liability appreciation on financing obligations carried at cost. (3) Represents cumulative unrealized gain or loss on financing obligations carried at fair value. |
Schedule Of DST Program activity | The following table presents our DST Program activity for the years ended December 31, 2023, 2022, and 2021: For the Year Ended December 31, (in thousands) 2023 2022 2021 DST Interests sold $ 416,507 $ 768,639 $ 492,168 DST Interests financed by DST Program Loans 52,542 84,798 68,772 Income earned from DST Program Loans (1) 8,884 4,811 861 (Decrease) increase in financing obligation liability appreciation (2) (12,303) 26,568 — Rent obligation incurred under master lease agreements (2) 67,324 41,702 6,039 (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, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value of assets and liabilities measured on a recurring basis | The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022: Total (in thousands) Level 1 Level 2 Level 3 Fair Value As of December 31, 2023 Assets Derivative instruments $ — $ 83,531 $ — $ 83,531 Available-for-sale debt securities — 55,632 — 55,632 Debt-related investments — — 129,123 129,123 DST Program Loans — — 2,439 2,439 Total assets measured at fair value $ — $ 139,163 $ 131,562 $ 270,725 Liabilities Financing obligations $ — $ — $ 87,145 $ 87,145 Total liabilities measured at fair value $ — $ — $ 87,145 $ 87,145 As of December 31, 2022 Assets Derivative instruments $ — $ 99,333 $ — $ 99,333 Available-for-sale debt securities — 60,033 — 60,033 Total assets measured at fair value $ — $ 159,366 $ — $ 159,366 |
Schedule of financial instrument assets measured at fair value on a recurring basis using Level 3 inputs | (in thousands) DST Program Loans Debt-related investments Total Balance as of December 31, 2022 $ — $ — $ — Purchases and contributions 2,439 128,797 131,236 Paid-in-kind interest — 326 326 Balance as of December 31, 2023 $ 2,439 $ 129,123 $ 131,562 |
Schedule of financial instrument liabilities measured at fair value on a recurring basis using Level 3 inputs | (in thousands) Financing Obligations Balance as of December 31, 2022 $ — DST Interests sold, net of upfront fees 87,324 Unrealized gain on financing obligations (179) Balance as of December 31, 2023 $ 87,145 |
Schedule of quantitative inputs and assumptions | The following table presents the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of December 31, 2023: (in thousands) Fair Value Valuation Technique Unobservable Inputs Impact to Valuation from an Increase to Input Assets: Debt-related investments $ 129,123 Yield Method Market Yield Decrease DST Program Loans 2,439 Yield Method Market Yield Decrease Liabilities: Financing obligations $ 87,145 Discounted Cash Flow Discount Rate Decrease Exit Capitalization Rate Decrease |
Fair value of instruments measured on a nonrecurring basis | As of December 31, 2023 As of December 31, 2022 Level in Carrying Fair Carrying Fair (in thousands) Fair Value Hierarchy (1) Value (2) Value Value (2) Value Assets: DST Program Loans (3) 3 $ 200,276 $ 196,715 $ 152,402 $ 146,728 Liabilities: Line of credit 3 $ 570,000 $ 570,000 $ 90,000 $ 90,000 Term loans 3 1,150,000 1,150,000 1,150,000 1,150,000 Mortgage notes 3 1,722,325 1,647,660 1,613,970 1,521,046 Secured financings on investments in real estate debt securities 3 42,298 42,298 — — (1) The estimate of fair value of DST Program Loans, line of credit, term loans, mortgage notes and secured financings on investments in real estate debt securities takes into consideration various factors including current market rates and conditions and similar agreements with comparable loan-to-value ratios and credit profiles, as applicable. Debt instruments with near-term maturities are generally valued at par. (2) The carrying value reflects the principal amount outstanding. (3) Comprised of instruments for which we have not elected the fair value option and do not record at fair value on the consolidated balance sheets. |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Summary of Changes in Shares Outstanding for Each Class of Common Stock | The following table summarizes the changes in the shares outstanding for each class of common stock for the periods presented below: Class T Class D Class I Total (in thousands) Shares Shares Shares (1) Shares Balance as of December 31, 2020 130,565 7,866 3,040 141,471 Issuance of common stock: Primary shares 73,534 5,614 33,790 112,938 DRIP 4,234 283 387 4,904 Stock grants, net of cancellations — — 233 233 Redemptions (2,204) (114) (32) (2,350) Forfeitures — — (27) (27) Balance as of December 31, 2021 206,129 13,649 37,391 257,169 Issuance of common stock: Primary shares 40,034 7,308 18,636 65,978 DRIP 4,002 355 981 5,338 Stock grants, net of cancellations — — 193 193 Redemptions (9,120) (735) (4,254) (14,109) Conversions (13,780) — 13,780 — Forfeitures — — (25) (25) Balance as of December 31, 2022 227,265 20,577 66,702 314,544 Issuance of common stock: Primary shares 7,990 1,813 3,259 13,062 DRIP 3,725 445 1,700 5,870 Stock grants, net of cancellations — — 197 197 Redemptions (29,182) (2,425) (13,437) (45,044) Conversions (46,960) — 46,960 — Forfeitures — — (23) (23) Balance as of December 31, 2023 162,838 20,410 105,358 288,606 (1) Includes 20,000 Class I shares sold to the Advisor in November 2014. See “Note 12” for additional information. |
Summary of Distribution Activity | Amount Common Stock Declared per Distributions Other Cash Reinvested Distribution Gross (in thousands, except per share data) Common Share (1) Paid in Cash Distributions (2) in Shares Fees (3) Distributions (4) 2023 December 31 $ 0.15000 $ 16,483 $ 1,270 $ 22,196 $ 4,987 $ 44,936 September 30 0.15000 16,825 1,296 22,550 5,721 46,392 June 30 0.13625 15,490 1,177 20,357 6,344 43,368 March 31 0.13625 15,284 1,107 20,653 6,806 43,850 Total $ 0.57250 $ 64,082 $ 4,850 $ 85,756 $ 23,858 $ 178,546 2022 December 31 $ 0.13625 $ 14,963 $ 618 $ 20,522 $ 7,372 $ 43,475 September 30 0.13625 14,593 618 19,942 7,304 42,457 June 30 0.13625 13,674 618 18,953 6,852 40,097 March 31 0.13625 13,043 639 18,158 5,656 37,496 Total $ 0.54500 $ 56,273 $ 2,493 $ 77,575 $ 27,184 $ 163,525 2021 December 31 $ 0.13625 $ 12,429 $ 179 $ 16,900 $ 5,146 $ 34,654 September 30 0.13625 11,020 178 15,219 4,263 30,680 June 30 0.13625 8,552 179 12,295 3,373 24,399 March 31 0.13625 6,721 179 10,310 3,240 20,450 $ 0.54500 $ 38,722 $ 715 $ 54,724 $ 16,022 $ 110,183 (1) Amounts reflect the quarterly distribution rate authorized by our board of directors per Class T share, per Class D share, and per Class I share of common stock. Distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T shares and Class D shares of common stock are reduced by the respective distribution fees that are payable with respect to such Class T shares and Class D shares. (2) Consists of distributions paid to holders of OP Units for redeemable noncontrolling interests. (3) Distribution fees are paid monthly to Ares Wealth Management Solutions, LLC (the “Dealer Manager”) with respect to Class T shares and Class D shares issued in the primary portion of our public offerings only. All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. Refer to “Note 12” for further detail regarding distribution fees. (4) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares and Class D shares issued in the primary portion of our public offerings. |
Share Redemption Activity | Below is a summary of redemptions and repurchases pursuant to our share redemption program for the years ended December 31, 2023, 2022 and 2021. All eligible redemption requests were fulfilled for the periods presented. Eligible redemption requests are requests submitted in good order by the request submission deadline set forth in the share redemption program. Our board of directors may modify or suspend our current share redemption programs if it deems such action to be in the best interest of our stockholders: For the Year Ended December 31, (in thousands, except per share data) 2023 2022 2021 Number of shares redeemed 45,044 14,109 2,350 Aggregate dollar amount of shares redeemed $ 652,754 $ 213,444 $ 25,109 Average redemption price per share $ 14.49 $ 15.13 $ 10.68 |
REDEEMABLE NONCONTROLLING INT_2
REDEEMABLE NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022: For the Year Ended December 31, 2023 For the Year Ended December 31, 2022 ($ and units in thousands) $ Units $ Units Balance at beginning of the year $ 69,553 4,532 $ 15,687 1,311 Settlement of prior year performance participation allocation (1) 62,667 4,106 81,185 6,494 Distributions to redeemable noncontrolling interests (4,850) — (2,493) — Redemptions of redeemable noncontrolling interests (3,979) (292) (40,915) (3,273) Net loss attributable to redeemable noncontrolling interests (5,587) — (4,874) — Change from cash flow hedging activities and available-for-sale securities attributable to redeemable noncontrolling interests (966) — 1,043 — Redemption value allocation adjustment to redeemable noncontrolling interests (2) (2,528) — 19,920 — Ending balance $ 114,310 8,346 $ 69,553 4,532 (1) The 2022 performance participation allocation in the amount of $140.5 million became payable on December 31, 2022, and the Advisor elected to settle a portion of the amount owed in cash in the amount of $77.8 million, and the remainder in Class I OP Units in January 2023. The 2021 performance participation allocation in the amount of $81.2 million became payable on December 31, 2021, and was issued as 6,494,463 Class I OP Units in January 2022 to the holder of a separate series of partnership interests in the Operating Partnership with special distribution rights (the “Special Units”), AIREIT Incentive Fee LP (the “Special Unit Holder”). At the direction of the Advisor, and in light of our Former Sponsor having been the holder of the Special Units, for the first six months of 2021, the Special Unit Holder designated 3,221,460 of these Class I OP Units to entities affiliated with our Former Sponsor. The Special Unit Holder transferred 3,273,003 Class I OP Units to the Advisor thereafter. (2) Represents the adjustment recorded to mark to the redemption value of the redeemable noncontrolling interests, which is equivalent to fair value as of December 31, 2023. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Preliminary Taxability of Distributions on Common Shares | For the Year Ended December 31, (unaudited) 2023 2022 2021 Ordinary income — % — % 11.6 % Non-taxable return of capital 100.0 100.0 34.8 Long-term capital gain — — 53.6 Total distribution 100.0 % 100.0 % 100.0 % |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Dealer Manager Fees | Class T Class D Class I Selling commissions (as % of offering price) up to 2.0 % — % — % Dealer manager fees (as % of offering price) up to 2.5 % — % — % Distribution fees (as % of NAV per annum) 0.85 % 0.50 % — % |
Summary of Fees and Expenses Incurred by Company | The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services the Dealer Manager provided in connection with our securities offerings, and any related amounts payable: For the Year Ended December 31, Receivable (Payable) as of (in thousands) 2023 2022 2021 December 31, 2023 December 31, 2022 Selling commissions and dealer manager fees (1) $ 4,449 $ 22,815 $ 15,046 $ — $ — Ongoing distribution fees (1)(2) 23,858 27,175 16,022 (1,549) (2,459) Advisory fee—fixed component 74,092 67,561 28,558 (5,813) (6,371) Performance participation allocation (3) — 140,505 81,185 — (140,505) Other expense reimbursements (4)(5) 12,116 12,452 11,434 (2,799) (2,624) Property accounting fee (6) 3,017 2,803 1,262 129 (269) DST Program selling commissions, dealer manager fees and distribution fees (1) 6,393 8,584 3,527 (852) (672) Other DST Program related costs (5) 5,664 9,974 5,925 (215) (145) Development fees (7) 1,795 8,460 937 (588) (471) Total $ 131,384 $ 300,329 $ 163,896 $ (11,687) $ (153,516) (1) All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. (2) The distribution fees are payable monthly in arrears. Additionally, we accrue for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable were approximately $64.5 million and $92.1 million as of December 31, 2023 and 2022, respectively. (3) The 2022 performance participation allocation in the amount of $140.5 million became payable on December 31, 2022 and was settled in January 2023. The Advisor elected to settle the amounts owed partially in cash in the amount of $77.8 million and the remainder in 4.1 million OP Units. (4) Other expense reimbursements include certain expenses incurred for organization and offering, acquisition and general administrative services provided to us under the Advisory Agreement, including, but not limited to, certain expenses described below after footnote 7, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (5) Includes costs reimbursed to the Advisor related to the DST Program. (6) The cost of the property management fee, including the property accounting fee, is generally borne by the tenant or tenants at each real property, either via a direct reimbursement to us or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain limited circumstances, we may pay for a portion of the property management fee, including the property accounting fee, without reimbursement from the tenant or tenants at a real property. (7) Development fees are included in the total development project costs of the respective properties and are capitalized in construction in progress, which is included in net investment in real estate properties on our consolidated balance sheets. Amounts also include our proportionate share of development acquisition fees relating to the BTC Partnerships, which are included in investment in unconsolidated joint venture partnership(s) on our consolidated balance sheets. |
NET INCOME (LOSS) PER COMMON _2
NET INCOME (LOSS) PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted net income (loss) per share attributable to common stockholders | The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: For the Year Ended December 31, (in thousands, except per share data) 2023 2022 2021 Net loss attributable to common stockholders—basic $ (204,674) $ (308,079) $ (75,349) Net loss attributable to redeemable noncontrolling interests (5,587) (4,874) (498) Net loss attributable to noncontrolling interests 38 38 20 Net loss attributable to common stockholders—diluted $ (210,223) $ (312,915) $ (75,827) Weighted-average shares outstanding—basic 303,660 295,683 201,169 Incremental weighted-average shares outstanding—diluted 8,461 4,533 1,311 Weighted-average shares outstanding—diluted 312,121 300,216 202,480 Net loss per share attributable to common stockholders: Basic $ (0.67) $ (1.04) $ (0.37) Diluted $ (0.67) $ (1.04) $ (0.37) |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Non-Cash Investing and Financing Activities | Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Year Ended December 31, (in thousands) 2023 2022 2021 Supplemental disclosure of non-cash investing and financing activities: Interest paid related to consolidated indebtedness, net of capitalized interest $ 118,575 $ 70,667 $ 21,772 Interest paid related to DST Program 62,507 32,157 1,757 Distributions reinvested in common stock 85,224 76,434 52,223 Increase in DST Program Loans receivable through DST Program capital raising 52,542 83,630 68,772 Redeemable noncontrolling interests issued as settlement of performance participation allocation 62,667 81,185 9,640 Non-cash redemption of minority ownership interest in unconsolidated joint venture partnership — 91,028 279,340 (Decrease) increase in accrued future ongoing distribution fees (27,628) 6,726 40,458 (Decrease) increase in accrued capital expenditures (33,214) 58,902 2,433 Non-cash selling commissions and dealer manager fees 4,449 22,815 15,046 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | Restricted cash consists of lender, insurance and property-related escrow accounts, as well as utility deposits. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows: For the Year Ended December 31, (in thousands) 2023 2022 2021 Beginning of period: Cash and cash equivalents $ 79,524 $ 216,848 $ 232,369 Restricted cash 499 887 530 Cash, cash equivalents and restricted cash $ 80,023 $ 217,735 $ 232,899 End of period: Cash and cash equivalents $ 14,322 $ 79,524 $ 216,848 Restricted cash 620 499 887 Cash, cash equivalents and restricted cash $ 14,942 $ 80,023 $ 217,735 |
NONCONTROLLING INTERESTS (Table
NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Schedule of Subsidiaries REIT owned by the company | The following table includes details for each Subsidiary REIT: Annual Dividend Payable as of December 31, Subsidiary REIT Acquisition Date Acquired Number of Shares Par Value Preferred Dividend 2023 (1) 2022 (1) Executive Airport II 9/3/2020 125 $ 1,000 12.5% $ 7,812 $ 7,812 Build-To-Core Logistics Portfolio 6/15/2021 122 $ 500 12.0% $ — $ — Hainesport Commerce Center 12/21/2021 125 $ 1,000 12.0% $ — $ — (1) Recorded in accounts payable and accrued expenses on our consolidated balance sheets. |
DESCRIPTION OF BUSINESS (Additi
DESCRIPTION OF BUSINESS (Additional Information) (Details) | 12 Months Ended | |
Dec. 31, 2023 building segment | Dec. 31, 2022 building | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of Real Estate Properties | building | 256 | 243 |
Number of reportable segments | segment | 1 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Additional Information) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) contract property | Dec. 31, 2022 USD ($) contract | Dec. 31, 2021 USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Fair value of debt assumed in asset acquisitions | $ 0 | $ 0 | $ 0 |
Number of Contracts | contract | 23 | 19 | |
Joint venture impairment losses | $ 0 | ||
Capitalized interest | 20,100 | $ 7,300 | 1,200 |
Allowance for doubtful accounts | $ 1,600 | $ 500 | |
Not Designated as Hedging Instrument | Interest Rate Caps | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of Contracts | contract | 4 | 2 | |
Long Term Financing | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Accumulated amortization of debt issuance costs | $ 20,500 | $ 11,900 | |
Amortization of debt issuance costs | 8,600 | 7,100 | 2,400 |
Financing Obligations | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Accumulated amortization of debt issuance costs | 2,400 | 800 | 0 |
Amortization of debt issuance costs | $ 2,200 | $ 800 | $ 0 |
Cash Flow Hedges | Designated as Hedging Instrument | Interest Rate Caps | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of Contracts | contract | 8 | ||
Number of Contracts held are effective | contract | 6 | ||
Industrial Property | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of Real Estate Properties, Held-For-Sale, Immaterial | property | 2 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property Plant and Equipment) (Details) - Building and Building Improvements [Member] | Dec. 31, 2023 |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Available-for-sale debt securities) (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Summary Of Significant Accounting Policies [Line Items] | |||
Credit losses | $ 0 | $ 0 | |
Fair Value | 55,632,000 | 60,033,000 | $ 0 |
Non-accrual status | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Fair Value | $ 0 | $ 0 |
INVESTMENTS IN REAL ESTATE PR_3
INVESTMENTS IN REAL ESTATE PROPERTIES (Narrative) (Details) - building | Dec. 31, 2023 | Dec. 31, 2022 |
Real Estate [Abstract] | ||
Number of Real Estate Properties | 256 | 243 |
Number of real estate properties owned are in construction | 1 | 9 |
Number of real estate properties owned are in pre-construction | 1 | 2 |
INVESTMENTS IN REAL ESTATE PR_4
INVESTMENTS IN REAL ESTATE PROPERTIES (Investment in Properties) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate [Abstract] | ||||
Land | $ 1,300,059 | $ 1,284,003 | ||
Building and improvements | 5,486,636 | 5,139,402 | ||
Intangible lease assets | 498,053 | 479,532 | ||
Construction in progress | 219,659 | 285,214 | ||
Investment in real estate properties | 7,504,407 | 7,188,151 | ||
Less accumulated depreciation and amortization | (750,429) | (454,273) | $ (186,269) | $ (72,924) |
Net investment in real estate properties | $ 6,753,978 | $ 6,733,878 |
INVESTMENTS IN REAL ESTATE PR_5
INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Asset Acquisitions) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) building property | Dec. 31, 2022 USD ($) building property | Dec. 31, 2021 USD ($) | |
Asset Acquisition [Line Items] | |||
Number of real estate properties | building | 256 | 243 | |
Percentage of assets acquired | 100% | 100% | |
Debt assumed at fair value | $ 0 | $ 0 | $ 0 |
Intangible lease assets | |||
Asset Acquisition [Line Items] | |||
Weighted-average amortization period of acquired finite-lived intangible assets | 4 years 10 months 24 days | ||
Asset Acquisition | |||
Asset Acquisition [Line Items] | |||
Number of real estate properties | building | 4 | 49 | |
Total Purchase Price | $ 128,886 | $ 1,888,644 | |
Debt assumed at fair value | 0 | $ 0 | |
Intangible assets acquired | 0 | ||
Intangible lease liabilities acquired | $ 0 | ||
Bayport 146 Distribution Center | |||
Asset Acquisition [Line Items] | |||
Number of real estate properties | property | 1 | ||
Total Purchase Price | $ 49,606 | ||
Runway Distribution Center I & II | |||
Asset Acquisition [Line Items] | |||
Number of real estate properties | property | 2 | ||
Total Purchase Price | $ 56,992 | ||
Brittmoore Industrial Center | |||
Asset Acquisition [Line Items] | |||
Number of real estate properties | property | 1 | ||
Total Purchase Price | $ 22,288 | ||
Build-to-Core Logistics Portfolio II | |||
Asset Acquisition [Line Items] | |||
Number of real estate properties | building | 9 | ||
Total Purchase Price | $ 359,202 | ||
Build-to-Core Logistics Portfolio II | Land Parcels | |||
Asset Acquisition [Line Items] | |||
Number of real estate properties | property | 2 | ||
Northlake Logistics Crossing | |||
Asset Acquisition [Line Items] | |||
Total Purchase Price | $ 21,569 | ||
Tampa Commerce Center | |||
Asset Acquisition [Line Items] | |||
Total Purchase Price | $ 6,270 | ||
Medley 104 Industrial Center | |||
Asset Acquisition [Line Items] | |||
Number of real estate properties | building | 1 | ||
Total Purchase Price | $ 53,670 | ||
IDI U.S. Logistics Portfolio | |||
Asset Acquisition [Line Items] | |||
Number of real estate properties | building | 7 | ||
Total Purchase Price | $ 419,970 | ||
Chicago Growth Portfolio | |||
Asset Acquisition [Line Items] | |||
Number of real estate properties | building | 14 | ||
Total Purchase Price | $ 182,135 | ||
4 Studebaker | |||
Asset Acquisition [Line Items] | |||
Number of real estate properties | building | 1 | ||
Total Purchase Price | $ 33,188 | ||
Southeast Orlando Portfolio | |||
Asset Acquisition [Line Items] | |||
Number of real estate properties | building | 5 | ||
Total Purchase Price | $ 138,540 | ||
I-465 East Logistics Center | |||
Asset Acquisition [Line Items] | |||
Number of real estate properties | building | 1 | ||
Total Purchase Price | $ 18,923 | ||
Industry Corporate Center | |||
Asset Acquisition [Line Items] | |||
Number of real estate properties | building | 1 | ||
Total Purchase Price | $ 52,086 | ||
County Line Corporate Park | |||
Asset Acquisition [Line Items] | |||
Total Purchase Price | 62,080 | ||
Robbinsville Distribution Center | |||
Asset Acquisition [Line Items] | |||
Total Purchase Price | $ 364 | ||
Innovation I & II Corporate Center | |||
Asset Acquisition [Line Items] | |||
Number of real estate properties | building | 2 | ||
Total Purchase Price | $ 63,939 | ||
IDI 2022 National Portfolio | |||
Asset Acquisition [Line Items] | |||
Number of real estate properties | building | 6 | ||
Total Purchase Price | $ 246,773 | ||
I-80 Logistics Park I-II | |||
Asset Acquisition [Line Items] | |||
Number of real estate properties | building | 1 | ||
Total Purchase Price | $ 138,530 | ||
Commonwealth Logistics Center | |||
Asset Acquisition [Line Items] | |||
Total Purchase Price | $ 8,927 | ||
County Line Corporate Park II | |||
Asset Acquisition [Line Items] | |||
Number of real estate properties | building | 1 | ||
Total Purchase Price | $ 82,478 | ||
Number of properties under construction | property | 2 |
INVESTMENTS IN REAL ESTATE PR_6
INVESTMENTS IN REAL ESTATE PROPERTIES (Purchase Price Allocation) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Asset Acquisition [Line Items] | |||
Land | $ 15,835 | $ 366,128 | |
Building and improvements | 113,051 | 1,376,360 | |
Intangible lease assets | 122,357 | ||
Above-market lease assets | 2,507 | ||
Construction in progress | 62,059 | ||
Below-market lease liabilities | (40,767) | ||
Total purchase price | 128,886 | 1,888,644 | |
Debt assumed at fair value | 0 | 0 | $ 0 |
Asset Acquisition | |||
Asset Acquisition [Line Items] | |||
Debt assumed at fair value | $ 0 | $ 0 |
INVESTMENTS IN REAL ESTATE PR_7
INVESTMENTS IN REAL ESTATE PROPERTIES (Summary of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-lived Intangible Assets [Roll Forward] | ||
Gross | $ 498,053 | $ 479,532 |
Below Market Lease [Roll Forward] | ||
Gross | (129,823) | (129,823) |
Accumulated Amortization | 54,682 | 32,424 |
Net | (75,141) | (97,399) |
Intangible lease assets | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Gross | 485,184 | 466,663 |
Accumulated Amortization | (243,878) | (158,757) |
Total | 241,306 | 307,906 |
Above-market lease assets | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Gross | 12,869 | 12,869 |
Accumulated Amortization | (5,916) | (3,872) |
Total | $ 6,953 | $ 8,997 |
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, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets And Liabilities [Line Items] | ||
Year 1 | $ 16,818 | |
Year 2 | 13,755 | |
Year 3 | 9,856 | |
Year 4 | 7,717 | |
Year 5 | 5,955 | |
Thereafter | 21,040 | |
Total | 75,141 | $ 97,399 |
Intangible lease assets | ||
Finite-Lived Intangible Assets And Liabilities [Line Items] | ||
Year 1 | 66,749 | |
Year 2 | 49,977 | |
Year 3 | 35,346 | |
Year 4 | 24,598 | |
Year 5 | 17,430 | |
Thereafter | 47,206 | |
Total | 241,306 | 307,906 |
Above-market lease assets | ||
Finite-Lived Intangible Assets And Liabilities [Line Items] | ||
Year 1 | 1,749 | |
Year 2 | 1,555 | |
Year 3 | 1,272 | |
Year 4 | 815 | |
Year 5 | 491 | |
Thereafter | 1,071 | |
Total | $ 6,953 | $ 8,997 |
INVESTMENTS IN REAL ESTATE PR_9
INVESTMENTS IN REAL ESTATE PROPERTIES (Future Minimum Rents) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Real Estate [Abstract] | |
Year 1 | $ 334,778 |
Year 2 | 309,126 |
Year 3 | 259,231 |
Year 4 | 207,609 |
Year 5 | 159,884 |
Thereafter | 339,317 |
Total | $ 1,609,945 |
INVESTMENTS IN REAL ESTATE P_10
INVESTMENTS IN REAL ESTATE PROPERTIES (Summary of Rental Revenue Adjustments and Depreciation and Amortization Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Increase (Decrease) to Rental Revenue: | |||
Straight-line rent adjustments | $ (16,190) | $ (16,682) | $ (9,101) |
Real Estate-Related Depreciation and Amortization: | |||
Depreciation expense | 208,991 | 181,214 | 70,898 |
Intangible lease asset amortization | 85,120 | 84,756 | 41,303 |
Above-market lease assets | |||
Increase (Decrease) to Rental Revenue: | |||
Amortization of above and below Market Leases | (2,044) | (2,034) | (1,144) |
Below Market Lease | |||
Increase (Decrease) to Rental Revenue: | |||
Amortization of above and below Market Leases | $ 22,257 | $ 19,800 | $ 6,762 |
INVESTMENT IN UNCONSOLIDATED _2
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Narrative) (Details) $ in Thousands, ft² in Millions | 12 Months Ended | |||||
Feb. 15, 2022 USD ($) item property | Jun. 15, 2021 | Dec. 31, 2023 USD ($) ft² property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jul. 15, 2020 item | |
Schedule of Equity Method Investments [Line Items] | ||||||
Number of joint venture partnerships | item | 2 | |||||
Investment in Partnerships | $ 20,511 | $ 19,668 | ||||
Incremental additional cash investment | 0 | $ 259,526 | $ 584,809 | |||
BTC I Partnership | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 0% | |||||
BTC II Partnership | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 0% | |||||
BTC II B Partnership | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment in Partnerships | 20,500 | |||||
Outside basis difference | $ 5,500 | |||||
Related Party | BTC II B Partnership Agreement | BTC II Partnership | BTC II B Partnership | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 8% | 8% | ||||
BCG Limited Partner | BTC II Partnership | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Redemption value | $ 24,900 | |||||
BTC I Partnership | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership interest in half of portfolio | 100% | |||||
BTC II Partnership | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of joint venture partners who participated in split of properties | item | 3 | |||||
Number of joint venture partners | item | 4 | |||||
BTC II Partnership | Related Party | BTC II B Partnership Agreement | BTC II Partnership | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of properties | property | 5 | |||||
BTC II B Partnership | Related Party | BTC II B Partnership Agreement | BTC II Partnership | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of properties | property | 2 | |||||
Number of properties under construction and pre-construction | property | 3 | |||||
Number of square feet in investment | ft² | 0.8 | |||||
Under construction and pre-construction phase totaling | ft² | 1 |
INVESTMENTS IN REAL ESTATE DE_3
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Debt Related Securities) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Held-to-Maturity Securities [Line Items] | ||
Aggregate commitment amount | $ 174,770,000 | |
Debt investments | 129,123,000 | $ 0 |
Debt-related investments | $ 129,123,000 | |
Interest Rate | 8.94% | |
Term of our debt-related investments | 2 years 5 months 12 days | |
Senior Debt Obligations | TX | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Aggregate commitment amount | $ 60,860,000 | |
Debt investments | 29,700,000 | |
Debt-related investments | $ 29,700,000 | |
Interest Rate | 9.21% | |
Senior Debt Obligations | NY | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Aggregate commitment amount | $ 113,910,000 | |
Debt investments | 99,423,000 | |
Debt-related investments | $ 99,423,000 | |
Interest Rate | 8.86% |
INVESTMENTS IN REAL ESTATE DE_4
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Available-for-Sale Debt Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-Sale [Line Items] | |||
Face Amount | $ 57,326 | $ 62,420 | |
Amortized Cost | 55,186 | 59,708 | |
Unamortized Discount | 2,140 | 2,712 | |
Unrealized Gain, Net | 446 | 326 | |
Fair Value | $ 55,632 | $ 60,033 | $ 0 |
Weighted Average | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Available-for-sale debt securities, contractual maturity term | 3 years 2 months 15 days |
DEBT (Schedule of Debt) (Detail
DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
DEBT | |||
Weighted-Average Effective Interest Rate | 4.17% | 3.55% | |
Principal amount | $ 3,442,325 | $ 2,853,970 | |
Less unamortized debt issuance costs | (21,359) | (26,784) | |
Add unamortized mark-to-market adjustment on assumed debt | 215 | 427 | |
Total debt, net | 3,421,181 | 2,827,613 | |
Gross book value of properties encumbered by debt | 2,596,052 | 2,389,179 | |
Interest incurred related to indebtedness excluding loan cost amortization and amounts capitalized | $ 144,700 | $ 82,200 | $ 23,500 |
Weighted Average | |||
DEBT | |||
Remaining debt term (in years) | 2 years 4 months 24 days | ||
Line of Credit | |||
DEBT | |||
Weighted-Average Effective Interest Rate | 6.20% | 5.71% | |
Principal amount | $ 570,000 | $ 90,000 | |
Maximum Borrowing Capacity | 1,000,000 | ||
Unused and available portions under the term loan | 430,000 | ||
Line of Credit | Interest Rate Caps | |||
DEBT | |||
Principal amount | $ 100,000 | ||
Line of Credit | SOFR | |||
DEBT | |||
Basis spread on variable rate | 0.10% | 0.10% | |
Line of Credit | SOFR | Minimum | |||
DEBT | |||
Basis spread on variable rate | 1.25% | 1.25% | |
Line of Credit | SOFR | Maximum | |||
DEBT | |||
Basis spread on variable rate | 2% | 2% | |
Line of Credit | Base Rate | Minimum | |||
DEBT | |||
Basis spread on variable rate | 0.25% | 0.25% | |
Line of Credit | Base Rate | Maximum | |||
DEBT | |||
Basis spread on variable rate | 1% | 1% | |
Term Loan | |||
DEBT | |||
Principal amount | $ 1,150,000 | ||
Term Loan (Maturity date March 2027) | |||
DEBT | |||
Weighted-Average Effective Interest Rate | 3.35% | 2.87% | |
Principal amount | $ 550,000 | $ 550,000 | |
Debt Instrument, Unused Borrowing Capacity, Fee | $ 550,000 | ||
Term Loan (Maturity date March 2027) | SOFR | Minimum | |||
DEBT | |||
Basis spread on variable rate | 1.20% | 1.20% | |
Term Loan (Maturity date March 2027) | SOFR | Maximum | |||
DEBT | |||
Basis spread on variable rate | 1.90% | 1.90% | |
Term Loan (Maturity date March 2027) | SOFR | Interest Rate Swap | |||
DEBT | |||
Principal amount | $ 250,000 | ||
Term Loan (Maturity date March 2027) | SOFR | Interest Rate Caps | |||
DEBT | |||
Principal amount | $ 300,000 | ||
Term Loan (Maturity date March 2027) | Base Rate | Minimum | |||
DEBT | |||
Basis spread on variable rate | 0.20% | 0.20% | |
Term Loan (Maturity date March 2027) | Base Rate | Maximum | |||
DEBT | |||
Basis spread on variable rate | 0.90% | 0.90% | |
Term Loan (Maturity date May 2026) | |||
DEBT | |||
Weighted-Average Effective Interest Rate | 3.42% | 3.65% | |
Principal amount | $ 600,000 | $ 600,000 | |
Debt Instrument, Unused Borrowing Capacity, Fee | $ 600,000 | ||
Term Loan (Maturity date May 2026) | SOFR | |||
DEBT | |||
Basis spread on variable rate | 0.11448% | 0.11448% | |
Term Loan (Maturity date May 2026) | SOFR | Minimum | |||
DEBT | |||
Basis spread on variable rate | 1.35% | 1.35% | |
Term Loan (Maturity date May 2026) | SOFR | Maximum | |||
DEBT | |||
Basis spread on variable rate | 2.20% | 2.20% | |
Term Loan (Maturity date May 2026) | SOFR | Interest Rate Swap | |||
DEBT | |||
Principal amount | $ 525,000 | ||
Term Loan (Maturity date May 2026) | SOFR | Interest Rate Caps | |||
DEBT | |||
Principal amount | $ 75,000 | ||
Term Loan (Maturity date May 2026) | Base Rate | Minimum | |||
DEBT | |||
Basis spread on variable rate | 0.35% | 0.35% | |
Term Loan (Maturity date May 2026) | Base Rate | Maximum | |||
DEBT | |||
Basis spread on variable rate | 1.20% | 1.20% | |
Fixed-rate mortgage notes | |||
DEBT | |||
Weighted-Average Effective Interest Rate | 3.58% | 3.58% | |
Principal amount | $ 996,720 | $ 996,720 | |
Fixed-rate mortgage notes | Minimum | |||
DEBT | |||
Interest rates (as a percent) | 2.85% | 2.85% | |
Fixed-rate mortgage notes | Maximum | |||
DEBT | |||
Interest rates (as a percent) | 4.71% | 4.71% | |
Fixed Rate Secured Mortgage Note Maturity July 2025 [Member] | |||
DEBT | |||
Face Amount | $ 367,800 | ||
Fixed Rate Secured Mortgage Note Maturity July 2025 [Member] | SOFR | |||
DEBT | |||
Principal amount | $ 367,800 | ||
Floating-rate mortgage notes | |||
DEBT | |||
Weighted-Average Effective Interest Rate | 4.48% | 3.68% | |
Principal amount | $ 725,605 | $ 617,250 | |
Variable Rate Secured Mortgage Note Maturity January 2025 | |||
DEBT | |||
Face Amount | $ 408,000 | $ 408,000 | |
Variable Rate Secured Mortgage Note Maturity January 2025 | SOFR | |||
DEBT | |||
Basis spread on variable rate | 1.65% | 1.65% | |
Variable Rate Secured Mortgage Note Maturity July 2025 | |||
DEBT | |||
Face Amount | $ 209,300 | $ 209,300 | |
Variable Rate Secured Mortgage Note Maturity July 2025 | SOFR | |||
DEBT | |||
Basis spread on variable rate | 1.50% | 1.50% | |
Variable Rate Secured Mortgage Note Maturity July 2025 | SOFR | Interest Rate Swap | |||
DEBT | |||
Principal amount | $ 170,000 | $ 170,000 | |
Variable Rate Secured Mortgage Note Maturity October 2026 | |||
DEBT | |||
Principal amount | 108,400 | ||
Face Amount | $ 129,100 | ||
Variable Rate Secured Mortgage Note Maturity October 2026 | SOFR | |||
DEBT | |||
Basis spread on variable rate | 3.30% |
DEBT (Principal Payments on Deb
DEBT (Principal Payments on Debt) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) | |
DEBT | ||
2024 | $ 38,000 | |
2025 | 1,555,080 | |
2026 | 708,355 | |
2027 | 679,750 | |
Thereafter | 461,140 | |
Total principal payments | 3,442,325 | $ 2,853,970 |
Line of Credit | ||
DEBT | ||
2025 | 570,000 | |
Total principal payments | $ 570,000 | 90,000 |
Term of extension option | 1 year | |
Number of extension options for extension term | item | 2 | |
Term Loan | ||
DEBT | ||
2026 | $ 600,000 | |
2027 | 550,000 | |
Total principal payments | 1,150,000 | |
Mortgages [Member] | ||
DEBT | ||
2024 | 38,000 | |
2025 | 985,080 | |
2026 | 108,355 | |
2027 | 129,750 | |
Thereafter | 461,140 | |
Total principal payments | 1,722,325 | |
Fixed-rate mortgage notes | ||
DEBT | ||
Total principal payments | 996,720 | 996,720 |
Fixed Rate Secured Mortgage Note Maturity July 2025 [Member] | ||
DEBT | ||
Face Amount | $ 367,800 | |
Term of extension option | 1 year | |
Number of extension options for extension term | item | 2 | |
Floating-rate mortgage notes | ||
DEBT | ||
Total principal payments | $ 725,605 | 617,250 |
Variable Rate Secured Mortgage Note Maturity January 2025 | ||
DEBT | ||
Face Amount | $ 408,000 | 408,000 |
Term of extension option | 1 year | |
Number of extension options for extension term | item | 2 | |
Variable Rate Secured Mortgage Note Maturity July 2025 | ||
DEBT | ||
Face Amount | $ 209,300 | $ 209,300 |
Term of extension option | 1 year | |
Variable Rate Secured Mortgage Note Maturity October 2026 | ||
DEBT | ||
Face Amount | $ 129,100 | |
Total principal payments | $ 108,400 | |
Term of extension option | 1 year | |
Number of extension options for extension term | item | 2 |
DEBT (Secured Financings) (Deta
DEBT (Secured Financings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
DEBT | ||
Outstanding amount | $ 42,298 | $ 0 |
Morgan Stanley Bank, N.A. | ||
DEBT | ||
Outstanding amount | 42,300 | |
Fair value | 55,600 | |
Interest Costs Incurred | $ 1,400 | |
SOFR | Morgan Stanley Bank, N.A. | ||
DEBT | ||
Basis spread on variable rate | 0.90% |
DEBT (Summary of Location and F
DEBT (Summary of Location and Fair Value of Derivative Instruments) (Details) $ in Thousands | Jan. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) contract | Dec. 31, 2022 USD ($) contract |
DEBT | |||
Decrease in cash flow hedge to be reclassified in next twelve months | $ 27,800 | ||
Number of Contracts | contract | 23 | 19 | |
Notional Amount | $ 2,324,940 | $ 2,020,830 | |
Derivative instruments | $ 83,531 | $ 99,333 | |
Interest Rate Swap | Cash Flow Hedges | Designated as Hedging Instrument | |||
DEBT | |||
Number of Contracts | contract | 11 | 17 | |
Notional Amount | $ 1,142,830 | $ 1,442,830 | |
Derivative instruments | $ 41,091 | $ 70,994 | |
Interest Rate Swap Effective In January 2024 | Subsequent Event | |||
DEBT | |||
Notional Amount | $ 100,000 | ||
Interest Rate Swap Expiring In January 2024 | Subsequent Event | |||
DEBT | |||
Notional Amount | $ 50,000 | ||
Interest Rate Caps | Not Designated as Hedging Instrument | |||
DEBT | |||
Number of Contracts | contract | 4 | 2 | |
Notional Amount | $ 707,110 | $ 578,000 | |
Derivative instruments | $ 14,887 | $ 28,339 | |
Interest Rate Caps | Cash Flow Hedges | Designated as Hedging Instrument | |||
DEBT | |||
Number of Contracts | contract | 8 | ||
Number of Contracts held are effective | contract | 6 | ||
Notional Amount | $ 475,000 | ||
Derivative instruments | $ 27,553 |
DEBT (Effect of Derivative Fina
DEBT (Effect of Derivative Financial Instruments on Financial Statements) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
DEBT | |||
Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded | $ 190,382 | $ 150,824 | $ 30,463 |
Unrealized loss (gain) on derivative instruments recognized in other (income) expenses | 13,677 | (25,175) | 177 |
Designated as Hedging Instrument | |||
DEBT | |||
Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded | 190,382 | 150,824 | 30,463 |
Not Designated as Hedging Instrument | |||
DEBT | |||
Unrealized loss (gain) on derivative instruments recognized in other (income) expenses | 13,677 | (25,176) | 177 |
Realized (gain) loss on derivative instruments recognized in other (income) expenses | (18,801) | (3,452) | |
Cash Flow Hedges | Designated as Hedging Instrument | |||
DEBT | |||
Gain (loss) recognized in AOCI | 9,000 | 73,592 | 8,298 |
Amount reclassified from AOCI as an (decrease) increase into interest expense | $ (44,625) | $ (5,251) | $ 4,164 |
DST PROGRAM (Loans Outstanding)
DST PROGRAM (Loans Outstanding) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Delaware Statutory Trust Programs [Line Items] | ||
Total DST Program Loans | $ 202,715 | $ 152,402 |
Carried at cost | ||
Delaware Statutory Trust Programs [Line Items] | ||
Total DST Program Loans | $ 200,276 | $ 152,402 |
Carried at cost | Weighted Average | ||
Delaware Statutory Trust Programs [Line Items] | ||
DST Program Loans - Interest Rate (in %) | 4.98% | 4.63% |
DST Program Loans - Remaining Life (in years) | 7 years 5 months 1 day | 9 years 3 months 7 days |
Carried at fair value | ||
Delaware Statutory Trust Programs [Line Items] | ||
Total DST Program Loans | $ 2,439 | |
Carried at fair value | Weighted Average | ||
Delaware Statutory Trust Programs [Line Items] | ||
DST Program Loans - Interest Rate (in %) | 6.27% | |
DST Program Loans - Remaining Life (in years) | 10 years | |
Total | ||
Delaware Statutory Trust Programs [Line Items] | ||
Total DST Program Loans | $ 202,715 | $ 152,402 |
Total | Weighted Average | ||
Delaware Statutory Trust Programs [Line Items] | ||
DST Program Loans - Interest Rate (in %) | 5% | 4.63% |
DST Program Loans - Remaining Life (in years) | 7 years 5 months 12 days | 9 years 3 months 7 days |
DST PROGRAM (Financing Obligati
DST PROGRAM (Financing Obligations) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Delaware Statutory Trust Programs [Line Items] | ||
Financing obligations - Book Value | $ 87,145 | $ 0 |
Carried at cost | ||
Delaware Statutory Trust Programs [Line Items] | ||
Financing obligations - Outstanding Liability | 1,559,200 | 1,237,641 |
Financing obligations - Unamortized Program Costs | (1,975) | (1,543) |
Financing obligations - Total Appreciation | 14,264 | 26,568 |
Financing obligations - Book Value | 1,571,489 | 1,262,666 |
Carried at fair value | ||
Delaware Statutory Trust Programs [Line Items] | ||
Financing obligations - Outstanding Liability | 87,324 | |
Financing obligations - Unrealized Gain, Net | (179) | |
Financing obligations - Book Value | 87,145 | |
Total | ||
Delaware Statutory Trust Programs [Line Items] | ||
Financing obligations - Outstanding Liability | 1,646,524 | 1,237,641 |
Financing obligations - Unamortized Program Costs | (1,975) | (1,543) |
Financing obligations - Total Appreciation | 14,264 | 26,568 |
Financing obligations - Unrealized Gain, Net | (179) | |
Financing obligations - Book Value | $ 1,658,634 | $ 1,262,666 |
DST PROGRAM (DST Program activi
DST PROGRAM (DST Program activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Delaware Statutory Trust Program [Abstract] | |||
DST Interests sold | $ 416,507 | $ 768,639 | $ 492,168 |
DST Interests financed by DST Program Loans | 52,542 | 84,798 | 68,772 |
Income earned from DST Program Loans | 8,884 | 4,811 | 861 |
(Decrease) increase in financing obligation liability appreciation | (12,303) | 26,568 | 0 |
Rent obligation incurred under master lease agreements | $ 67,324 | $ 41,702 | $ 6,039 |
FAIR VALUE (Recurring Basis) (D
FAIR VALUE (Recurring Basis) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) loan | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative instruments, assets | $ 83,531 | $ 99,333 | |
Available-for-sale debt securities | 55,632 | 60,033 | $ 0 |
Debt-related investments | 129,123 | ||
Financing obligations | 87,145 | 0 | |
Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative instruments, assets | 83,531 | 99,333 | |
Available-for-sale debt securities | 55,632 | 60,033 | |
Debt-related investments | 129,123 | ||
DST Program Loans | 2,439 | ||
Total assets measured at fair value | 270,725 | 159,366 | |
Financing obligations | 87,145 | ||
Total liabilities measured at fair value | 87,145 | ||
Level 2 | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative instruments, assets | 83,531 | 99,333 | |
Available-for-sale debt securities | 55,632 | 60,033 | |
Total assets measured at fair value | $ 139,163 | $ 159,366 | |
Level 3 | Senior Debt Obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of contract on debt securities | loan | 2 | ||
Level 3 | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt-related investments | $ 129,123 | ||
DST Program Loans | 2,439 | ||
Total assets measured at fair value | 131,562 | ||
Financing obligations | 87,145 | ||
Total liabilities measured at fair value | $ 87,145 |
FAIR VALUE (Financial Instrumen
FAIR VALUE (Financial Instrument Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Purchases and contributions | $ 131,236 |
Paid-in-kind interest | 326 |
Ending balance | 131,562 |
DST Program Loans | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Purchases and contributions | 2,439 |
Ending balance | 2,439 |
Debt-related investments | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Purchases and contributions | 128,797 |
Paid-in-kind interest | 326 |
Ending balance | $ 129,123 |
FAIR VALUE (Financial Instrum_2
FAIR VALUE (Financial Instrument Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Unrealized Gains (Losses) on Financing Obligations |
Financing Obligations | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
DST Interests sold, net of upfront fees | $ 87,324 |
Unrealized gain on financing obligations | (179) |
Ending balance | $ 87,145 |
FAIR VALUE (Quantitative Inputs
FAIR VALUE (Quantitative Inputs and Assumptions) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Available-for-sale debt securities | $ 55,632 | $ 60,033 | $ 0 |
DST Program Loans | 2,439 | 0 | |
Financing obligations | 87,145 | $ 0 | |
Level 3 | Yield Method | Market Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Available-for-sale debt securities | 129,123 | ||
DST Program Loans | 2,439 | ||
Level 3 | Discounted Cash Flow | Discount Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Financing obligations | $ 87,145 |
FAIR VALUE (Nonrecurring Basis)
FAIR VALUE (Nonrecurring Basis) (Details) - Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Carrying Value | ||
Assets: | ||
DST Program Loans | $ 200,276 | $ 152,402 |
Carrying Value | Line of Credit | ||
Liabilities: | ||
Debt instruments, fair value disclosure | 570,000 | 90,000 |
Carrying Value | Term Loan | ||
Liabilities: | ||
Debt instruments, fair value disclosure | 1,150,000 | 1,150,000 |
Carrying Value | Mortgages [Member] | ||
Liabilities: | ||
Debt instruments, fair value disclosure | 1,722,325 | 1,613,970 |
Carrying Value | Secured Debt | ||
Liabilities: | ||
Debt instruments, fair value disclosure | 42,298 | |
Fair Value | ||
Assets: | ||
DST Program Loans | 196,715 | 146,728 |
Fair Value | Line of Credit | ||
Liabilities: | ||
Debt instruments, fair value disclosure | 570,000 | 90,000 |
Fair Value | Term Loan | ||
Liabilities: | ||
Debt instruments, fair value disclosure | 1,150,000 | 1,150,000 |
Fair Value | Mortgages [Member] | ||
Liabilities: | ||
Debt instruments, fair value disclosure | 1,647,660 | $ 1,521,046 |
Fair Value | Secured Debt | ||
Liabilities: | ||
Debt instruments, fair value disclosure | $ 42,298 |
EQUITY (Narrative) (Details)
EQUITY (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 04, 2021 | |
Class of Stock [Line Items] | ||||
Dollar value of primary shares of common stock in offering | $ 5,000,000 | |||
Issuance of common stock | $ 283,235 | $ 1,037,027 | $ 1,253,111 | |
Issuance of common stock, shares | 18.9 | |||
Primary Offering | ||||
Class of Stock [Line Items] | ||||
Dollar value of primary shares of common stock in offering | 3,750,000 | |||
DRIP | ||||
Class of Stock [Line Items] | ||||
Dollar value of primary shares of common stock in offering | $ 1,250,000 | |||
Issuance of common stock | $ 85,200 |
EQUITY (Summary of Changes in S
EQUITY (Summary of Changes in Shares Outstanding for Each Class of Common Stock) (Details) - shares shares in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2014 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Redemptions | (45,044) | (14,109) | (2,350) | |
Class T Shares | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance, shares | 227,265 | |||
Ending balance, shares | 162,838 | 227,265 | ||
Common stock, shares issued | 162,838 | 227,265 | ||
Class D Shares | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance, shares | 20,577 | |||
Ending balance, shares | 20,410 | 20,577 | ||
Common stock, shares issued | 20,410 | 20,577 | ||
Class I Shares | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance, shares | 66,702 | |||
Ending balance, shares | 105,358 | 66,702 | ||
Common stock, shares issued | 105,358 | 66,702 | ||
Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance, shares | 314,544 | 257,169 | 141,471 | |
Primary shares | 13,062 | 65,978 | 112,938 | |
DRIP | 5,870 | 5,338 | 4,904 | |
Stock grants, net of cancellations | 197 | 193 | 233 | |
Redemptions | (45,044) | (14,109) | (2,350) | |
Forfeitures | (23) | (25) | (27) | |
Ending balance, shares | 288,606 | 314,544 | 257,169 | |
Common Stock | Class T Shares | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance, shares | 227,265 | 206,129 | 130,565 | |
Primary shares | 7,990 | 40,034 | 73,534 | |
DRIP | 3,725 | 4,002 | 4,234 | |
Redemptions | (29,182) | (9,120) | (2,204) | |
Conversions | (46,960) | (13,780) | ||
Ending balance, shares | 162,838 | 227,265 | 206,129 | |
Common Stock | Class D Shares | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance, shares | 20,577 | 13,649 | 7,866 | |
Primary shares | 1,813 | 7,308 | 5,614 | |
DRIP | 445 | 355 | 283 | |
Redemptions | (2,425) | (735) | (114) | |
Ending balance, shares | 20,410 | 20,577 | 13,649 | |
Common Stock | Class I Shares | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance, shares | 66,702 | 37,391 | 3,040 | |
Primary shares | 3,259 | 18,636 | 33,790 | |
DRIP | 1,700 | 981 | 387 | |
Stock grants, net of cancellations | 197 | 193 | 233 | |
Redemptions | (13,437) | (4,254) | (32) | |
Conversions | 46,960 | 13,780 | ||
Forfeitures | (23) | (25) | (27) | |
Ending balance, shares | 105,358 | 66,702 | 37,391 | |
Common Stock | Class I Shares | Ares Commercial Real Estate Management | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common stock, shares issued | 20,000 |
EQUITY (Summary of Company's Ca
EQUITY (Summary of Company's Cash Distribution Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||||||||||||||
Declared per Common Share (usd per share) | $ 0.15000 | $ 0.15000 | $ 0.13625 | $ 0.13625 | $ 0.13625 | $ 0.13625 | $ 0.13625 | $ 0.13625 | $ 0.13625 | $ 0.13625 | $ 0.13625 | $ 0.13625 | $ 0.57250 | $ 0.54500 | $ 0.54500 |
Common Stock Distributions Paid in Cash | $ 16,483 | $ 16,825 | $ 15,490 | $ 15,284 | $ 14,963 | $ 14,593 | $ 13,674 | $ 13,043 | $ 12,429 | $ 11,020 | $ 8,552 | $ 6,721 | $ 64,082 | $ 56,273 | $ 38,722 |
Other Cash Distributions | 1,270 | 1,296 | 1,177 | 1,107 | 618 | 618 | 618 | 639 | 179 | 178 | 179 | 179 | 4,850 | 2,493 | 715 |
Reinvested in Shares | 22,196 | 22,550 | 20,357 | 20,653 | 20,522 | 19,942 | 18,953 | 18,158 | 16,900 | 15,219 | 12,295 | 10,310 | 85,756 | 77,575 | 54,724 |
Distribution Fees | 4,987 | 5,721 | 6,344 | 6,806 | 7,372 | 7,304 | 6,852 | 5,656 | 5,146 | 4,263 | 3,373 | 3,240 | 23,858 | 27,184 | 16,022 |
Gross Distributions | $ 44,936 | $ 46,392 | $ 43,368 | $ 43,850 | $ 43,475 | $ 42,457 | $ 40,097 | $ 37,496 | $ 34,654 | $ 30,680 | $ 24,399 | $ 20,450 | $ 178,546 | $ 163,525 | $ 110,183 |
EQUITY (Share Redemption Activi
EQUITY (Share Redemption Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||
Number of shares redeemed (in shares) | 45,044 | 14,109 | 2,350 |
Aggregate dollar amount of shares redeemed | $ 652,754 | $ 213,444 | $ 25,109 |
Average redemption price per share (in dollars per share) | $ 14.49 | $ 15.13 | $ 10.68 |
REDEEMABLE NONCONTROLLING INT_3
REDEEMABLE NONCONTROLLING INTERESTS (Redeemable noncontrolling interest activity) (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jan. 31, 2023 | Jan. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Redeemable Noncontrolling Interest [Line Items] | |||||||
Beginning balance | $ 15,687 | $ 69,553 | $ 15,687 | ||||
Settlement of prior year performance participation allocation | 62,667 | 81,185 | |||||
Distributions to redeemable noncontrolling interests | (4,850) | (2,493) | $ (715) | ||||
Redemptions of redeemable noncontrolling interests | (3,979) | (40,915) | |||||
Net loss attributable to redeemable noncontrolling interests | (5,587) | (4,874) | (498) | ||||
Change from cash flow hedging activities and available-for-sale securities attributable to redeemable noncontrolling interests | (966) | 1,043 | 81 | ||||
Redemption value allocation adjustment to redeemable noncontrolling interests | (2,528) | 19,920 | |||||
Ending balance | $ 15,687 | $ 114,310 | $ 69,553 | $ 15,687 | |||
Redeemable noncontrolling interests activity, in shares | |||||||
Beginning balance, shares | 1,311,000 | 4,532,000 | 1,311,000 | ||||
Settlement of prior year performance participation allocation, shares | 4,106,000 | 6,494,000 | |||||
Redemptions of redeemable noncontrolling interests, shares | (292,000) | (3,273,000) | |||||
Ending balance, shares | 1,311,000 | 8,346,000 | 4,532,000 | 1,311,000 | |||
Payable as of | $ 57,176 | $ 194,822 | |||||
Performance Participation Allocation. | AIREIT Incentive Fee LP | Operating Partnership Units | |||||||
Redeemable noncontrolling interests activity, in shares | |||||||
Issuance of OP Units (in shares) | 6,494,463 | ||||||
Related Party | Ares Commercial Real Estate Management | |||||||
Redeemable noncontrolling interests activity, in shares | |||||||
Payable as of | $ 11,687 | 153,516 | |||||
Related Party | Advisory Fee, Performance Component | Operating Partnership Units | Ares Commercial Real Estate Management | |||||||
Redeemable noncontrolling interests activity, in shares | |||||||
Issuance of OP Units (in shares) | 3,273,003 | ||||||
Related Party | Performance Participation Allocation. | Ares Commercial Real Estate Management | |||||||
Redeemable noncontrolling interests activity, in shares | |||||||
Payable as of | 140,505 | ||||||
Allocation, to be settled in cash | $ 77,800 | ||||||
Related Party | Performance Participation Allocation. | Operating Partnership Units | Ares Commercial Real Estate Management | |||||||
Redeemable noncontrolling interests activity, in shares | |||||||
Payable as of | $ 81,200 | $ 140,500 | $ 81,200 | ||||
Related Party | Performance Participation Allocation. | Operating Partnership Units | Chairman | |||||||
Redeemable noncontrolling interests activity, in shares | |||||||
Issuance of OP Units (in shares) | 3,221,460 |
INCOME TAXES (Additional Inform
INCOME TAXES (Additional Information) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Impact on uncertain tax positions from results of operations | $ 0 | $ 0 | $ 0 |
Deferred Tax Assets, Net | 300,000 | 0 | |
Performance participation allocation | $ 0 | 140,505,000 | 81,185,000 |
Amount of incentive-based performance participation allocation | $ 140,500,000 | $ 81,200,000 | |
Percentage of Performance Participation Allocation in Cash | 55.40% |
INCOME TAXES (Preliminary Taxab
INCOME TAXES (Preliminary Taxability of Distributions on Common Shares) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income | 11.60% | ||
Non-taxable return of capital | 100% | 100% | 34.80% |
Long-term capital Gain | 53.60% | ||
Total distribution | 100% | 100% | 100% |
RELATED PARTY TRANSACTIONS (Sel
RELATED PARTY TRANSACTIONS (Selling Commissions, Dealer Manager Fees and Distribution Fees) (Details) - Related Party | 1 Months Ended | 12 Months Ended |
Feb. 28, 2021 | Dec. 31, 2023 | |
Ares Commercial Real Estate Management | ||
Related Party Transaction [Line Items] | ||
Advisory agreement period | 1 year | |
Selling Commissions And Dealer Manager | Ares Commercial Real Estate Management | ||
Related Party Transaction [Line Items] | ||
Distribution fees threshold to cease payment | 8.50% | |
Class T Shares | Selling Commissions And Dealer Manager | Ares Commercial Real Estate Management | ||
Related Party Transaction [Line Items] | ||
Selling commissions (as % of offering price), up to this percent | 2% | |
Dealer manager fees (as % of offering price), up to this percent | 2.50% | |
Distribution fees (as % of NAV per annum) | 0.85% | |
Class T Shares | Selling Commissions And Dealer Manager | Dealer Manager | ||
Related Party Transaction [Line Items] | ||
Distribution fees (as % of NAV per annum) | 1% | |
Class D Shares | Selling Commissions And Dealer Manager | Ares Commercial Real Estate Management | ||
Related Party Transaction [Line Items] | ||
Selling commissions (as % of offering price), up to this percent | 0% | |
Dealer manager fees (as % of offering price), up to this percent | 0% | |
Distribution fees (as % of NAV per annum) | 0.50% | |
Class D Shares | Selling Commissions And Dealer Manager | Dealer Manager | ||
Related Party Transaction [Line Items] | ||
Distribution fees (as % of NAV per annum) | 0.25% | |
Class I Shares | Selling Commissions And Dealer Manager | Ares Commercial Real Estate Management | ||
Related Party Transaction [Line Items] | ||
Selling commissions (as % of offering price), up to this percent | 0% | |
Dealer manager fees (as % of offering price), up to this percent | 0% | |
Distribution fees (as % of NAV per annum) | 0% |
RELATED PARTY TRANSACTIONS (Adv
RELATED PARTY TRANSACTIONS (Advisory Fee) (Details) - Related Party - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 16, 2021 | |
Ares Commercial Real Estate Management | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 131,384 | $ 300,329 | $ 163,896 | |
Advisory Fees | ||||
Related Party Transaction [Line Items] | ||||
Loss carryforward per share | $ 1.47 | |||
Advisory Fees | Ares Commercial Real Estate Management | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction Fixed Component Percentage Of Advisory Fee | 1.25% | 0.80% | ||
Threshold for performance component of advisory fee | 12.50% | |||
Threshold of annual total return as % of NAV | 5% | |||
Performance component earned for excess return over the hurdle amount | 100% | |||
Maximum performance component limited to % of total annual return | 12.50% | |||
Performance Participation Allocation. | Ares Commercial Real Estate Management | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0 | $ 140,505 | $ 81,185 |
RELATED PARTY TRANSACTIONS (Org
RELATED PARTY TRANSACTIONS (Organization and Offering Expenses, Development fees) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Other Liabilities | $ 57,176 | $ 194,822 |
Ares Commercial Real Estate Management | Related Party | ||
Related Party Transaction [Line Items] | ||
Other Liabilities | 11,687 | 153,516 |
Other Expense Reimbursements [Member] | Ares Commercial Real Estate Management | Related Party | ||
Related Party Transaction [Line Items] | ||
Other Liabilities | $ 2,799 | 2,624 |
Organization and Offering Expenses [Member] | ||
Related Party Transaction [Line Items] | ||
Threshold criteria of organization and offering expenses | 15% | |
Organization and Offering Expenses [Member] | Ares Commercial Real Estate Management | Related Party | ||
Related Party Transaction [Line Items] | ||
Other Liabilities | $ 0 | 0 |
Development Fees | ||
Related Party Transaction [Line Items] | ||
Development fee percentage | 4% | |
Development Fees | Ares Commercial Real Estate Management | Related Party | ||
Related Party Transaction [Line Items] | ||
Other Liabilities | $ 588 | $ 471 |
RELATED PARTY TRANSACTIONS (DST
RELATED PARTY TRANSACTIONS (DST Program & Summary of Fees and Expenses Incurred by Company) (Details) - USD ($) $ in Thousands, shares in Millions | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||||
Distribution fees payable to affiliates | $ 64,517 | $ 92,145 | ||
Other liabilities | (57,176) | (194,822) | ||
Other assets | $ 69,072 | 78,138 | ||
D S T Program Manager Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percent of interests intended to be sold to third parties | 100% | |||
Related Party | Ares Commercial Real Estate Management | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 131,384 | 300,329 | $ 163,896 | |
Other liabilities | (11,687) | (153,516) | ||
Amount reimbursed for services | 11,200 | 11,400 | 10,100 | |
Related Party | Selling Commissions And Dealer Manager | Ares Commercial Real Estate Management | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 4,449 | 22,815 | 15,046 | |
Other liabilities | 0 | |||
Related Party | Ongoing Distribution Fees | Ares Commercial Real Estate Management | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 23,858 | 27,175 | 16,022 | |
Distribution fees payable to affiliates | 64,500 | 92,100 | ||
Other liabilities | (1,549) | (2,459) | ||
Related Party | Advisory Fee, Fixed Component | Ares Commercial Real Estate Management | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 74,092 | 67,561 | 28,558 | |
Other liabilities | (5,813) | (6,371) | ||
Related Party | Performance Participation Allocation. | Ares Commercial Real Estate Management | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 140,505 | 81,185 | |
Other liabilities | (140,505) | |||
Cash paid for settlement of related party amount due | $ 77,800 | |||
Settlement of related party amount due by OP units | 4.1 | |||
Related Party | Other Expense Reimbursements | Ares Commercial Real Estate Management | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 12,116 | 12,452 | 11,434 | |
Other liabilities | (2,799) | (2,624) | ||
Related Party | Property Accounting Fee | Ares Commercial Real Estate Management | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 3,017 | 2,803 | 1,262 | |
Other liabilities | (269) | |||
Other assets | 129 | |||
Related Party | D S T Program Selling Commissions, Dealer Manager And Distribution Fees | Ares Commercial Real Estate Management | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 6,393 | 8,584 | 3,527 | |
Other liabilities | (852) | (672) | ||
Related Party | D S T Program Dealer Manager Fees [Member] | Affiliated Entity | Dealer Manager | Ares Industrial Real Estate Exchange LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Private placement, amount of interests placed with dealer | $ 2,500,000 | |||
Related Party | D S T Program Dealer Manager Fees [Member] | Dealer Manager | ||||
Related Party Transaction [Line Items] | ||||
Private placement, dealer fee, percent of gross equity proceeds | 1.50% | |||
Related Party | D S T Program Dealer Manager Fees [Member] | Dealer Manager | Ares Industrial Real Estate Exchange LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Private placement, commission, percent of gross equity proceeds | 5% | |||
Private placement, dealer fee, percent of gross equity proceeds | 1.50% | |||
Private placement, dealer manager fees | 1% | |||
Related Party | D S T Program Manager Fees [Member] | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Maximum percentage of purchase price paid by investor | 50% | |||
Percentage of origination fee | 1% | |||
Related Party | D S T Program Manager Fees [Member] | DST Manager | DST Manager | ||||
Related Party Transaction [Line Items] | ||||
Redemption Fee Receivable, Percent Of Amount Receivable | 1% | |||
Related Party | D S T Program Manager Fees [Member] | DST Manager | DST Advisor | ||||
Related Party Transaction [Line Items] | ||||
Management Compensation Fee Receivable, Percent Of Gross Rents | 1% | |||
Management Loan Fee Receivable, Percent Of Financing Arranged | 1% | |||
Management fee, percent of equity proceeds | 1% | |||
Related Party | Other D S T Program Related Costs | Ares Commercial Real Estate Management | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 5,664 | 9,974 | 5,925 | |
Other liabilities | (215) | (145) | ||
Related Party | Development Fees | Ares Commercial Real Estate Management | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 1,795 | 8,460 | $ 937 | |
Other liabilities | $ (588) | $ (471) |
RELATED PARTY TRANSACTIONS (Tra
RELATED PARTY TRANSACTIONS (Transactions with Affiliates and Performance Fee OP Units) (Details) - USD ($) | 1 Months Ended | ||||
Jul. 01, 2021 | Dec. 31, 2021 | Nov. 30, 2014 | Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
Other liabilities | $ 57,176,000 | $ 194,822,000 | |||
Related Party | Ares Commercial Real Estate Management | |||||
Related Party Transaction [Line Items] | |||||
Other liabilities | 11,687,000 | 153,516,000 | |||
Related Party | Ares Commercial Real Estate Management | Other Expense Reimbursements [Member] | |||||
Related Party Transaction [Line Items] | |||||
Other liabilities | 2,799,000 | 2,624,000 | |||
Related Party | Ares Commercial Real Estate Management | Organization and Offering Expenses [Member] | |||||
Related Party Transaction [Line Items] | |||||
Other liabilities | $ 0 | $ 0 | |||
Related Party | Ares Commercial Real Estate Management | AIREIT Operating Partnership LP [Member] | |||||
Related Party Transaction [Line Items] | |||||
Sale of Stock, Number of Shares Issued in Transaction | 100 | ||||
Related Party | Affiliated Entity | AIREIT Operating Partnership LP [Member] | |||||
Related Party Transaction [Line Items] | |||||
Sale of Stock, Consideration Received Per Transaction | $ 1,000 | ||||
Sale of Stock, Number of Shares Issued in Transaction | 100 | ||||
Related Party | Special Unit Holder | AIREIT Operating Partnership LP [Member] | |||||
Related Party Transaction [Line Items] | |||||
Sale of Stock, Number of Shares Issued in Transaction | 100 | ||||
Class I Shares | |||||
Related Party Transaction [Line Items] | |||||
Common stock, shares issued | 105,358,000 | 66,702,000 |
RELATED PARTY TRANSACTIONS (Joi
RELATED PARTY TRANSACTIONS (Joint Venture Partnerships) (Details) - Related Party - USD ($) $ in Millions | 2 Months Ended | 12 Months Ended | ||
Feb. 14, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
BTC II Partnership | BTC II Partnership Agreement | BTC II Partnership | ||||
Related Party Transaction [Line Items] | ||||
Payment of Joint Venture Partnership Fees | $ 1.8 | |||
Related Party Transaction, Expenses from Transactions with Related Party | $ 10.1 | |||
BTC II B Partnership | BTC II B Partnership Agreement | BTC II B Partnership | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 2.1 | $ 1.1 |
NET INCOME (LOSS) PER COMMON _3
NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Net loss attributable to common stockholders-basic | $ (204,674) | $ (308,079) | $ (75,349) |
Net loss attributable to redeemable noncontrolling interests | (5,587) | (4,874) | (498) |
Net loss attributable to noncontrolling interests | 38 | 38 | 20 |
Net loss attributable to common stockholders-diluted | $ (210,223) | $ (312,915) | $ (75,827) |
Weighted-average shares outstanding - basic (in shares) | 303,660 | 295,683 | 201,169 |
Incremental weighted-average shares outstanding-diluted | 8,461 | 4,533 | 1,311 |
Weighted-average shares outstanding - diluted | 312,121 | 300,216 | 202,480 |
Net loss per common share - basic (in dollars per share) | $ (0.67) | $ (1.04) | $ (0.37) |
Net loss per common share - diluted (in dollars per share) | $ (0.67) | $ (1.04) | $ (0.37) |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental disclosure of non-cash investing and financing activities: | |||
Interest paid related to consolidated indebtedness, net of capitalized interest | $ 118,575 | $ 70,667 | $ 21,772 |
Interest paid related to DST Program | 62,507 | 32,157 | 1,757 |
Distributions reinvested in common stock | 85,224 | 76,434 | 52,223 |
Increase in DST Program Loans receivable through DST Program capital raising | 52,542 | 83,630 | 68,772 |
Redeemable noncontrolling interests issued as settlement of performance participation allocation | 62,667 | 81,185 | 9,640 |
Non-cash redemption of minority ownership interest in unconsolidated joint venture partnership | 91,028 | 279,340 | |
(Decrease) increase in accrued future ongoing distribution fees | (27,628) | 6,726 | 40,458 |
(Decrease) increase in accrued capital expenditures | (33,214) | 58,902 | 2,433 |
Non-cash selling commissions and dealer manager fees | $ 4,449 | $ 22,815 | $ 15,046 |
SUPPLEMENTAL CASH FLOW INFORM_4
SUPPLEMENTAL CASH FLOW INFORMATION (Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 14,322 | $ 79,524 | $ 216,848 | $ 232,369 |
Restricted cash | 620 | 499 | 887 | 530 |
Cash, cash equivalents and restricted cash | $ 14,942 | $ 80,023 | $ 217,735 | $ 232,899 |
NONCONTROLLING INTERESTS (Addit
NONCONTROLLING INTERESTS (Additional Information) (Details) | 1 Months Ended | ||
Jul. 01, 2021 shares | Nov. 30, 2014 USD ($) shares | Dec. 31, 2023 subsidiary | |
Noncontrolling Interest [Line Items] | |||
Number Of Subsidiaries Owned | subsidiary | 3 | ||
BCI IV Operating Partnership LP (Operating Partnership) [Member] | Ares Commercial Real Estate Management | |||
Noncontrolling Interest [Line Items] | |||
Sale of Stock, Consideration Received Per Transaction | $ | $ 1,000 | ||
Sale of Stock, Number of Shares Issued in Transaction | shares | 100 | 100 |
NONCONTROLLING INTERESTS (Subsi
NONCONTROLLING INTERESTS (Subsidiary REITs) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Noncontrolling Interest [Line Items] | |||
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Preferred stock, par value per share | $ 0.01 | $ 0.01 | |
Subsidiaries [Member] | Executive Airport II | |||
Noncontrolling Interest [Line Items] | |||
Preferred Stock, Shares Outstanding | 125 | ||
Preferred stock, par value per share | $ 1,000 | ||
Preferred Stock, Dividend Rate, Percentage | 12.50% | ||
Dividends Payable | $ 7,812 | $ 7,812 | |
Subsidiaries [Member] | Build-To-Core Logistics Portfolio | |||
Noncontrolling Interest [Line Items] | |||
Preferred Stock, Shares Outstanding | 122 | ||
Preferred stock, par value per share | $ 500 | ||
Preferred Stock, Dividend Rate, Percentage | 12% | ||
Subsidiaries [Member] | Hainesport Commerce Center | |||
Noncontrolling Interest [Line Items] | |||
Preferred Stock, Shares Outstanding | 125 | ||
Preferred stock, par value per share | $ 1,000 | ||
Preferred Stock, Dividend Rate, Percentage | 12% |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ in Thousands | Mar. 05, 2024 USD ($) property | Dec. 31, 2023 USD ($) building | Dec. 31, 2022 USD ($) building |
Subsequent Event [Line Items] | |||
Number of real estate properties | building | 256 | 243 | |
Net investment in real estate properties | $ 6,753,978 | $ 6,733,878 | |
Subsequent Event | Industrial Property | |||
Subsequent Event [Line Items] | |||
Number of real estate properties | property | 2 | ||
Aggregate contractual purchase price | $ 35,100 | ||
Net investment in real estate properties | $ 27,000 |
SCHEDULE III-REAL ESTATE AND _2
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) building | Dec. 31, 2022 USD ($) building | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 256 | 243 | ||
Debt | $ 1,722,325 | |||
Initial Cost of Land | 1,303,940 | |||
Initial Cost of Buildings and Improvements | 5,583,012 | |||
Total Initial Costs | 6,886,952 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 487,632 | |||
Gross amount carried, Land | 1,300,059 | |||
Gross amount carried, Buildings and Improvements | 6,074,525 | |||
Gross amount carried, Total Costs | 7,374,584 | $ 7,058,013 | $ 4,916,055 | $ 1,377,912 |
Accumulated Depreciation and Amortization | (750,429) | |||
Gross | 498,053 | 479,532 | ||
Intangibles lease liabilities, gross | 129,823 | $ 129,823 | ||
Real estate federal income tax basis | $ 5,600,000 | |||
Fixed Rate Mortgage Notes Maturing November 2027 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 8 | |||
Gross amount carried, Total Costs | $ 118,500 | |||
Interest rates (as a percent) | 2.90% | |||
Variable Rate Secured Mortgage Note Maturity January 2025 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 15 | |||
Gross amount carried, Total Costs | $ 408,000 | |||
Variable Rate Secured Mortgage Note Maturity January 2025 | SOFR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Basis spread on variable rate | 1.65% | 1.65% | ||
Fixed Rate Mortgage Notes Maturing January 2029 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 12 | |||
Gross amount carried, Total Costs | $ 461,100 | |||
Interest rates (as a percent) | 2.85% | |||
Fixed Rate Mortgage Notes Maturing July 2025 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 23 | |||
Gross amount carried, Total Costs | $ 367,800 | |||
Fixed Rate Mortgage Notes Maturing July 2025 | SOFR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Basis spread on variable rate | 1.85% | |||
Variable Rate Secured Mortgage Note Maturity July 2025 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 13 | |||
Gross amount carried, Total Costs | $ 209,300 | |||
Variable Rate Secured Mortgage Note Maturity July 2025 | SOFR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Basis spread on variable rate | 1.50% | 1.50% | ||
Variable Rate Secured Mortgage Note Maturity October 2026 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 5 | |||
Gross amount carried, Total Costs | $ 129,100 | |||
Variable Rate Secured Mortgage Note Maturity October 2026 | SOFR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Basis spread on variable rate | 3.30% | |||
Ontario Industrial Center in Ontario, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 5,225 | |||
Initial Cost of Buildings and Improvements | 5,370 | |||
Total Initial Costs | 10,595 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,002 | |||
Gross amount carried, Land | 5,225 | |||
Gross amount carried, Buildings and Improvements | 6,372 | |||
Gross amount carried, Total Costs | 11,597 | |||
Accumulated Depreciation and Amortization | $ (2,313) | |||
Medley Industrial Center in Medley, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 2,864 | |||
Initial Cost of Buildings and Improvements | 4,559 | |||
Total Initial Costs | 7,423 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 312 | |||
Gross amount carried, Land | 2,864 | |||
Gross amount carried, Buildings and Improvements | 4,871 | |||
Gross amount carried, Total Costs | 7,735 | |||
Accumulated Depreciation and Amortization | $ (1,441) | |||
Ontario Distribution Center in Ontario, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 14,657 | |||
Initial Cost of Buildings and Improvements | 16,101 | |||
Total Initial Costs | 30,758 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,566 | |||
Gross amount carried, Land | 14,657 | |||
Gross amount carried, Buildings and Improvements | 17,667 | |||
Gross amount carried, Total Costs | 32,324 | |||
Accumulated Depreciation and Amortization | $ (6,595) | |||
Park 429 Logistics Center in Ocoee, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 7,963 | |||
Initial Cost of Buildings and Improvements | 36,919 | |||
Total Initial Costs | 44,882 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 320 | |||
Gross amount carried, Land | 7,963 | |||
Gross amount carried, Buildings and Improvements | 37,239 | |||
Gross amount carried, Total Costs | 45,202 | |||
Accumulated Depreciation and Amortization | $ (7,120) | |||
Pescadero Distribution Center in Tracy, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 5,602 | |||
Initial Cost of Buildings and Improvements | 40,021 | |||
Total Initial Costs | 45,623 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 975 | |||
Gross amount carried, Land | 5,602 | |||
Gross amount carried, Buildings and Improvements | 40,996 | |||
Gross amount carried, Total Costs | 46,598 | |||
Accumulated Depreciation and Amortization | $ (8,710) | |||
Gothard Industrial Center in Huntington Beach, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 5,325 | |||
Initial Cost of Buildings and Improvements | 4,771 | |||
Total Initial Costs | 10,096 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 421 | |||
Gross amount carried, Land | 5,325 | |||
Gross amount carried, Buildings and Improvements | 5,192 | |||
Gross amount carried, Total Costs | 10,517 | |||
Accumulated Depreciation and Amortization | $ (1,715) | |||
Midway Industrial Center in Odenton, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 4,579 | |||
Initial Cost of Buildings and Improvements | 3,548 | |||
Total Initial Costs | 8,127 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 446 | |||
Gross amount carried, Land | 4,579 | |||
Gross amount carried, Buildings and Improvements | 3,994 | |||
Gross amount carried, Total Costs | 8,573 | |||
Accumulated Depreciation and Amortization | $ (1,734) | |||
Executive Airport Distribution Center I in Henderson, NV | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 10,360 | |||
Initial Cost of Buildings and Improvements | 40,710 | |||
Total Initial Costs | 51,070 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 372 | |||
Gross amount carried, Land | 10,360 | |||
Gross amount carried, Buildings and Improvements | 41,082 | |||
Gross amount carried, Total Costs | 51,442 | |||
Accumulated Depreciation and Amortization | $ (9,742) | |||
Iron Run Distribution Center in Allentown, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 5,483 | |||
Initial Cost of Buildings and Improvements | 10,039 | |||
Total Initial Costs | 15,522 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 258 | |||
Gross amount carried, Land | 5,483 | |||
Gross amount carried, Buildings and Improvements | 10,297 | |||
Gross amount carried, Total Costs | 15,780 | |||
Accumulated Depreciation and Amortization | $ (3,380) | |||
Elgin Distribution Center in Elgin, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 4,032 | |||
Initial Cost of Buildings and Improvements | 16,951 | |||
Total Initial Costs | 20,983 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 157 | |||
Gross amount carried, Land | 4,032 | |||
Gross amount carried, Buildings and Improvements | 17,108 | |||
Gross amount carried, Total Costs | 21,140 | |||
Accumulated Depreciation and Amortization | $ (2,771) | |||
Addison Distribution Center II in Addison, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 4,439 | |||
Initial Cost of Buildings and Improvements | 8,009 | |||
Total Initial Costs | 12,448 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 879 | |||
Gross amount carried, Land | 4,439 | |||
Gross amount carried, Buildings and Improvements | 8,888 | |||
Gross amount carried, Total Costs | 13,327 | |||
Accumulated Depreciation and Amortization | $ (2,408) | |||
Fontana Distribution Center in Fontana, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 20,558 | |||
Initial Cost of Buildings and Improvements | 21,943 | |||
Total Initial Costs | 42,501 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 958 | |||
Gross amount carried, Land | 20,558 | |||
Gross amount carried, Buildings and Improvements | 22,901 | |||
Gross amount carried, Total Costs | 43,459 | |||
Accumulated Depreciation and Amortization | $ (8,395) | |||
Airport Industrial Center in Ontario, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 4,085 | |||
Initial Cost of Buildings and Improvements | 4,051 | |||
Total Initial Costs | 8,136 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 587 | |||
Gross amount carried, Land | 4,085 | |||
Gross amount carried, Buildings and Improvements | 4,638 | |||
Gross amount carried, Total Costs | 8,723 | |||
Accumulated Depreciation and Amortization | $ (1,714) | |||
Kelly Trade Center in Austin, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 2,686 | |||
Initial Cost of Buildings and Improvements | 12,654 | |||
Total Initial Costs | 15,340 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,981 | |||
Gross amount carried, Land | 2,686 | |||
Gross amount carried, Buildings and Improvements | 14,635 | |||
Gross amount carried, Total Costs | 17,321 | |||
Accumulated Depreciation and Amortization | $ (3,712) | |||
7A Distribution Center in Robbinsville, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 8,002 | |||
Initial Cost of Buildings and Improvements | 4,149 | |||
Total Initial Costs | 12,151 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 523 | |||
Gross amount carried, Land | 3,385 | |||
Gross amount carried, Buildings and Improvements | 9,289 | |||
Gross amount carried, Total Costs | 12,674 | |||
Accumulated Depreciation and Amortization | $ (3,046) | |||
Quakerbridge Distribution Center in Hamilton, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 3,434 | |||
Initial Cost of Buildings and Improvements | 5,160 | |||
Total Initial Costs | 8,594 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 982 | |||
Gross amount carried, Land | 2,334 | |||
Gross amount carried, Buildings and Improvements | 7,242 | |||
Gross amount carried, Total Costs | 9,576 | |||
Accumulated Depreciation and Amortization | $ (2,281) | |||
Hebron Airpark Logistics Center in Hebron, KY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 2,228 | |||
Initial Cost of Buildings and Improvements | 9,572 | |||
Total Initial Costs | 11,800 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 497 | |||
Gross amount carried, Land | 2,228 | |||
Gross amount carried, Buildings and Improvements | 10,069 | |||
Gross amount carried, Total Costs | 12,297 | |||
Accumulated Depreciation and Amortization | $ (1,995) | |||
Las Vegas Light Industrial Portfolio in Las Vegas, NV | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 4 | |||
Initial Cost of Land | $ 19,872 | |||
Initial Cost of Buildings and Improvements | 39,399 | |||
Total Initial Costs | 59,271 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,311 | |||
Gross amount carried, Land | 19,872 | |||
Gross amount carried, Buildings and Improvements | 40,710 | |||
Gross amount carried, Total Costs | 60,582 | |||
Accumulated Depreciation and Amortization | $ (10,585) | |||
Monte Vista Industrial Center in Chino, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 7,947 | |||
Initial Cost of Buildings and Improvements | 7,592 | |||
Total Initial Costs | 15,539 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 560 | |||
Gross amount carried, Land | 7,947 | |||
Gross amount carried, Buildings and Improvements | 8,152 | |||
Gross amount carried, Total Costs | 16,099 | |||
Accumulated Depreciation and Amortization | $ (2,625) | |||
King of Prussia Core Infill Portfolio in King of Prussia, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 5 | |||
Initial Cost of Land | $ 14,791 | |||
Initial Cost of Buildings and Improvements | 17,187 | |||
Total Initial Costs | 31,978 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 2,143 | |||
Gross amount carried, Land | 14,791 | |||
Gross amount carried, Buildings and Improvements | 19,330 | |||
Gross amount carried, Total Costs | 34,121 | |||
Accumulated Depreciation and Amortization | $ (6,749) | |||
Dallas Infill Industrial Portfolio in Arlington, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 3 | |||
Debt | $ 38,000 | |||
Initial Cost of Land | 17,159 | |||
Initial Cost of Buildings and Improvements | 74,981 | |||
Total Initial Costs | 92,140 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 5,941 | |||
Gross amount carried, Land | 17,159 | |||
Gross amount carried, Buildings and Improvements | 80,922 | |||
Gross amount carried, Total Costs | 98,081 | |||
Accumulated Depreciation and Amortization | $ (18,110) | |||
Dallas Infill Industrial Portfolio in Garland, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Debt | $ 11,250 | |||
Initial Cost of Land | 3,545 | |||
Initial Cost of Buildings and Improvements | 20,370 | |||
Total Initial Costs | 23,915 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 594 | |||
Gross amount carried, Land | 3,545 | |||
Gross amount carried, Buildings and Improvements | 20,964 | |||
Gross amount carried, Total Costs | 24,509 | |||
Accumulated Depreciation and Amortization | $ (3,792) | |||
Edison Distribution Center in Edison, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 11,519 | |||
Initial Cost of Buildings and Improvements | 16,079 | |||
Total Initial Costs | 27,598 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 276 | |||
Gross amount carried, Land | 11,519 | |||
Gross amount carried, Buildings and Improvements | 16,355 | |||
Gross amount carried, Total Costs | 27,874 | |||
Accumulated Depreciation and Amortization | $ (4,935) | |||
395 Distribution Center in Reno, NV | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 8,904 | |||
Initial Cost of Buildings and Improvements | 45,114 | |||
Total Initial Costs | 54,018 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 911 | |||
Gross amount carried, Land | 8,904 | |||
Gross amount carried, Buildings and Improvements | 46,025 | |||
Gross amount carried, Total Costs | 54,929 | |||
Accumulated Depreciation and Amortization | $ (8,531) | |||
I-80 Distribution Center in Reno, NV | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 4 | |||
Initial Cost of Land | $ 11,645 | |||
Initial Cost of Buildings and Improvements | 60,364 | |||
Total Initial Costs | 72,009 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 2,133 | |||
Gross amount carried, Land | 11,645 | |||
Gross amount carried, Buildings and Improvements | 62,497 | |||
Gross amount carried, Total Costs | 74,142 | |||
Accumulated Depreciation and Amortization | $ (12,684) | |||
Avenue B Industrial Center in Bethlehem, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 2,190 | |||
Initial Cost of Buildings and Improvements | 4,923 | |||
Total Initial Costs | 7,113 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 108 | |||
Gross amount carried, Land | 2,190 | |||
Gross amount carried, Buildings and Improvements | 5,031 | |||
Gross amount carried, Total Costs | 7,221 | |||
Accumulated Depreciation and Amortization | $ (1,756) | |||
485 Distribution Center in Shiremanstown, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 6,145 | |||
Initial Cost of Buildings and Improvements | 36,914 | |||
Total Initial Costs | 43,059 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 267 | |||
Gross amount carried, Land | 6,145 | |||
Gross amount carried, Buildings and Improvements | 37,181 | |||
Gross amount carried, Total Costs | 43,326 | |||
Accumulated Depreciation and Amortization | $ (7,062) | |||
Weston Business Center in Weston, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 14,627 | |||
Initial Cost of Buildings and Improvements | 17,784 | |||
Total Initial Costs | 32,411 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 255 | |||
Gross amount carried, Land | 14,627 | |||
Gross amount carried, Buildings and Improvements | 18,039 | |||
Gross amount carried, Total Costs | 32,666 | |||
Accumulated Depreciation and Amortization | $ (4,687) | |||
Marigold Distribution Center in Redlands, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 15,660 | |||
Initial Cost of Buildings and Improvements | 24,075 | |||
Total Initial Costs | 39,735 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,820 | |||
Gross amount carried, Land | 15,660 | |||
Gross amount carried, Buildings and Improvements | 25,895 | |||
Gross amount carried, Total Costs | 41,555 | |||
Accumulated Depreciation and Amortization | $ (6,760) | |||
Bishops Gate Distribution Center in Mount Laurel, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 6,018 | |||
Initial Cost of Buildings and Improvements | 26,208 | |||
Total Initial Costs | 32,226 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 628 | |||
Gross amount carried, Land | 6,018 | |||
Gross amount carried, Buildings and Improvements | 26,836 | |||
Gross amount carried, Total Costs | 32,854 | |||
Accumulated Depreciation and Amortization | $ (7,420) | |||
Norcross Industrial Center in Peachtree Corner, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 3,220 | |||
Initial Cost of Buildings and Improvements | 6,285 | |||
Total Initial Costs | 9,505 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 6,008 | |||
Gross amount carried, Land | 3,220 | |||
Gross amount carried, Buildings and Improvements | 12,293 | |||
Gross amount carried, Total Costs | 15,513 | |||
Accumulated Depreciation and Amortization | $ (2,686) | |||
Port 146 Distribution Center in LaPorte, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 1,748 | |||
Initial Cost of Buildings and Improvements | 7,823 | |||
Total Initial Costs | 9,571 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 2,369 | |||
Gross amount carried, Land | 1,748 | |||
Gross amount carried, Buildings and Improvements | 10,192 | |||
Gross amount carried, Total Costs | 11,940 | |||
Accumulated Depreciation and Amortization | $ (1,069) | |||
Lima Distribution Center in Denver, CO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 1,853 | |||
Initial Cost of Buildings and Improvements | 9,769 | |||
Total Initial Costs | 11,622 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 212 | |||
Gross amount carried, Land | 1,853 | |||
Gross amount carried, Buildings and Improvements | 9,981 | |||
Gross amount carried, Total Costs | 11,834 | |||
Accumulated Depreciation and Amortization | $ (2,729) | |||
Valwood Crossroads in Carrollton, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 12,457 | |||
Initial Cost of Buildings and Improvements | 57,542 | |||
Total Initial Costs | 69,999 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 170 | |||
Gross amount carried, Land | 12,457 | |||
Gross amount carried, Buildings and Improvements | 57,712 | |||
Gross amount carried, Total Costs | 70,169 | |||
Accumulated Depreciation and Amortization | $ (9,931) | |||
Eaglepoint LC in Brownsburg, IN [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 3,598 | |||
Initial Cost of Buildings and Improvements | 36,618 | |||
Total Initial Costs | 40,216 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 109 | |||
Gross amount carried, Land | 3,598 | |||
Gross amount carried, Buildings and Improvements | 36,727 | |||
Gross amount carried, Total Costs | 40,325 | |||
Accumulated Depreciation and Amortization | $ (7,017) | |||
7A DC II in Robbinsville Township, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 6,235 | |||
Initial Cost of Buildings and Improvements | 16,983 | |||
Total Initial Costs | 23,218 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 783 | |||
Gross amount carried, Land | 6,235 | |||
Gross amount carried, Buildings and Improvements | 17,766 | |||
Gross amount carried, Total Costs | 24,001 | |||
Accumulated Depreciation and Amortization | $ (3,903) | |||
Legacy Logistics Center in Salt Lake City, UT | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 5,590 | |||
Initial Cost of Buildings and Improvements | 34,128 | |||
Total Initial Costs | 39,718 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,995 | |||
Gross amount carried, Land | 5,590 | |||
Gross amount carried, Buildings and Improvements | 36,123 | |||
Gross amount carried, Total Costs | 41,713 | |||
Accumulated Depreciation and Amortization | $ (6,189) | |||
Logistics Center at 33 in Easton, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 8,983 | |||
Initial Cost of Buildings and Improvements | 54,302 | |||
Total Initial Costs | 63,285 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 498 | |||
Gross amount carried, Land | 8,983 | |||
Gross amount carried, Buildings and Improvements | 54,800 | |||
Gross amount carried, Total Costs | 63,783 | |||
Accumulated Depreciation and Amortization | $ (9,679) | |||
Intermodal Logistics Center in Fort Worth, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 5,191 | |||
Initial Cost of Buildings and Improvements | 23,437 | |||
Total Initial Costs | 28,628 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 177 | |||
Gross amount carried, Land | 5,191 | |||
Gross amount carried, Buildings and Improvements | 23,614 | |||
Gross amount carried, Total Costs | 28,805 | |||
Accumulated Depreciation and Amortization | $ (3,498) | |||
Executive Airport Distribution Center II, III in Henderson, NV | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 7,852 | |||
Initial Cost of Buildings and Improvements | 25,348 | |||
Total Initial Costs | 33,200 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 4,145 | |||
Gross amount carried, Land | 7,852 | |||
Gross amount carried, Buildings and Improvements | 29,493 | |||
Gross amount carried, Total Costs | 37,345 | |||
Accumulated Depreciation and Amortization | $ (2,847) | |||
Airpark International Logistics Center in Hebron, KY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 2,371 | |||
Initial Cost of Buildings and Improvements | 27,830 | |||
Total Initial Costs | 30,201 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 416 | |||
Gross amount carried, Land | 2,371 | |||
Gross amount carried, Buildings and Improvements | 28,246 | |||
Gross amount carried, Total Costs | 30,617 | |||
Accumulated Depreciation and Amortization | $ (3,800) | |||
Carlstadt Industrial Center in Carlstadt, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 16,989 | |||
Initial Cost of Buildings and Improvements | 20,541 | |||
Total Initial Costs | 37,530 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,165 | |||
Gross amount carried, Land | 16,989 | |||
Gross amount carried, Buildings and Improvements | 21,706 | |||
Gross amount carried, Total Costs | 38,695 | |||
Accumulated Depreciation and Amortization | $ (5,388) | |||
Nelson Industrial Center in La Puente, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 3,943 | |||
Initial Cost of Buildings and Improvements | 5,089 | |||
Total Initial Costs | 9,032 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 141 | |||
Gross amount carried, Land | 3,943 | |||
Gross amount carried, Buildings and Improvements | 5,230 | |||
Gross amount carried, Total Costs | 9,173 | |||
Accumulated Depreciation and Amortization | $ (1,121) | |||
Miraloma Industrial Center in Placentia, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 4,843 | |||
Initial Cost of Buildings and Improvements | 4,655 | |||
Total Initial Costs | 9,498 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 251 | |||
Gross amount carried, Land | 4,843 | |||
Gross amount carried, Buildings and Improvements | 4,906 | |||
Gross amount carried, Total Costs | 9,749 | |||
Accumulated Depreciation and Amortization | $ (1,308) | |||
Pennsy Logistics Center in Landover, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 8,273 | |||
Initial Cost of Buildings and Improvements | 51,824 | |||
Total Initial Costs | 60,097 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 155 | |||
Gross amount carried, Land | 8,273 | |||
Gross amount carried, Buildings and Improvements | 51,979 | |||
Gross amount carried, Total Costs | 60,252 | |||
Accumulated Depreciation and Amortization | $ (7,970) | |||
Gerwig Distribution Center in Columbia, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 8,069 | |||
Initial Cost of Buildings and Improvements | 11,205 | |||
Total Initial Costs | 19,274 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 360 | |||
Gross amount carried, Land | 8,069 | |||
Gross amount carried, Buildings and Improvements | 11,565 | |||
Gross amount carried, Total Costs | 19,634 | |||
Accumulated Depreciation and Amortization | $ (2,270) | |||
Harvill Business Center in Perris, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 14,098 | |||
Initial Cost of Buildings and Improvements | 46,490 | |||
Total Initial Costs | 60,588 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 41 | |||
Gross amount carried, Land | 14,098 | |||
Gross amount carried, Buildings and Improvements | 46,531 | |||
Gross amount carried, Total Costs | 60,629 | |||
Accumulated Depreciation and Amortization | $ (5,821) | |||
Princess Logistics Center in Lawrenceville, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 10,883 | |||
Initial Cost of Buildings and Improvements | 63,192 | |||
Total Initial Costs | 74,075 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,232 | |||
Gross amount carried, Land | 10,883 | |||
Gross amount carried, Buildings and Improvements | 64,424 | |||
Gross amount carried, Total Costs | 75,307 | |||
Accumulated Depreciation and Amortization | $ (6,132) | |||
Rancho Cucamonga Business Center in Rancho Cucamonga, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 8,185 | |||
Initial Cost of Buildings and Improvements | 16,439 | |||
Total Initial Costs | 24,624 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 635 | |||
Gross amount carried, Land | 8,185 | |||
Gross amount carried, Buildings and Improvements | 17,074 | |||
Gross amount carried, Total Costs | 25,259 | |||
Accumulated Depreciation and Amortization | $ (2,590) | |||
Norton Distribution Center in Norton, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 4,350 | |||
Initial Cost of Buildings and Improvements | 28,063 | |||
Total Initial Costs | 32,413 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 252 | |||
Gross amount carried, Land | 4,350 | |||
Gross amount carried, Buildings and Improvements | 28,315 | |||
Gross amount carried, Total Costs | 32,665 | |||
Accumulated Depreciation and Amortization | $ (4,784) | |||
Build-To-Core Logistics Portfolio in Austin, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 5 | |||
Initial Cost of Land | $ 11,918 | |||
Initial Cost of Buildings and Improvements | 42,446 | |||
Total Initial Costs | 54,364 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,910 | |||
Gross amount carried, Land | 11,918 | |||
Gross amount carried, Buildings and Improvements | 44,356 | |||
Gross amount carried, Total Costs | 56,274 | |||
Accumulated Depreciation and Amortization | $ (7,609) | |||
Build-To-Core Logistics Portfolio in Hayward, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 39,357 | |||
Initial Cost of Buildings and Improvements | 91,117 | |||
Total Initial Costs | 130,474 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 3,649 | |||
Gross amount carried, Land | 39,357 | |||
Gross amount carried, Buildings and Improvements | 94,766 | |||
Gross amount carried, Total Costs | 134,123 | |||
Accumulated Depreciation and Amortization | $ (8,050) | |||
Build-To-Core Logistics Portfolio in LaPorte, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 1,998 | |||
Initial Cost of Buildings and Improvements | 15,261 | |||
Total Initial Costs | 17,259 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 485 | |||
Gross amount carried, Land | 1,998 | |||
Gross amount carried, Buildings and Improvements | 15,746 | |||
Gross amount carried, Total Costs | 17,744 | |||
Accumulated Depreciation and Amortization | $ (1,701) | |||
Build-To-Core Logistics Portfolio in Lehigh Valley, PA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 14,522 | |||
Initial Cost of Buildings and Improvements | 49,076 | |||
Total Initial Costs | 63,598 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 2,018 | |||
Gross amount carried, Land | 14,522 | |||
Gross amount carried, Buildings and Improvements | 51,094 | |||
Gross amount carried, Total Costs | 65,616 | |||
Accumulated Depreciation and Amortization | $ (5,216) | |||
Build-To-Core Logistics Portfolio in Lodi, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 18,545 | |||
Initial Cost of Buildings and Improvements | 78,491 | |||
Total Initial Costs | 97,036 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 408 | |||
Gross amount carried, Land | 18,545 | |||
Gross amount carried, Buildings and Improvements | 78,899 | |||
Gross amount carried, Total Costs | 97,444 | |||
Accumulated Depreciation and Amortization | $ (6,590) | |||
Build-To-Core Logistics Portfolio in Rancho Cucamonga, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 26,126 | |||
Initial Cost of Buildings and Improvements | 71,385 | |||
Total Initial Costs | 97,511 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | (251) | |||
Gross amount carried, Land | 26,126 | |||
Gross amount carried, Buildings and Improvements | 71,134 | |||
Gross amount carried, Total Costs | 97,260 | |||
Accumulated Depreciation and Amortization | $ (8,759) | |||
Build-To-Core Logistics Portfolio in Richmond, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 6,954 | |||
Initial Cost of Buildings and Improvements | 33,862 | |||
Total Initial Costs | 40,816 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,301 | |||
Gross amount carried, Land | 7,045 | |||
Gross amount carried, Buildings and Improvements | 35,072 | |||
Gross amount carried, Total Costs | 42,117 | |||
Accumulated Depreciation and Amortization | $ (3,022) | |||
Build-To-Core Logistics Portfolio in San Diego, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 7,999 | |||
Initial Cost of Buildings and Improvements | 34,888 | |||
Total Initial Costs | 42,887 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 30 | |||
Gross amount carried, Land | 7,999 | |||
Gross amount carried, Buildings and Improvements | 34,918 | |||
Gross amount carried, Total Costs | 42,917 | |||
Accumulated Depreciation and Amortization | $ (3,723) | |||
Build-To-Core Logistics Portfolio in San Jose, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 9,799 | |||
Initial Cost of Buildings and Improvements | 23,467 | |||
Total Initial Costs | 33,266 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 332 | |||
Gross amount carried, Land | 9,799 | |||
Gross amount carried, Buildings and Improvements | 23,799 | |||
Gross amount carried, Total Costs | 33,598 | |||
Accumulated Depreciation and Amortization | $ (2,198) | |||
Build-To-Core Logistics Portfolio in Suwanee, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 4 | |||
Initial Cost of Land | $ 5,612 | |||
Initial Cost of Buildings and Improvements | 65,492 | |||
Total Initial Costs | 71,104 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 3,724 | |||
Gross amount carried, Land | 5,612 | |||
Gross amount carried, Buildings and Improvements | 69,216 | |||
Gross amount carried, Total Costs | 74,828 | |||
Accumulated Depreciation and Amortization | $ (12,420) | |||
Build-To-Core Logistics Portfolio in Tacoma, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 29,942 | |||
Initial Cost of Buildings and Improvements | 144,714 | |||
Total Initial Costs | 174,656 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,287 | |||
Gross amount carried, Land | 29,942 | |||
Gross amount carried, Buildings and Improvements | 146,001 | |||
Gross amount carried, Total Costs | 175,943 | |||
Accumulated Depreciation and Amortization | $ (14,756) | |||
Build-To-Core Logistics Portfolio in Tracy, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 3,564 | |||
Initial Cost of Buildings and Improvements | 50,196 | |||
Total Initial Costs | 53,760 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | (9) | |||
Gross amount carried, Land | 3,564 | |||
Gross amount carried, Buildings and Improvements | 50,187 | |||
Gross amount carried, Total Costs | 53,751 | |||
Accumulated Depreciation and Amortization | $ (4,679) | |||
Benchmark Distribution Center in Houston, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 4,809 | |||
Initial Cost of Buildings and Improvements | 14,842 | |||
Total Initial Costs | 19,651 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,186 | |||
Gross amount carried, Land | 4,809 | |||
Gross amount carried, Buildings and Improvements | 16,028 | |||
Gross amount carried, Total Costs | 20,837 | |||
Accumulated Depreciation and Amortization | $ (1,857) | |||
Key Logistics Portfolio in Allentown, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 2,876 | |||
Initial Cost of Buildings and Improvements | 15,208 | |||
Total Initial Costs | 18,084 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,000 | |||
Gross amount carried, Land | 2,876 | |||
Gross amount carried, Buildings and Improvements | 16,208 | |||
Gross amount carried, Total Costs | 19,084 | |||
Accumulated Depreciation and Amortization | $ (2,352) | |||
Key Logistics Portfolio in Auburn, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 3 | |||
Initial Cost of Land | $ 7,822 | |||
Initial Cost of Buildings and Improvements | 34,089 | |||
Total Initial Costs | 41,911 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,043 | |||
Gross amount carried, Land | 7,822 | |||
Gross amount carried, Buildings and Improvements | 35,132 | |||
Gross amount carried, Total Costs | 42,954 | |||
Accumulated Depreciation and Amortization | $ (4,485) | |||
Key Logistics Portfolio in Aurora, CO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 1,818 | |||
Initial Cost of Buildings and Improvements | 9,147 | |||
Total Initial Costs | 10,965 | |||
Gross amount carried, Land | 1,818 | |||
Gross amount carried, Buildings and Improvements | 9,147 | |||
Gross amount carried, Total Costs | 10,965 | |||
Accumulated Depreciation and Amortization | $ (1,534) | |||
Key Logistics Portfolio in Boca Raton, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 4,959 | |||
Initial Cost of Buildings and Improvements | 8,586 | |||
Total Initial Costs | 13,545 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 199 | |||
Gross amount carried, Land | 4,959 | |||
Gross amount carried, Buildings and Improvements | 8,785 | |||
Gross amount carried, Total Costs | 13,744 | |||
Accumulated Depreciation and Amortization | $ (2,014) | |||
Key Logistics Portfolio in Glen Burnie, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 2,545 | |||
Initial Cost of Buildings and Improvements | 17,976 | |||
Total Initial Costs | 20,521 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 84 | |||
Gross amount carried, Land | 2,545 | |||
Gross amount carried, Buildings and Improvements | 18,060 | |||
Gross amount carried, Total Costs | 20,605 | |||
Accumulated Depreciation and Amortization | $ (3,430) | |||
Key Logistics Portfolio in Kent, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 4 | |||
Initial Cost of Land | $ 11,478 | |||
Initial Cost of Buildings and Improvements | 27,605 | |||
Total Initial Costs | 39,083 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,018 | |||
Gross amount carried, Land | 11,478 | |||
Gross amount carried, Buildings and Improvements | 28,623 | |||
Gross amount carried, Total Costs | 40,101 | |||
Accumulated Depreciation and Amortization | $ (4,854) | |||
Key Logistics Portfolio in King of Prussia, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 4,120 | |||
Initial Cost of Buildings and Improvements | 17,984 | |||
Total Initial Costs | 22,104 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 508 | |||
Gross amount carried, Land | 4,120 | |||
Gross amount carried, Buildings and Improvements | 18,492 | |||
Gross amount carried, Total Costs | 22,612 | |||
Accumulated Depreciation and Amortization | $ (3,408) | |||
Key Logistics Portfolio in Lanham, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 3,979 | |||
Initial Cost of Buildings and Improvements | 18,147 | |||
Total Initial Costs | 22,126 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 671 | |||
Gross amount carried, Land | 3,979 | |||
Gross amount carried, Buildings and Improvements | 18,818 | |||
Gross amount carried, Total Costs | 22,797 | |||
Accumulated Depreciation and Amortization | $ (2,327) | |||
Key Logistics Portfolio in Lincolnshire, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 1,695 | |||
Initial Cost of Buildings and Improvements | 11,939 | |||
Total Initial Costs | 13,634 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 58 | |||
Gross amount carried, Land | 1,695 | |||
Gross amount carried, Buildings and Improvements | 11,997 | |||
Gross amount carried, Total Costs | 13,692 | |||
Accumulated Depreciation and Amortization | $ (1,469) | |||
Key Logistics Portfolio in Louisville, KY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 5 | |||
Initial Cost of Land | $ 8,248 | |||
Initial Cost of Buildings and Improvements | 117,907 | |||
Total Initial Costs | 126,155 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,516 | |||
Gross amount carried, Land | 8,248 | |||
Gross amount carried, Buildings and Improvements | 119,423 | |||
Gross amount carried, Total Costs | 127,671 | |||
Accumulated Depreciation and Amortization | $ (18,545) | |||
Key Logistics Portfolio in Mechanicsburg, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 2,205 | |||
Initial Cost of Buildings and Improvements | 11,882 | |||
Total Initial Costs | 14,087 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 495 | |||
Gross amount carried, Land | 2,205 | |||
Gross amount carried, Buildings and Improvements | 12,377 | |||
Gross amount carried, Total Costs | 14,582 | |||
Accumulated Depreciation and Amortization | $ (2,041) | |||
Key Logistics Portfolio in Memphis, TN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 6 | |||
Initial Cost of Land | $ 6,873 | |||
Initial Cost of Buildings and Improvements | 103,715 | |||
Total Initial Costs | 110,588 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 2,737 | |||
Gross amount carried, Land | 6,873 | |||
Gross amount carried, Buildings and Improvements | 106,452 | |||
Gross amount carried, Total Costs | 113,325 | |||
Accumulated Depreciation and Amortization | $ (21,076) | |||
Key Logistics Portfolio in Olive Branch, MS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 2,656 | |||
Initial Cost of Buildings and Improvements | 29,453 | |||
Total Initial Costs | 32,109 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 89 | |||
Gross amount carried, Land | 2,656 | |||
Gross amount carried, Buildings and Improvements | 29,542 | |||
Gross amount carried, Total Costs | 32,198 | |||
Accumulated Depreciation and Amortization | $ (3,685) | |||
Key Logistics Portfolio in Ontario, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 3 | |||
Initial Cost of Land | $ 13,418 | |||
Initial Cost of Buildings and Improvements | 38,965 | |||
Total Initial Costs | 52,383 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 442 | |||
Gross amount carried, Land | 13,418 | |||
Gross amount carried, Buildings and Improvements | 39,407 | |||
Gross amount carried, Total Costs | 52,825 | |||
Accumulated Depreciation and Amortization | $ (6,470) | |||
Key Logistics Portfolio in Pompano Beach, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 4,431 | |||
Initial Cost of Buildings and Improvements | 10,992 | |||
Total Initial Costs | 15,423 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 394 | |||
Gross amount carried, Land | 4,431 | |||
Gross amount carried, Buildings and Improvements | 11,386 | |||
Gross amount carried, Total Costs | 15,817 | |||
Accumulated Depreciation and Amortization | $ (1,866) | |||
Key Logistics Portfolio in Renton, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 4,745 | |||
Initial Cost of Buildings and Improvements | 13,612 | |||
Total Initial Costs | 18,357 | |||
Gross amount carried, Land | 4,745 | |||
Gross amount carried, Buildings and Improvements | 13,612 | |||
Gross amount carried, Total Costs | 18,357 | |||
Accumulated Depreciation and Amortization | $ (2,280) | |||
Key Logistics Portfolio in Salt Lake City, UT | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 5,966 | |||
Initial Cost of Buildings and Improvements | 53,720 | |||
Total Initial Costs | 59,686 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 487 | |||
Gross amount carried, Land | 5,966 | |||
Gross amount carried, Buildings and Improvements | 54,207 | |||
Gross amount carried, Total Costs | 60,173 | |||
Accumulated Depreciation and Amortization | $ (8,725) | |||
Key Logistics Portfolio in Stockton, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 4 | |||
Initial Cost of Land | $ 15,700 | |||
Initial Cost of Buildings and Improvements | 73,083 | |||
Total Initial Costs | 88,783 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,665 | |||
Gross amount carried, Land | 15,700 | |||
Gross amount carried, Buildings and Improvements | 74,748 | |||
Gross amount carried, Total Costs | 90,448 | |||
Accumulated Depreciation and Amortization | $ (12,621) | |||
Key Logistics Portfolio in Tacoma, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 3,844 | |||
Initial Cost of Buildings and Improvements | 6,354 | |||
Total Initial Costs | 10,198 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 202 | |||
Gross amount carried, Land | 3,844 | |||
Gross amount carried, Buildings and Improvements | 6,556 | |||
Gross amount carried, Total Costs | 10,400 | |||
Accumulated Depreciation and Amortization | $ (999) | |||
Key Logistics Portfolio in Totowa, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 11,530 | |||
Initial Cost of Buildings and Improvements | 46,672 | |||
Total Initial Costs | 58,202 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,170 | |||
Gross amount carried, Land | 11,530 | |||
Gross amount carried, Buildings and Improvements | 47,842 | |||
Gross amount carried, Total Costs | 59,372 | |||
Accumulated Depreciation and Amortization | $ (7,202) | |||
Key Logistics Portfolio in Tracy, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 11,240 | |||
Initial Cost of Buildings and Improvements | 47,595 | |||
Total Initial Costs | 58,835 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,307 | |||
Gross amount carried, Land | 11,240 | |||
Gross amount carried, Buildings and Improvements | 48,902 | |||
Gross amount carried, Total Costs | 60,142 | |||
Accumulated Depreciation and Amortization | $ (7,573) | |||
Key Logistics Portfolio in Upper Marlboro, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 2,206 | |||
Initial Cost of Buildings and Improvements | 4,926 | |||
Total Initial Costs | 7,132 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,432 | |||
Gross amount carried, Land | 2,206 | |||
Gross amount carried, Buildings and Improvements | 6,358 | |||
Gross amount carried, Total Costs | 8,564 | |||
Accumulated Depreciation and Amortization | $ (680) | |||
Key Logistics Portfolio in Valencia, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 6,555 | |||
Initial Cost of Buildings and Improvements | 11,619 | |||
Total Initial Costs | 18,174 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 53 | |||
Gross amount carried, Land | 6,555 | |||
Gross amount carried, Buildings and Improvements | 11,672 | |||
Gross amount carried, Total Costs | 18,227 | |||
Accumulated Depreciation and Amortization | $ (1,305) | |||
Key Logistics Portfolio in Wayne, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 5,800 | |||
Initial Cost of Buildings and Improvements | 13,770 | |||
Total Initial Costs | 19,570 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,600 | |||
Gross amount carried, Land | 5,800 | |||
Gross amount carried, Buildings and Improvements | 15,370 | |||
Gross amount carried, Total Costs | 21,170 | |||
Accumulated Depreciation and Amortization | $ (1,954) | |||
Key Logistics Portfolio in York, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 4,645 | |||
Initial Cost of Buildings and Improvements | 20,466 | |||
Total Initial Costs | 25,111 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,546 | |||
Gross amount carried, Land | 4,645 | |||
Gross amount carried, Buildings and Improvements | 22,012 | |||
Gross amount carried, Total Costs | 26,657 | |||
Accumulated Depreciation and Amortization | $ (3,834) | |||
Stonewood Logistics Center in York, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 1,193 | |||
Initial Cost of Buildings and Improvements | 18,150 | |||
Total Initial Costs | 19,343 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,471 | |||
Gross amount carried, Land | 1,193 | |||
Gross amount carried, Buildings and Improvements | 19,621 | |||
Gross amount carried, Total Costs | 20,814 | |||
Accumulated Depreciation and Amortization | $ (1,648) | |||
Heron Industrial Center in Swedesboro, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 5,622 | |||
Initial Cost of Buildings and Improvements | 20,377 | |||
Total Initial Costs | 25,999 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 283 | |||
Gross amount carried, Land | 5,622 | |||
Gross amount carried, Buildings and Improvements | 20,660 | |||
Gross amount carried, Total Costs | 26,282 | |||
Accumulated Depreciation and Amortization | $ (4,224) | |||
Colony Crossing Logistics Portfolio in Houston, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 5,258 | |||
Initial Cost of Buildings and Improvements | 16,311 | |||
Total Initial Costs | 21,569 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 775 | |||
Gross amount carried, Land | 5,258 | |||
Gross amount carried, Buildings and Improvements | 17,086 | |||
Gross amount carried, Total Costs | 22,344 | |||
Accumulated Depreciation and Amortization | (2,820) | |||
Harvill Industrial Center in Riverside, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | 7,532 | |||
Total Initial Costs | 7,532 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 5,172 | |||
Gross amount carried, Land | 7,782 | |||
Gross amount carried, Buildings and Improvements | 4,922 | |||
Gross amount carried, Total Costs | $ 12,704 | |||
Commerce Farms Logistics Center in Lebanon, TN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 3,117 | |||
Initial Cost of Buildings and Improvements | 60,704 | |||
Total Initial Costs | 63,821 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,078 | |||
Gross amount carried, Land | 3,117 | |||
Gross amount carried, Buildings and Improvements | 61,782 | |||
Gross amount carried, Total Costs | 64,899 | |||
Accumulated Depreciation and Amortization | $ (7,230) | |||
North County Commerce Center in Vista, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 5 | |||
Initial Cost of Land | $ 42,171 | |||
Initial Cost of Buildings and Improvements | 104,961 | |||
Total Initial Costs | 147,132 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,050 | |||
Gross amount carried, Land | 42,171 | |||
Gross amount carried, Buildings and Improvements | 106,011 | |||
Gross amount carried, Total Costs | 148,182 | |||
Accumulated Depreciation and Amortization | $ (16,334) | |||
Performance Distribution Center in Stockton, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 9,733 | |||
Initial Cost of Buildings and Improvements | 19,799 | |||
Total Initial Costs | 29,532 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 33 | |||
Gross amount carried, Land | 9,733 | |||
Gross amount carried, Buildings and Improvements | 19,832 | |||
Gross amount carried, Total Costs | 29,565 | |||
Accumulated Depreciation and Amortization | $ (2,099) | |||
Madison Distribution Center in Tampa, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 766 | |||
Initial Cost of Buildings and Improvements | 12,236 | |||
Total Initial Costs | 13,002 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 9 | |||
Gross amount carried, Land | 766 | |||
Gross amount carried, Buildings and Improvements | 12,245 | |||
Gross amount carried, Total Costs | 13,011 | |||
Accumulated Depreciation and Amortization | $ (1,322) | |||
355 Logistics Center in Lockport, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 3,360 | |||
Initial Cost of Buildings and Improvements | 62,062 | |||
Total Initial Costs | 65,422 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 2,554 | |||
Gross amount carried, Land | 3,360 | |||
Gross amount carried, Buildings and Improvements | 64,616 | |||
Gross amount carried, Total Costs | 67,976 | |||
Accumulated Depreciation and Amortization | $ (6,764) | |||
1 Stanley Drive in Aston, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 1,265 | |||
Initial Cost of Buildings and Improvements | 20,974 | |||
Total Initial Costs | 22,239 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 98 | |||
Gross amount carried, Land | 1,265 | |||
Gross amount carried, Buildings and Improvements | 21,072 | |||
Gross amount carried, Total Costs | 22,337 | |||
Accumulated Depreciation and Amortization | $ (2,123) | |||
Gilbert Gateway Commerce Park in Gilbert, AZ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 3 | |||
Initial Cost of Land | $ 8,129 | |||
Initial Cost of Buildings and Improvements | 80,026 | |||
Total Initial Costs | 88,155 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 3,036 | |||
Gross amount carried, Land | 8,129 | |||
Gross amount carried, Buildings and Improvements | 83,062 | |||
Gross amount carried, Total Costs | 91,191 | |||
Accumulated Depreciation and Amortization | $ (7,997) | |||
California Business Center in Salt Lake City, UT | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 4,780 | |||
Initial Cost of Buildings and Improvements | 26,290 | |||
Total Initial Costs | 31,070 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 694 | |||
Gross amount carried, Land | 4,780 | |||
Gross amount carried, Buildings and Improvements | 26,984 | |||
Gross amount carried, Total Costs | 31,764 | |||
Accumulated Depreciation and Amortization | $ (4,736) | |||
Molto Portfolio in Aurora, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 5,169 | |||
Initial Cost of Buildings and Improvements | 32,432 | |||
Total Initial Costs | 37,601 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 787 | |||
Gross amount carried, Land | 5,169 | |||
Gross amount carried, Buildings and Improvements | 33,219 | |||
Gross amount carried, Total Costs | 38,388 | |||
Accumulated Depreciation and Amortization | $ (2,790) | |||
Molto Portfolio in Hebron, KY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 1,857 | |||
Initial Cost of Buildings and Improvements | 20,674 | |||
Total Initial Costs | 22,531 | |||
Gross amount carried, Land | 1,857 | |||
Gross amount carried, Buildings and Improvements | 20,674 | |||
Gross amount carried, Total Costs | 22,531 | |||
Accumulated Depreciation and Amortization | $ (1,574) | |||
Molto Portfolio in Houston, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 7,370 | |||
Initial Cost of Buildings and Improvements | 70,096 | |||
Total Initial Costs | 77,466 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,563 | |||
Gross amount carried, Land | 7,370 | |||
Gross amount carried, Buildings and Improvements | 71,659 | |||
Gross amount carried, Total Costs | 79,029 | |||
Accumulated Depreciation and Amortization | $ (6,275) | |||
Molto Portfolio in La Vergne, TN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 3,696 | |||
Initial Cost of Buildings and Improvements | 23,720 | |||
Total Initial Costs | 27,416 | |||
Gross amount carried, Land | 3,696 | |||
Gross amount carried, Buildings and Improvements | 23,720 | |||
Gross amount carried, Total Costs | 27,416 | |||
Accumulated Depreciation and Amortization | $ (2,090) | |||
Molto Portfolio in Louisville, KY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 3,755 | |||
Initial Cost of Buildings and Improvements | 36,195 | |||
Total Initial Costs | 39,950 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,399 | |||
Gross amount carried, Land | 3,755 | |||
Gross amount carried, Buildings and Improvements | 37,594 | |||
Gross amount carried, Total Costs | 41,349 | |||
Accumulated Depreciation and Amortization | $ (3,251) | |||
Walker Mill Industrial Center in Capitol Heights, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 2,908 | |||
Initial Cost of Buildings and Improvements | 14,297 | |||
Total Initial Costs | 17,205 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 116 | |||
Gross amount carried, Land | 2,908 | |||
Gross amount carried, Buildings and Improvements | 14,413 | |||
Gross amount carried, Total Costs | 17,321 | |||
Accumulated Depreciation and Amortization | $ (1,816) | |||
Greater Boston Portfolio in Franklin, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 2,646 | |||
Initial Cost of Buildings and Improvements | 14,367 | |||
Total Initial Costs | 17,013 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,367 | |||
Gross amount carried, Land | 2,646 | |||
Gross amount carried, Buildings and Improvements | 15,734 | |||
Gross amount carried, Total Costs | 18,380 | |||
Accumulated Depreciation and Amortization | $ (1,904) | |||
Greater Boston Portfolio in Danvers, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 4,176 | |||
Initial Cost of Buildings and Improvements | 16,169 | |||
Total Initial Costs | 20,345 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 46 | |||
Gross amount carried, Land | 4,176 | |||
Gross amount carried, Buildings and Improvements | 16,215 | |||
Gross amount carried, Total Costs | 20,391 | |||
Accumulated Depreciation and Amortization | $ (2,565) | |||
McDonald Portfolio in Alpharetta, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 4 | |||
Initial Cost of Land | $ 4,228 | |||
Initial Cost of Buildings and Improvements | 49,773 | |||
Total Initial Costs | 54,001 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 3,131 | |||
Gross amount carried, Land | 4,228 | |||
Gross amount carried, Buildings and Improvements | 52,904 | |||
Gross amount carried, Total Costs | 57,132 | |||
Accumulated Depreciation and Amortization | $ (6,731) | |||
McDonald Portfolio in Atlanta, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 6 | |||
Initial Cost of Land | $ 10,312 | |||
Initial Cost of Buildings and Improvements | 192,196 | |||
Total Initial Costs | 202,508 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 2,556 | |||
Gross amount carried, Land | 10,312 | |||
Gross amount carried, Buildings and Improvements | 194,752 | |||
Gross amount carried, Total Costs | 205,064 | |||
Accumulated Depreciation and Amortization | $ (23,869) | |||
McDonald Portfolio in Ellenwood, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 4,808 | |||
Initial Cost of Buildings and Improvements | 72,142 | |||
Total Initial Costs | 76,950 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 931 | |||
Gross amount carried, Land | 4,808 | |||
Gross amount carried, Buildings and Improvements | 73,073 | |||
Gross amount carried, Total Costs | 77,881 | |||
Accumulated Depreciation and Amortization | $ (8,252) | |||
McDonald Portfolio in Savannah, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 5,862 | |||
Initial Cost of Buildings and Improvements | 56,433 | |||
Total Initial Costs | 62,295 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 483 | |||
Gross amount carried, Land | 5,467 | |||
Gross amount carried, Buildings and Improvements | 57,311 | |||
Gross amount carried, Total Costs | 62,778 | |||
Accumulated Depreciation and Amortization | $ (5,995) | |||
Riggs Hill Industrial Center in Jessup, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 827 | |||
Initial Cost of Buildings and Improvements | 4,832 | |||
Total Initial Costs | 5,659 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 77 | |||
Gross amount carried, Land | 827 | |||
Gross amount carried, Buildings and Improvements | 4,909 | |||
Gross amount carried, Total Costs | 5,736 | |||
Accumulated Depreciation and Amortization | $ (896) | |||
Valwood Industrial Center in Carrollton, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 4 | |||
Initial Cost of Land | $ 12,755 | |||
Initial Cost of Buildings and Improvements | 30,377 | |||
Total Initial Costs | 43,132 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,006 | |||
Gross amount carried, Land | 12,755 | |||
Gross amount carried, Buildings and Improvements | 31,383 | |||
Gross amount carried, Total Costs | 44,138 | |||
Accumulated Depreciation and Amortization | $ (4,313) | |||
Port Crossing Logistics Center in LaPorte, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 2,518 | |||
Initial Cost of Buildings and Improvements | 29,476 | |||
Total Initial Costs | 31,994 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 164 | |||
Gross amount carried, Land | 2,518 | |||
Gross amount carried, Buildings and Improvements | 29,640 | |||
Gross amount carried, Total Costs | 32,158 | |||
Accumulated Depreciation and Amortization | $ (2,536) | |||
Hainesport Commerce Center in Hainesport, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 19,042 | |||
Initial Cost of Buildings and Improvements | 113,768 | |||
Total Initial Costs | 132,810 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,127 | |||
Gross amount carried, Land | 19,042 | |||
Gross amount carried, Buildings and Improvements | 114,895 | |||
Gross amount carried, Total Costs | 133,937 | |||
Accumulated Depreciation and Amortization | $ (8,104) | |||
Beltway Logistics Center in Charlotte, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 4,726 | |||
Initial Cost of Buildings and Improvements | 23,327 | |||
Total Initial Costs | 28,053 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 119 | |||
Gross amount carried, Land | 4,726 | |||
Gross amount carried, Buildings and Improvements | 23,446 | |||
Gross amount carried, Total Costs | 28,172 | |||
Accumulated Depreciation and Amortization | $ (1,639) | |||
Clackamas Industrial Center in Clackamas, OR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 9,623 | |||
Initial Cost of Buildings and Improvements | 41,551 | |||
Total Initial Costs | 51,174 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 597 | |||
Gross amount carried, Land | 9,623 | |||
Gross amount carried, Buildings and Improvements | 42,148 | |||
Gross amount carried, Total Costs | 51,771 | |||
Accumulated Depreciation and Amortization | $ (7,659) | |||
Build-to-Core II Logistics Portfolio in Aurora, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 3,187 | |||
Initial Cost of Buildings and Improvements | 21,354 | |||
Total Initial Costs | 24,541 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 352 | |||
Gross amount carried, Land | 3,187 | |||
Gross amount carried, Buildings and Improvements | 21,706 | |||
Gross amount carried, Total Costs | 24,893 | |||
Accumulated Depreciation and Amortization | $ (1,835) | |||
Build-to-Core II Logistics Portfolio in Avenel, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 20,489 | |||
Initial Cost of Buildings and Improvements | 22,267 | |||
Total Initial Costs | 42,756 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 61 | |||
Gross amount carried, Land | 20,489 | |||
Gross amount carried, Buildings and Improvements | 22,328 | |||
Gross amount carried, Total Costs | 42,817 | |||
Accumulated Depreciation and Amortization | $ (1,591) | |||
Build-to-Core II Logistics Portfolio in Lakewood, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 3 | |||
Initial Cost of Land | $ 30,833 | |||
Initial Cost of Buildings and Improvements | 149,703 | |||
Total Initial Costs | 180,536 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 3,080 | |||
Gross amount carried, Land | 30,838 | |||
Gross amount carried, Buildings and Improvements | 152,778 | |||
Gross amount carried, Total Costs | 183,616 | |||
Accumulated Depreciation and Amortization | $ (11,235) | |||
Build-to-Core II Logistics Portfolio in Mount Prospect, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 3,725 | |||
Initial Cost of Buildings and Improvements | 20,434 | |||
Total Initial Costs | 24,159 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 35 | |||
Gross amount carried, Land | 3,725 | |||
Gross amount carried, Buildings and Improvements | 20,469 | |||
Gross amount carried, Total Costs | 24,194 | |||
Accumulated Depreciation and Amortization | $ (1,527) | |||
Build-to-Core II Logistics Portfolio in Naperville, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 1,951 | |||
Initial Cost of Buildings and Improvements | 16,137 | |||
Total Initial Costs | 18,088 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 594 | |||
Gross amount carried, Land | 1,951 | |||
Gross amount carried, Buildings and Improvements | 16,731 | |||
Gross amount carried, Total Costs | 18,682 | |||
Accumulated Depreciation and Amortization | $ (1,360) | |||
Build-to-Core II Logistics Portfolio in Newark, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 25,879 | |||
Initial Cost of Buildings and Improvements | 1,634 | |||
Total Initial Costs | 27,513 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 20,004 | |||
Gross amount carried, Land | 25,879 | |||
Gross amount carried, Buildings and Improvements | 21,638 | |||
Gross amount carried, Total Costs | $ 47,517 | |||
Build-to-Core II Logistics Portfolio in Schertz, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 503 | |||
Initial Cost of Buildings and Improvements | 9,177 | |||
Total Initial Costs | 9,680 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 457 | |||
Gross amount carried, Land | 503 | |||
Gross amount carried, Buildings and Improvements | 9,634 | |||
Gross amount carried, Total Costs | 10,137 | |||
Accumulated Depreciation and Amortization | $ (1,009) | |||
Build-to-Core II Logistics Portfolio in Tualatin, OR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 4,231 | |||
Initial Cost of Buildings and Improvements | 27,698 | |||
Total Initial Costs | 31,929 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | (83) | |||
Gross amount carried, Land | 4,102 | |||
Gross amount carried, Buildings and Improvements | 27,744 | |||
Gross amount carried, Total Costs | 31,846 | |||
Accumulated Depreciation and Amortization | $ (2,168) | |||
Northlake Logistics Crossing in Northlake, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 21,569 | |||
Total Initial Costs | 21,569 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 113,318 | |||
Gross amount carried, Land | 22,094 | |||
Gross amount carried, Buildings and Improvements | 112,793 | |||
Gross amount carried, Total Costs | 134,887 | |||
Accumulated Depreciation and Amortization | $ (682) | |||
Tampa Commerce Center in Temple Terrace, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 6,270 | |||
Total Initial Costs | 6,270 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 25,199 | |||
Gross amount carried, Land | 6,270 | |||
Gross amount carried, Buildings and Improvements | 25,199 | |||
Gross amount carried, Total Costs | $ 31,469 | |||
Medley 104 Industrial Center in Medley, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 13,436 | |||
Initial Cost of Buildings and Improvements | 40,234 | |||
Total Initial Costs | 53,670 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 248 | |||
Gross amount carried, Land | 13,436 | |||
Gross amount carried, Buildings and Improvements | 40,482 | |||
Gross amount carried, Total Costs | 53,918 | |||
Accumulated Depreciation and Amortization | $ (5,117) | |||
IDI U.S. Logistics Portfolio in Buford, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 2,962 | |||
Initial Cost of Buildings and Improvements | 18,213 | |||
Total Initial Costs | 21,175 | |||
Gross amount carried, Land | 2,962 | |||
Gross amount carried, Buildings and Improvements | 18,213 | |||
Gross amount carried, Total Costs | 21,175 | |||
Accumulated Depreciation and Amortization | $ (1,059) | |||
IDI U.S. Logistics Portfolio in Channahon, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 8,940 | |||
Initial Cost of Buildings and Improvements | 93,938 | |||
Total Initial Costs | 102,878 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 349 | |||
Gross amount carried, Land | 8,940 | |||
Gross amount carried, Buildings and Improvements | 94,287 | |||
Gross amount carried, Total Costs | 103,227 | |||
Accumulated Depreciation and Amortization | $ (5,048) | |||
IDI U.S. Logistics Portfolio in Jefferson, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 6,798 | |||
Initial Cost of Buildings and Improvements | 83,287 | |||
Total Initial Costs | 90,085 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,478 | |||
Gross amount carried, Land | 6,798 | |||
Gross amount carried, Buildings and Improvements | 84,765 | |||
Gross amount carried, Total Costs | 91,563 | |||
Accumulated Depreciation and Amortization | $ (7,463) | |||
IDI U.S. Logistics Portfolio in Fort Worth, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 4,254 | |||
Initial Cost of Buildings and Improvements | 42,904 | |||
Total Initial Costs | 47,158 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 36 | |||
Gross amount carried, Land | 4,254 | |||
Gross amount carried, Buildings and Improvements | 42,940 | |||
Gross amount carried, Total Costs | 47,194 | |||
Accumulated Depreciation and Amortization | $ (2,824) | |||
IDI U.S. Logistics Portfolio in Garland, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 4,711 | |||
Initial Cost of Buildings and Improvements | 59,177 | |||
Total Initial Costs | 63,888 | |||
Gross amount carried, Land | 4,711 | |||
Gross amount carried, Buildings and Improvements | 59,177 | |||
Gross amount carried, Total Costs | 63,888 | |||
Accumulated Depreciation and Amortization | $ (4,036) | |||
IDI U.S. Logistics Portfolio in Indianapolis, IN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 5,104 | |||
Initial Cost of Buildings and Improvements | 63,962 | |||
Total Initial Costs | 69,066 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,996 | |||
Gross amount carried, Land | 5,104 | |||
Gross amount carried, Buildings and Improvements | 65,958 | |||
Gross amount carried, Total Costs | 71,062 | |||
Accumulated Depreciation and Amortization | $ (5,030) | |||
IDI U.S. Logistics Portfolio in Southhaven, MS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 2,082 | |||
Initial Cost of Buildings and Improvements | 23,638 | |||
Total Initial Costs | 25,720 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 13 | |||
Gross amount carried, Land | 2,082 | |||
Gross amount carried, Buildings and Improvements | 23,651 | |||
Gross amount carried, Total Costs | 25,733 | |||
Accumulated Depreciation and Amortization | $ (1,674) | |||
Chicago Growth Portfolio in Bolingbrook, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 2,354 | |||
Initial Cost of Buildings and Improvements | 22,921 | |||
Total Initial Costs | 25,275 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 85 | |||
Gross amount carried, Land | 2,354 | |||
Gross amount carried, Buildings and Improvements | 23,006 | |||
Gross amount carried, Total Costs | 25,360 | |||
Accumulated Depreciation and Amortization | $ (2,562) | |||
Chicago Growth Portfolio in Chicago, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 3,326 | |||
Initial Cost of Buildings and Improvements | 28,536 | |||
Total Initial Costs | 31,862 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 762 | |||
Gross amount carried, Land | 3,326 | |||
Gross amount carried, Buildings and Improvements | 29,298 | |||
Gross amount carried, Total Costs | 32,624 | |||
Accumulated Depreciation and Amortization | $ (3,947) | |||
Chicago Growth Portfolio in Elgin, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 4 | |||
Initial Cost of Land | $ 4,911 | |||
Initial Cost of Buildings and Improvements | 34,448 | |||
Total Initial Costs | 39,359 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 715 | |||
Gross amount carried, Land | 4,911 | |||
Gross amount carried, Buildings and Improvements | 35,163 | |||
Gross amount carried, Total Costs | 40,074 | |||
Accumulated Depreciation and Amortization | $ (4,386) | |||
Chicago Growth Portfolio in Lemont, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 2,387 | |||
Initial Cost of Buildings and Improvements | 20,705 | |||
Total Initial Costs | 23,092 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 629 | |||
Gross amount carried, Land | 2,387 | |||
Gross amount carried, Buildings and Improvements | 21,334 | |||
Gross amount carried, Total Costs | 23,721 | |||
Accumulated Depreciation and Amortization | $ (2,596) | |||
Chicago Growth Portfolio in Libertyville, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 4 | |||
Initial Cost of Land | $ 4,732 | |||
Initial Cost of Buildings and Improvements | 46,322 | |||
Total Initial Costs | 51,054 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 991 | |||
Gross amount carried, Land | 4,732 | |||
Gross amount carried, Buildings and Improvements | 47,313 | |||
Gross amount carried, Total Costs | 52,045 | |||
Accumulated Depreciation and Amortization | $ (5,305) | |||
Chicago Growth Portfolio in Romeoville, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 1,049 | |||
Initial Cost of Buildings and Improvements | 10,444 | |||
Total Initial Costs | 11,493 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 56 | |||
Gross amount carried, Land | 1,049 | |||
Gross amount carried, Buildings and Improvements | 10,500 | |||
Gross amount carried, Total Costs | 11,549 | |||
Accumulated Depreciation and Amortization | $ (1,334) | |||
Four Studebaker Commerce Center in Irvine, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 9,334 | |||
Initial Cost of Buildings and Improvements | 23,854 | |||
Total Initial Costs | 33,188 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 85 | |||
Gross amount carried, Land | 9,334 | |||
Gross amount carried, Buildings and Improvements | 23,939 | |||
Gross amount carried, Total Costs | 33,273 | |||
Accumulated Depreciation and Amortization | $ (3,111) | |||
Southeast Orlando Portfolio in Kissimmee, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Buildings and Improvements | $ 20,468 | |||
Total Initial Costs | 20,468 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 267 | |||
Gross amount carried, Buildings and Improvements | 20,735 | |||
Gross amount carried, Total Costs | 20,735 | |||
Accumulated Depreciation and Amortization | $ (2,197) | |||
Southeast Orlando Portfolio in Orlando, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 4 | |||
Initial Cost of Land | $ 23,658 | |||
Initial Cost of Buildings and Improvements | 94,414 | |||
Total Initial Costs | 118,072 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 484 | |||
Gross amount carried, Land | 23,658 | |||
Gross amount carried, Buildings and Improvements | 94,898 | |||
Gross amount carried, Total Costs | 118,556 | |||
Accumulated Depreciation and Amortization | $ (11,337) | |||
I-465 East Logistics Center in Indianapolis, IN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 2,097 | |||
Initial Cost of Buildings and Improvements | 16,826 | |||
Total Initial Costs | 18,923 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 103 | |||
Gross amount carried, Land | 2,097 | |||
Gross amount carried, Buildings and Improvements | 16,929 | |||
Gross amount carried, Total Costs | 19,026 | |||
Accumulated Depreciation and Amortization | $ (1,253) | |||
Industry Commerce Center in City of Industry, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 12,157 | |||
Initial Cost of Buildings and Improvements | 39,929 | |||
Total Initial Costs | 52,086 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 187 | |||
Gross amount carried, Land | 12,157 | |||
Gross amount carried, Buildings and Improvements | 40,116 | |||
Gross amount carried, Total Costs | 52,273 | |||
Accumulated Depreciation and Amortization | $ (5,674) | |||
County Line Corporate Park in Hialeah, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 34,850 | |||
Initial Cost of Buildings and Improvements | 27,230 | |||
Total Initial Costs | 62,080 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 101,209 | |||
Gross amount carried, Land | 34,850 | |||
Gross amount carried, Buildings and Improvements | 128,439 | |||
Gross amount carried, Total Costs | 163,289 | |||
Accumulated Depreciation and Amortization | (1,995) | |||
Robbinsville Distribution Center in Robbinsville, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost of Land | 364 | |||
Total Initial Costs | 364 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 3,064 | |||
Gross amount carried, Land | 1,853 | |||
Gross amount carried, Buildings and Improvements | 1,575 | |||
Gross amount carried, Total Costs | $ 3,428 | |||
Innovation I & II Corporate Park in New Albany, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 5,807 | |||
Initial Cost of Buildings and Improvements | 58,132 | |||
Total Initial Costs | 63,939 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 253 | |||
Gross amount carried, Land | 5,807 | |||
Gross amount carried, Buildings and Improvements | 58,385 | |||
Gross amount carried, Total Costs | 64,192 | |||
Accumulated Depreciation and Amortization | $ (4,073) | |||
IDI 2022 National Portfolio in Bolingbrook, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 13,054 | |||
Initial Cost of Buildings and Improvements | 94,917 | |||
Total Initial Costs | 107,971 | |||
Gross amount carried, Land | 13,054 | |||
Gross amount carried, Buildings and Improvements | 94,917 | |||
Gross amount carried, Total Costs | 107,971 | |||
Accumulated Depreciation and Amortization | $ (6,314) | |||
IDI 2022 National Portfolio in Mesquite, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 2,930 | |||
Initial Cost of Buildings and Improvements | 24,934 | |||
Total Initial Costs | 27,864 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 259 | |||
Gross amount carried, Land | 2,930 | |||
Gross amount carried, Buildings and Improvements | 25,193 | |||
Gross amount carried, Total Costs | 28,123 | |||
Accumulated Depreciation and Amortization | $ (1,648) | |||
IDI 2022 National Portfolio in Monroe, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 7,309 | |||
Initial Cost of Buildings and Improvements | 42,003 | |||
Total Initial Costs | 49,312 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 113 | |||
Gross amount carried, Land | 7,309 | |||
Gross amount carried, Buildings and Improvements | 42,116 | |||
Gross amount carried, Total Costs | 49,425 | |||
Accumulated Depreciation and Amortization | $ (4,489) | |||
IDI 2022 National Portfolio in Olive Branch, MS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 6,983 | |||
Initial Cost of Buildings and Improvements | 54,643 | |||
Total Initial Costs | 61,626 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 31 | |||
Gross amount carried, Land | 6,983 | |||
Gross amount carried, Buildings and Improvements | 54,674 | |||
Gross amount carried, Total Costs | 61,657 | |||
Accumulated Depreciation and Amortization | $ (4,323) | |||
I-80 Logistics Park in Wayne, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 16,924 | |||
Initial Cost of Buildings and Improvements | 121,606 | |||
Total Initial Costs | 138,530 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 239 | |||
Gross amount carried, Land | 16,924 | |||
Gross amount carried, Buildings and Improvements | 121,845 | |||
Gross amount carried, Total Costs | 138,769 | |||
Accumulated Depreciation and Amortization | $ (14,170) | |||
Commonwealth Logistics Center in Jacksonville, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 8,927 | |||
Total Initial Costs | 8,927 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 54,389 | |||
Gross amount carried, Land | 8,927 | |||
Gross amount carried, Buildings and Improvements | 54,389 | |||
Gross amount carried, Total Costs | $ 63,316 | |||
County Line Corporate Park II in Hileah, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 3 | |||
Initial Cost of Land | $ 36,050 | |||
Initial Cost of Buildings and Improvements | 46,428 | |||
Total Initial Costs | 82,478 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 25,680 | |||
Gross amount carried, Land | 36,050 | |||
Gross amount carried, Buildings and Improvements | 72,108 | |||
Gross amount carried, Total Costs | 108,158 | |||
Accumulated Depreciation and Amortization | $ (2,564) | |||
Bayport 146 Distribution Center in Seabrook, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 6,289 | |||
Initial Cost of Buildings and Improvements | 43,317 | |||
Total Initial Costs | 49,606 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 8,371 | |||
Gross amount carried, Land | 6,289 | |||
Gross amount carried, Buildings and Improvements | 51,688 | |||
Gross amount carried, Total Costs | 57,977 | |||
Accumulated Depreciation and Amortization | $ (1,047) | |||
Runway Distribution Center I and II in San Diego, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 2 | |||
Initial Cost of Land | $ 8,143 | |||
Initial Cost of Buildings and Improvements | 48,849 | |||
Total Initial Costs | 56,992 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 3,011 | |||
Gross amount carried, Land | 8,143 | |||
Gross amount carried, Buildings and Improvements | 51,860 | |||
Gross amount carried, Total Costs | 60,003 | |||
Accumulated Depreciation and Amortization | $ (81) | |||
Brittmoore Industrial Center in Houston, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | building | 1 | |||
Initial Cost of Land | $ 1,403 | |||
Initial Cost of Buildings and Improvements | 20,885 | |||
Total Initial Costs | 22,288 | |||
Costs Capitalized or Adjustments Subsequent to Acquisition | 1,707 | |||
Gross amount carried, Land | 1,403 | |||
Gross amount carried, Buildings and Improvements | 22,592 | |||
Gross amount carried, Total Costs | $ 23,995 |
SCHEDULE III-REAL ESTATE AND _3
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION (Summary of Activity for Investment in Real Estate Properties) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Investment Properties Beginning Balance | $ 7,058,013 | $ 4,916,055 | $ 1,377,912 |
Acquisition of properties | 128,886 | 1,888,644 | 3,507,041 |
Improvements | 187,685 | 253,314 | 31,102 |
Investment Properties Ending Balance | 7,374,584 | 7,058,013 | 4,916,055 |
Accumulated Depreciation and Amortization Beginning Balance | (454,273) | (186,269) | (72,924) |
Additions charged to costs and expenses | (296,156) | (268,004) | (113,345) |
Accumulated Depreciation and Amortization Ending Balance | $ (750,429) | $ (454,273) | $ (186,269) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ (204,674) | $ (308,079) | $ (75,349) |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |