10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

_________________________________

FORM 10-Q

_________________________________

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

OR

☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                    to                     

Commission file number: 000-51948

_________________________________

Jones Lang LaSalle Income Property Trust, Inc.

(Exact name of registrant as specified in its charter)

_________________________________

Maryland	20-1432284
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

333 West Wacker Drive, Chicago IL, 60606

(Address of principal executive offices, including Zip Code)

(312) 897-4000

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

_________________________________

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☑    NO  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☑    NO  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☑	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☑

The number of shares of the registrant’s Common Stock, $.01 par value, outstanding on August 11, 2022 were 109,967,706 shares of Class A Common Stock, 24,822,880 shares of Class M Common Stock, 5,736,362 shares of Class A-I Common Stock, 89,989,962 shares of Class M-I Common Stock and 4,025,029 shares of Class D Common Stock.

Jones Lang LaSalle Income Property Trust, Inc.

INDEX

	PAGE NUMBER
Part I - FINANCIAL INFORMATION
Item 1. Financial Statements	3
Consolidated Balance Sheets as of June 30, 2022 (unaudited) and December 31, 2021	3
Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021 (unaudited)	4
Consolidated Statements of Equity for the three and six months ended June 30, 2022 and 2021 (unaudited)	5
Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 (unaudited)	6
Notes to Consolidated Financial Statements (unaudited)	7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3. Quantitative and Qualitative Disclosures About Market Risk	52
Item 4. Controls and Procedures	52
Part II - OTHER INFORMATION
Item 1. Legal Proceedings	53
Item 1A. Risk Factors	53
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	53
Item 3. Defaults Upon Senior Securities	54
Item 4. Mine Safety Disclosures	54
Item 5. Other Information	54
Item 6. Exhibits	55
SIGNATURES	56

2

Item 1. Financial Statements.

Jones Lang LaSalle Income Property Trust, Inc.

CONSOLIDATED BALANCE SHEETS

$ in thousands, except per share amounts

	June 30, 2022		December 31, 2021
ASSETS	(Unaudited)
Investments in real estate:
Land (including from VIEs of $59,018 and $59,006, respectively)	$	641,784	$	598,564
Buildings and equipment (including from VIEs of $207,287 and $206,016, respectively)	3,339,899		3,010,359
Less accumulated depreciation (including from VIEs of $(29,396) and $(26,955), respectively)	(297,114)		(259,362)
Net property and equipment	3,684,569		3,349,561
Investment in unconsolidated real estate affiliates	216,266		217,044
Real estate fund investments	385,317		352,905
Investments in real estate and other assets held for sale	—		39,326
Net investments in real estate	4,286,152		3,958,836
Investment in marketable securities	36,979		43,206
Cash and cash equivalents (including from VIEs of $7,696 and $6,740, respectively)	88,394		70,273
Restricted cash (including from VIEs of $607 and $859, respectively)	57,822		51,203
Tenant accounts receivable, net (including from VIEs of $2,549 and $1,850, respectively)	14,427		9,066
Deferred expenses, net (including from VIEs of $994 and $533, respectively)	15,503		14,511
Acquired intangible assets, net (including from VIEs of $10,035 and $12,500, respectively)	221,356		216,227
Deferred rent receivable, net (including from VIEs of $1,501 and $1,135, respectively)	29,068		25,634
Prepaid expenses and other assets (including from VIEs of $374 and $284, respectively)	16,991		13,290
TOTAL ASSETS	$	4,766,692	$	4,402,246
LIABILITIES AND EQUITY
Mortgage notes and other debt payable, net (including from VIEs of $146,890 and $147,076, respectively)	$	1,740,259	$	1,817,664
Liabilities held for sale	—		271
Accounts payable and other liabilities (including from VIEs of $3,091 and $2,477, respectively)	63,895		70,551
Financing obligation	594,201		448,319
Accrued offering costs	166,783		137,776
Accrued interest (including from VIEs of $436 and $368, respectively)	3,916		3,321
Accrued real estate taxes (including from VIEs of $1,255 and $679, respectively)	15,412		9,497
Advisor fees payable	18,504		39,709
Acquired intangible liabilities, net (including from VIEs of $479 and $541, respectively)	36,196		31,022
TOTAL LIABILITIES	2,639,166		2,558,130
Commitments and contingencies	—		—
Redeemable noncontrolling interests	8,536		—
Equity:
Class A common stock: $0.01 par value; 200,000,000 shares authorized; 108,205,677 and 100,038,362 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	1,082		1,000
Class M common stock: $0.01 par value; 200,000,000 shares authorized; 24,298,368 and 36,458,191 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	243		365
Class A-I common stock: $0.01 par value; 200,000,000 shares authorized; 6,106,688 and 9,356,309 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	61		94
Class M-I common stock: $0.01 par value; 200,000,000 shares authorized; 86,818,680 and 52,676,693 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	868		527
Class D common stock: $0.01 par value; 200,000,000 shares authorized; 6,041,611 and 7,513,281 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	60		75
Additional paid-in capital (net of offering costs of $304,061 and $264,066 as of June 30, 2022 and December 31, 2021, respectively)	2,611,860		2,284,839
Distributions to stockholders	(630,207)		(573,963)
Retained earnings	43,590		34,398
Total Jones Lang LaSalle Income Property Trust, Inc. stockholders’ equity	2,027,557		1,747,335
Noncontrolling interests	91,433		96,781
Total equity	2,118,990		1,844,116
TOTAL LIABILITIES AND EQUITY	$	4,766,692	$	4,402,246

The abbreviation “VIEs” above means consolidated Variable Interest Entities.

See notes to consolidated financial statements.

3

Jones Lang LaSalle Income Property Trust, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

$ in thousands, except share and per share amounts

(Unaudited)

	Three Months Ended June 30, 2022		Three Months Ended June 30, 2021		Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Revenues:
Rental revenue	$	77,302	$	52,538	$	152,257	$	103,269
Other revenue	2,489		3,508		4,705		5,358
Total revenues	79,791		56,046		156,962		108,627
Operating expenses:
Real estate taxes	11,313		8,205		22,624		16,291
Property operating expenses	13,999		10,194		28,002		20,105
Property general and administrative	797		(184)		1,494		476
Advisor fees	17,180		6,749		35,038		13,074
Company level expenses	2,997		990		4,071		2,183
Depreciation and amortization	33,323		21,218		66,297		41,163
Total operating expenses	79,609		47,172		157,526		93,292
Other income (expenses):
Interest expense	(34,055)		(10,288)		(51,907)		(19,550)
Income (loss) from unconsolidated real estate affiliates and fund investments	12,770		(2,412)		41,795		(2,751)
Investment income on marketable securities	293		—		597		—
Net realized loss upon sale of marketable securities	(183)		—		(104)		—
Net unrealized change in fair value of investment in marketable securities	(3,814)		—		(6,798)		—
Gain on disposition of property and extinguishment of debt, net	—		—		31,492		33,422
Total other income and (expenses)	(24,989)		(12,700)		15,075		11,121
Net (loss) income	(24,807)		(3,826)		14,511		26,456
Less: Net loss (income) attributable to the noncontrolling interests	735		49		(650)		(128)
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc.	$	(24,072)	$	(3,777)	$	13,861	$	26,328
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted:
Class A	(0.10)		(0.02)		0.07		0.15
Class M	(0.11)		(0.02)		0.06		0.15
Class A-I	(0.11)		(0.02)		0.06		0.15
Class M-I	(0.11)		(0.02)		0.06		0.15
Class D	(0.11)		(0.02)		0.07		0.15
Weighted average common stock outstanding-basic and diluted	226,026,683		181,126,712		219,104,242		177,963,466

See notes to consolidated financial statements.

4

Jones Lang LaSalle Income Property Trust, Inc.

CONSOLIDATED STATEMENTS OF EQUITY

$ in thousands, except share and per share amounts (Unaudited)

	Common Stock			Additional Paid In Capital		Distributions to  Stockholders		Retained Earnings / (Accumulated Deficit)		Noncontrolling Interests		Total Equity
	Shares	Amount
Balance, April 1, 2021	178,048,517	$	1,780	$	1,974,251	$	(503,381)	$	15,382	$	20,022	$	1,508,054
Issuance of common stock	9,540,603	96		114,150		—		—		—		114,246
Repurchase of shares	(3,134,052)	(31)		(37,310)		—		—		—		(37,341)
Conversion of shares	(315)	—		—		—		—		—		—
Offering costs	—	—		(10,977)		—		—		—		(10,977)
Net loss	—	—		—		—		(3,777)		(49)		(3,826)
Cash distributed to noncontrolling interests	—	—		—		—		—		(205)		(205)
Distributions declared per share ($0.135)	—	—		—		(22,351)		—		—		(22,351)
Balance, June 30, 2021	184,454,753	$	1,845	$	2,040,114	$	(525,732)	$	11,605	$	19,768	$	1,547,600
Balance, January 1, 2021	173,104,467	$	1,731	$	1,922,136	$	(481,760)	$	(14,723)	$	20,039	$	1,447,423
Issuance of common stock	18,299,587	183		217,078		—		—		—		217,261
Repurchase of shares	(6,964,644)	(69)		(82,066)		—		—		—		(82,135)
Conversion of shares	(657)	—		—		—		—		—		—
Offering costs	—	—		(17,223)		—		—		—		(17,223)
Stock based compensation	16,000	—		189		—		—		—		189
Net income	—	—		—		—		26,328		128		26,456
Cash distributed to noncontrolling interests	—	—		—		—		—		(399)		(399)
Distributions declared per share ($0.270)	—	—		—		(43,972)		—		—		(43,972)
Balance, June 30, 2021	184,454,753	$	1,845	$	2,040,114	$	(525,732)	$	11,605	$	19,768	$	1,547,600
Balance, April 1, 2022	219,316,697	$	2,193	$	2,448,952	$	(601,310)	$	69,285	$	93,166	$	2,012,286
Issuance of common stock	13,928,843	139		207,418		—		—		—		207,557
Repurchase of shares	(1,773,498)	(19)		(26,585)		—		—		—		(26,604)
Conversion of shares	(1,018)	1		—		—		—		—		1
Offering costs	—	—		(17,925)		—		—		—		(17,925)
Net loss ($10 income allocated to redeemable noncontrolling interests)	—	—		—		—		(24,072)		(745)		(24,817)
Cash distributed to noncontrolling interests	—	—		—		—		—		(988)		(988)
Allocation to redeemable noncontrolling interests	—	—		—		—		(1,623)		—		(1,623)
Distributions declared per share ($0.140)	—	—		—		(28,897)		—		—		(28,897)
Balance, June 30, 2022	231,471,024	$	2,314	$	2,611,860	$	(630,207)	$	43,590	$	91,433	$	2,118,990
Balance, January 1, 2022	206,042,836	$	2,061	$	2,284,839	$	(573,963)	$	34,398	$	96,781	$	1,844,116
Issuance of common stock	30,192,560	301		434,373		—		—		—		434,674
Repurchase of shares	(4,785,616)	(49)		(67,687)		—		—		—		(67,736)
Conversion of shares	(1,114)	1		—		—		—		—		1
Offering costs	—	—		(39,995)		—		—		—		(39,995)
Stock based compensation	22,358	—		330		—		—		—		330
Net income ($10 income allocated to redeemable noncontrolling interests)	—	—		—		—		13,861		640		14,501
Cash distributed to noncontrolling interests	—	—		—		—		—		(2,066)		(2,066)
Allocation to redeemable noncontrolling interests	—	—		—		—		(4,669)		(3,922)		(8,591)
Distributions declared per share ($0.280)	—	—		—		(56,244)		—		—		(56,244)
Balance, June 30, 2022	231,471,024	$	2,314	$	2,611,860	$	(630,207)	$	43,590	$	91,433	$	2,118,990

See notes to consolidated financial statements.

5

Jones Lang LaSalle Income Property Trust, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

$ in thousands (Unaudited)

	Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	14,511	$	26,456
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	65,838		40,539
Gain on disposition of property and extinguishment of debt	(31,492)		(33,422)
Net realized loss upon sale of marketable securities	104		—
Net unrealized loss in fair value of marketable securities	6,798		—
Straight line rent	(3,425)		(1,136)
(Income) loss from unconsolidated real estate affiliates and fund investments	(41,795)		2,751
Distributions from unconsolidated real estate affiliates and fund investments	10,299		4,748
Non cash interest expense related to DST Program	27,673		3,341
Net changes in assets, liabilities and other	(39,860)		(5,085)
Net cash provided by operating activities	8,651		38,192
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of real estate investments	(392,465)		(331,497)
Proceeds from sale of real estate investments and fixed assets	74,602		66,992
Capital improvements and lease commissions	(10,302)		(8,753)
Investment in unconsolidated real estate affiliates	(138)		(797)
Deposits for investments under contract	(4,700)		(7,500)
Investment in marketable securities	(10,324)		—
Proceeds from sale of marketable securities	9,649		—
Net cash used in investing activities	(333,678)		(281,555)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock	526,240		341,487
Repurchase of shares	(67,736)		(82,135)
Offering costs	(8,189)		(8,098)
Distributions to stockholders	(20,101)		(15,974)
Distributions paid to noncontrolling interests and redeemable noncontrolling interests	(2,131)		(399)
Draws on credit facility	180,000		100,000
Payment on credit facility	(345,000)		(100,000)
Proceeds from mortgage notes and other debt payable	95,800		211,180
Debt issuance costs	(5,248)		(6,335)
Principal payments on mortgage notes and other debt payable	(3,874)		(83,171)
Net cash provided by financing activities	349,761		356,555
Net increase in cash, cash equivalents and restricted cash	24,734		113,192
Cash, cash equivalents and restricted cash at the beginning of the period	121,482		101,434
Cash, cash equivalents and restricted cash at the end of the period	$	146,216	$	214,626
Reconciliation of cash, cash equivalents and restricted cash shown per Consolidated Balance Sheets to cash, cash equivalents and restricted cash per Consolidated Statements of Cash Flows
Cash and cash equivalents	$	88,394	$	175,691
Restricted cash	57,822		38,935
Cash, cash equivalents and restricted cash at the end of the period	$	146,216	$	214,626
Supplemental disclosure of cash flow information:
Interest paid	$	25,826	$	17,297
Non-cash activities:
Write-offs of receivables	$	(7)	$	12
Write-offs of retired assets and liabilities	13,810		2,952
Change in liability for capital expenditures	(346)		(5,572)
Net liabilities transferred at disposition of real estate investment	396		230
Net liabilities assumed at acquisition	951		432
Change in issuance of common stock receivable and redemption of common stock payable	679		609
Change in accrued offering costs	31,806		9,125

    See notes to consolidated financial statements.

6

Jones Lang LaSalle Income Property Trust, Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

$ in thousands, except per share amounts

NOTE 1—ORGANIZATION

General

Except where the context suggests otherwise, the terms “we,” “us,” “our” and the “Company” refer to Jones Lang LaSalle Income Property Trust, Inc. The terms “Advisor” and “LaSalle” refer to LaSalle Investment Management, Inc.

Jones Lang LaSalle Income Property Trust, Inc. is an externally advised, daily valued perpetual-life real estate investment trust ("REIT") that owns and manages a diversified portfolio of residential, industrial, office, retail and other properties located in the United States. Over time, our real estate portfolio may be further diversified on a global basis through the acquisition of properties outside of the United States and may be complemented by investments in real estate-related debt and equity securities. We were incorporated on May 28, 2004 under the laws of the State of Maryland. We believe that we have operated in such a manner to qualify to be taxed as a REIT for federal income tax purposes commencing with the taxable year ended December 31, 2004, when we first elected REIT status. As of June 30, 2022, we owned interests in a total of 128 properties and over 4,000 single-family rental houses located in 26 states.

We own all or substantially all of our assets through JLLIPT Holdings, LP, a Delaware limited partnership (our “operating partnership”), of which we are a limited partner and JLLIPT Holdings GP, LLC, our wholly owned subsidiary, is the sole general partner. The use of our operating partnership to hold all or substantially all of our assets is referred to as an Umbrella Partnership Real Estate Investment Trust ("UPREIT"). By using an UPREIT structure, a property owner who desires to defer taxable gain on the disposition of his property may transfer the property to our operating partnership in exchange for limited partnership interests in our operating partnership ("OP Units") and defer taxation of gain until the limited partnership interests are disposed of in a taxable transaction. As of June 30, 2022, we raised aggregate proceeds from the issuance of OP Units in our operating partnership of $88,925, and owned directly or indirectly 97.0% of the OP Units of our operating partnership. The remaining 3.0% of the OP Units are held by third parties.

From our inception to June 30, 2022, we have received approximately $4,640,080 in gross offering proceeds from various public and private offerings of shares of our common stock. On October 1, 2012, we commenced our initial public offering of common stock and since that time we have offered shares of our common stock in various public offerings registered with the Securities and Exchange Commission (the "SEC").

On December 21, 2021, our most recent public offering (the "Current Public Offering") of up to $3,000,000 in any combination of shares of our Class A, Class M, Class A-I and Class M-I common stock was declared effective by the SEC. As of June 30, 2022, we have raised aggregate gross proceeds from the sale of shares of our common stock in our Current Public Offering of $457,226. We intend to continue to offer shares of our common stock on a continuous basis for an indefinite period of time by filing a new registration statement before the end of each offering.

In addition to our public offerings, on March 3, 2015, we commenced a private offering (the "Private Offering") of up to $350,000 in shares of our Class D common stock with an indefinite duration. As of June 30, 2022, we have raised aggregate gross proceeds of $98,188. In addition, on October 16, 2019, we, through our operating partnership, initiated a program (the “DST Program”) to raise up to $500,000, which our board of directors increased to $1,000,000 on August 10, 2021, in private placements exempt from registration under the Securities Act of 1933, as amended, through the sale of beneficial interests to accredited investors in specific Delaware statutory trusts holding real properties ("DST Properties"), which may be sourced from our real properties or from third parties. As of June 30, 2022, we have raised $586,420 from our DST Program.

As of June 30, 2022, 108,205,677 shares of Class A common stock, 24,298,368 shares of Class M common stock, 6,106,688 shares of Class A-I common stock, 86,818,680 shares of Class M-I common stock, and 6,041,611 shares of Class D common stock were outstanding and held in aggregate by a total of 22,571 stockholders.

LaSalle acts as our advisor pursuant to the advisory agreement among us, our operating partnership and LaSalle (the "Advisory Agreement"). The term of our Advisory Agreement expires June 5, 2023, subject to an unlimited number of successive one-year renewals. Our Advisor, a registered investment advisor with the SEC, has broad discretion with respect to our investment decisions and is responsible for selecting our investments and for managing our investment portfolio pursuant to the terms of the Advisory Agreement. Our executive officers are employees of and compensated by our Advisor. We have no employees, as all operations are managed by our Advisor.

7

LaSalle is a wholly owned, but operationally independent subsidiary of Jones Lang LaSalle Incorporated ("JLL" or our "Sponsor"), a New York Stock Exchange-listed leading professional services firm that specializes in real estate and investment management. As of June 30, 2022, JLL and its affiliates owned an aggregate of 2,521,801 Class M shares, which were issued for cash at a price equal to the most recently reported net asset value ("NAV") per share as of the purchase date and have a current value of $37,524.

NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and include the accounts of our wholly owned subsidiaries, consolidated variable interest entities ("VIE") and the unconsolidated investment in real estate affiliates accounted for under the equity method of accounting. We consider the authoritative guidance of accounting for investments in common stock, investments in real estate ventures, investors accounting for an investee when the investor has the majority of the voting interest but the minority partners have certain approval or veto rights, determining whether a general partner or general partners as a group controls a limited partnership or similar entity when the limited partners have certain rights and the consolidation of VIEs in which we own less than a 100% interest. All significant intercompany balances and transactions have been eliminated in consolidation.

Parenthetical disclosures are shown on our Consolidated Balance Sheets regarding the amounts of VIE assets and liabilities that are consolidated. As of June 30, 2022, our VIEs included The District at Howell Mill, Grand Lakes Marketplace, Presley Uptown, 237 Via Vera Cruz, 4211 Starboard Drive, 13500 Danielson Drive, 2840 Loker Ave, and 15890 Bernardo Center Drive due to the joint venture structures and our partners having limited participation rights and no kick-out rights. The creditors of our VIEs do not have general recourse to us.

Noncontrolling interests represent the minority members’ proportionate share of equity. At acquisition, the assets, liabilities and noncontrolling interests were measured and recorded at the estimated fair value. Noncontrolling interests will increase for the minority members’ share of net income of these entities and contributions and decrease for the minority members’ share of net loss and distributions. As of June 30, 2022, noncontrolling interests represented the minority members’ proportionate share of the equity of The District at Howell Mill and our operating partnership.

Redeemable noncontrolling interests represent noncontrolling interests that are redeemable at the option of the holder or in circumstances out of our control and therefore are accounted for as temporary equity. The carrying amount of the redeemable noncontrolling interests is adjusted over time on an accretive basis to reflect the fair value at the time the noncontrolling interest becomes redeemable by the holder. Changes in the redemption value of redeemable noncontrolling interest are recorded as an allocation of retained earnings on our Consolidated Statements of Equity. During the six months ended June 30, 2022, we recorded an allocation from noncontrolling interests to redeemable noncontrolling interests in the amount of $3,922. We have redeemable noncontrolling interest that related to Grand Lakes Marketplace, Presley Uptown, 237 Via Vera Cruz, 4211 Starboard Drive, 13500 Danielson Drive, 2840 Loker Ave, and 15890 Bernardo Center Drive as of June 30, 2022. As of June 30, 2022, $8,536 related to these third party joint ventures was included in Redeemable noncontrolling interests on our Consolidated Balance Sheet of which $2,890 is immediately puttable by the holder of the noncontrolling interest.

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated financial statements and related notes included in our Annual Report on Form 10-K filed with the SEC on March 11, 2022 (our “2021 Form 10-K”) and should be read in conjunction with such consolidated financial statements and related notes. The following notes to these interim consolidated financial statements highlight changes to the notes included in the December 31, 2021 audited consolidated financial statements included in our 2021 Form 10-K and present interim disclosures as required by the SEC.

The interim financial data as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 is unaudited. In our opinion, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods.

8

Restricted Cash

Restricted cash includes amounts established pursuant to various agreements for loan escrow accounts, loan commitments and property sale proceeds. When we sell a property, we can elect to enter into a like-kind exchange pursuant to the applicable Internal Revenue Service guidance whereby the proceeds from the sale are placed in escrow with a qualified intermediary until a replacement property can be purchased. At June 30, 2022, our restricted cash balance on our Consolidated Balance Sheets was primarily related to common stock subscriptions received in advance of the issuance of the common stock and loan escrow amounts.

Deferred Expenses

Deferred expenses consist of lease commissions. Lease commissions are capitalized and amortized over the term of the related lease as a component of depreciation and amortization expense. Accumulated amortization of deferred expenses at June 30, 2022 and December 31, 2021 was $9,175 and $8,436, respectively.

Rental Revenue Recognition

We recognize rental revenue from tenants under operating leases on a straight-line basis over the non-cancelable term of the lease when collectibility of substantially all rents is reasonably assured. Recognition of rental revenue on a straight-line basis includes the effects of rental abatements, lease incentives and fixed and determinable increases in lease payments over the lease term. For leases where collection of substantially all rents is not deemed to be probable, revenue is recorded equal to cash that has been received from the tenant.  We evaluate the collectibility of rents and other receivables at each reporting period based on factors including, among others, tenant's payment history, the financial condition of the tenant, business conditions and trends in the industry in which the tenant operates and economic conditions in the geographic area where the property is located. If evaluation of these factors or others indicates it is not probable we will collect substantially all rent we recognize an adjustment to rental revenue. If our judgment or estimation regarding probability of collection changes we may adjust or record additional rental revenue in the period such conclusion is reached.

Acquisitions

We have allocated a portion of the purchase price of our acquisitions to acquired intangible assets, which include acquired in-place lease intangibles, acquired above-market in-place lease intangibles and acquired ground lease intangibles, which are reported net of accumulated amortization of $108,740 and $102,842 at June 30, 2022 and December 31, 2021, respectively, on the accompanying Consolidated Balance Sheets. The acquired intangible liabilities represent acquired below-market in-place leases, which are reported net of accumulated amortization of $16,455 and $15,481 at June 30, 2022 and December 31, 2021, respectively, on the accompanying Consolidated Balance Sheets.

Assets and Liabilities Measured at Fair Value

The Financial Accounting Standards Board’s (“FASB”) guidance for fair value measurement and disclosure states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering assumptions, authoritative guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

•Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have access to at the measurement date.

•Level 2—Observable inputs, other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.

•Level 3—Unobservable inputs for the asset or liability. Unobservable inputs are those inputs that reflect our own assumptions that market participants would use to price the asset or liability based on the best available information.

The authoritative guidance requires the disclosure of the fair value of our financial instruments for which it is practicable to estimate that value. The guidance does not apply to all balance sheet items. Market information as available or present value techniques have been utilized to estimate the amounts required to be disclosed. Since such amounts are estimates, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument.

9

Our investments in marketable securities are valued using Level 1 inputs as the securities are publicly traded on major stock exchanges.

Real estate fund investments accounted for under the fair value option fall within Level 3 of the hierarchy. The fair value is recorded based upon changes in the NAV of the limited partnership as determined from the financial statements of the real estate fund. During the six months ended June 30, 2022 and 2021, we recorded a net increase in fair value classified within the Level 3 category of $32,412 and $36, respectively, which related to our investments in the NYC Retail Portfolio (as defined below) and the Single-Family Rental Portfolio (as defined below) (see Note 4-Unconsolidated Real Estate Affiliates and Fund Investments).

We have estimated the fair value of our mortgage notes and other debt payable reflected on our Consolidated Balance Sheets at amounts that are based upon an interpretation of available market information and valuation methodologies (including discounted cash flow analysis with regard to fixed rate debt) for similar loans made to borrowers with similar credit ratings and for the same maturities. The fair value of our mortgage notes and other debt payable using Level 2 inputs was $127,254 lower and $3,794 higher than the aggregate carrying amounts at June 30, 2022 and December 31, 2021, respectively. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition of our mortgage notes payable.

Derivative Financial Instruments

We record all derivatives on our Consolidated Balance Sheets at fair value in prepaid expenses and other assets or accounts payable and other accrued expenses. Changes in the fair value of our derivatives are recorded as a component of interest expense on our Consolidated Statements of Operations as we have not designated our derivative instruments as hedges. Our objective in using interest rate derivatives is to manage our exposure to interest rate movements. To accomplish this objective, we use interest rate swaps.

As of June 30, 2022, we had the following outstanding interest rate derivatives related to managing our interest rate risk:

Interest Rate Derivative	Number of Instruments	Notional Amount
Interest Rate Swaps	2	90,000

The fair value of our interest rate swaps represent assets of $523 and liabilities of $2,580 at June 30, 2022 and December 31, 2021, respectively.

Investment in Marketable Securities

In accordance with our investment guidelines, investments in marketable securities consist of stock of publicly traded REITs. The net unrealized change in the fair value of our investments in marketable securities is recorded in earnings as part of net income in accordance with Accounting Standard Update ("ASU") 2016-1, Financial Statements - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities.

Ground Lease

As of June 30, 2022, we have a single ground lease arrangement for which we are the lessee and recorded a right-of-use asset within prepaid expenses and other assets on our Consolidated Balance Sheets in the amount of $2,084 and a lease liability within accounts payable and other liabilities on our Consolidated Balance Sheets in the amount of $2,246.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. For example, significant estimates and assumptions have been made with respect to useful lives of assets, recoverable amounts of receivables, fair value of derivatives and real estate assets, initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions. Actual results could differ from those estimates.

10

Recently Issued Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"), which provides guidance containing practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We are evaluating the impact of this guidance.

NOTE 3—PROPERTY

The primary reason we make acquisitions of real estate investments in the industrial, office, residential, retail and other property sectors is to invest capital contributed by stockholders in a diversified portfolio of real estate assets. All references to square footage and units are unaudited.

Acquisitions

On March 30, 2022, we acquired Jefferson Lake Howell, a 384-unit residential property located in Casselberry, Florida for approximately $154,100. The acquisition was funded with cash on hand and a draw on our Credit Facility (defined below).

On April 8, 2022, we acquired Northeast Atlanta Distribution Center, a 459,000 square foot industrial property located in Jefferson, Georgia for approximately $54,100. The acquisition was funded with cash on hand and a draw on our Credit Facility.

On April 29, 2022, we acquired Cedar Medical Center at Flagstaff, a 26,000 square foot medical office property located in Flagstaff, Arizona for approximately $17,200. The acquisition was funded with cash on hand.

On May 31, 2022, we acquired Patterson Place, a 25,000 square foot retail property located in Durham, North Carolina for approximately $14,500. The acquisition was funded with cash on hand.

On June 1, 2022, we acquired Silverado Square, a 48,000 square foot retail property located in Las Vegas, Nevada for approximately $24,400. The acquisition was funded with cash on hand.

On June 8, 2022, we acquired two buildings within the Southeast Phoenix Distribution Center, a 245,000 square foot industrial property located in Chandler, Arizona for approximately $62,400. The acquisition was funded with cash on hand and a draw on our Credit Facility.

On June 28, 2022, we acquired North Boston Medical Center, a 30,000 square foot medical office property located in Haverhill, Massachusetts for approximately $22,500. The acquisition was funded with cash on hand and a draw on our Credit Facility.

On June 28, 2022, we acquired North Charlotte Medical Center, a 25,000 square foot medical office property located in Stanley, North Carolina for approximately $12,500. The acquisition was funded with cash on hand and a draw on our Credit Facility.

On June 30, 2022, we acquired Woodlawn Point Shopping Center, a 98,000 square foot retail property located in Marietta, Georgia for approximately $35,000. The acquisition was funded with cash on hand and a draw on our Credit Facility.

We allocated the purchase price for our 2022 acquisitions in accordance with authoritative guidance as follows:

	2022 Acquisitions
Land	$	43,755
Building and equipment	326,811
In-place lease intangible (acquired intangible assets)	29,875
Above-market lease intangible (acquired intangible assets)	1,415
Below-market lease intangible (acquired intangible liabilities)	(7,468)
	$	394,388
Amortization period for intangible assets and liabilities	6 - 180 months

Dispositions

On January 6, 2022, we sold Norfleet Distribution Center, a 702,000 square foot industrial property located in Kansas City, Missouri for approximately $60,375 less closing costs. We recorded a gain on the sale of the property in the amount of

11

approximately $34,186.

On January 24, 2022, we sold The Edge at Lafayette, a 207,000 square foot student housing apartment property located in Lafayette, Louisiana for approximately $16,500 less closing costs. We recorded a gain on the sale of the property in the amount of approximately $13.

NOTE 4—UNCONSOLIDATED REAL ESTATE AFFILIATES AND FUND INVESTMENTS

In addition to investments in consolidated properties, we may make investments in real estate, which are classified as unconsolidated real estate affiliates under GAAP. The residential sector includes apartment properties and single-family rental homes.

Unconsolidated Real Estate Affiliates

The following represent our unconsolidated real estate affiliates as of June 30, 2022 and December 31, 2021.

				Carrying Amount of Investment
Property	Property Type	Location	Acquisition Date	June 30, 2022		December 31, 2021
Chicago Parking Garage	Other	Chicago, IL	December 23, 2014	$	13,608	$	13,992
Pioneer Tower	Office	Portland, OR	June 28, 2016	102,318		103,529
The Tremont	Residential	Burlington, MA	July 19, 2018	21,332		21,345
The Huntington	Residential	Burlington, MA	July 19, 2018	10,420		10,773
Siena Suwanee Town Center	Residential	Suwanee, GA	December 15, 2020	30,483		30,685
Kingston at McLean Crossing	Residential	McLean, VA	December 3, 2021	38,105		36,720
Total				$	216,266	$	217,044

Summarized Combined Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments

	Three Months Ended June 30, 2022		Three Months Ended June 30, 2021		Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Total revenues	$	7,884	$	5,276	$	15,581	$	10,402
Total operating expenses	6,049		5,736		12,401		11,437
Operating income (loss)	$	1,835	$	(460)	$	3,180	$	(1,035)
Interest expense	409		834		(1,009)		1,680
Net income (loss)	$	1,426	$	(1,294)	$	4,189	$	(2,715)

Real Estate Fund Investments

NYC Retail Portfolio

On December 8, 2015, a wholly owned subsidiary of ours acquired an approximate 28% interest in a newly formed limited partnership, Madison NYC Core Retail Partners, L.P., which acquired an approximate 49% interest in entities that initially owned 15 retail properties located in the greater New York City area (the “NYC Retail Portfolio”), the result of which is that we own an approximate 14% interest in the NYC Retail Portfolio. The purchase price for such portion was approximately $85,600 including closing costs. As of June 30, 2022, the NYC Retail Portfolio owned eight retail properties totaling approximately 1,940,000 square feet across urban infill locations in Manhattan, Brooklyn, Queens and New Jersey.

At acquisition we made the election to account for our interest in the NYC Retail Portfolio under the fair value option. We have no unfunded commitments. Our investment in the NYC Retail Portfolio is presented on our Consolidated Balance Sheets within real estate fund investments. Changes in the fair value of our investment as well as cash distributions received are recorded on our Consolidated Statements of Operations within income from unconsolidated real estate affiliates and fund investments. As of June 30, 2022 and December 31, 2021, the carrying amount of our investment in the NYC Retail Portfolio was $84,731 and $84,874, respectively. During the three and six months ended June 30, 2022, we recorded an increase in fair value of our investment in the NYC Retail Portfolio of $1,304 and a decrease of $143, respectively, and received no cash distributions. During the three and six months ended June 30, 2021, we recorded a decrease in fair value of our investment in the NYC Retail Portfolio of $1,118 and $36 and received no cash distributions.

Single-Family Rental Portfolio

12

On August 5, 2021, we acquired a 47% interest in a portfolio of approximately 4,000 stabilized single family rental homes located in various markets across the United States, including Atlanta, Dallas, Phoenix, Nashville and Charlotte, among others (the "Single-Family Rental Portfolio"). The portfolio is encumbered by securitized mortgages in a net amount of approximately $760,000 maturing in the fourth quarter of 2025 at a weighted average interest rate of 2.1%. The equity purchase price of our 47% interest was approximately $205,000. We funded the transaction using cash on hand and a draw on our Revolving Credit Facility (as defined below).

At acquisition we made the election to account for our interest in the Single-Family Rental Portfolio under the fair value option. As of June 30, 2022 and December 31, 2021, the carrying amount of our investment in the Single-Family Rental Portfolio was $300,586 and $268,031, respectively. During the three and six months ended June 30, 2022, we recorded an increase in fair value of our investment in the Single-Family Rental Portfolio of $7,200 and $32,555, respectively. During the three and six months ended June 30, 2022, we received distributions of income totaling $2,840 and $5,194, respectively. These cash distributions of income increased income from unconsolidated real estate affiliates and fund investments.

Summarized Combined Balance Sheets—NYC Retail Portfolio Investment and Single-Family Rental Portfolio—Fair Value Option Investment

	June 30, 2022		December 31, 2021
Investment in real estate venture	$	1,768,443	$	1,666,923
Cash	18,030		19,650
Other assets	52,148		55,562
Total assets	$	1,838,621	$	1,742,135
Total liabilities	827,186		823,503
Partners' capital	1,011,435		918,632
Total liabilities and partners' capital	$	1,838,621	$	1,742,135

Summarized Statement of Operations—NYC Retail Portfolio Investment and Single-Family Rental Portfolio—Fair Value Option Investment

	Three Months Ended June 30, 2022		Three Months Ended June 30, 2021		Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Total revenue	$	21,481	$	1,040	$	41,276	$	1,076
Net investment income	8,636		525		16,320		32
Net change in unrealized gain (loss) on investment in real estate venture	23,957		(4,039)		90,801		(132)
Net income (loss)	$	32,593	$	(3,514)	$	107,121	$	(100)

13

NOTE 5—MORTGAGE NOTES AND OTHER DEBT PAYABLE

Mortgage notes and other debt payable have various maturities through 2032 and consist of the following:

Mortgage notes and other debt payable	Maturity Date	Interest Rate	Amount payable as of
			June 30, 2022		December 31, 2021
Mortgage notes payable (1)	June 1, 2023 - March 1, 2032	1.76% - 5.30%	$	1,276,546	$	1,184,620
Credit facility
Revolving line of credit	April 28, 2025	3.14%	220,000		300,000
Bridge loan	December 1, 2022	3.39%	—		100,000
Term loans	April 28, 2027	2.99% - 3.48%	250,000		235,000
TOTAL			$	1,746,546	$	1,819,620
Net debt discount on assumed debt and debt issuance costs			(6,287)		(1,956)
Mortgage notes and other debt payable, net			$	1,740,259	$	1,817,664

________

(1)     During the six months ending June 30, 2022, we entered into the following new mortgage notes payable:

•On February 15, 2022, we entered into a $55,800 mortgage payable on Reserve at Venice. The mortgage note bears an interest of 2.98% and matures on March 1, 2032.

•On March 18, 2022, we entered into a $40,000 mortgage payable on Friendship Distribution Center. The mortgage note bears an interest rate equal to the Secured Overnight Financing Rate ("SOFR") plus 1.75% (3.25% at June 30, 2022) and matures on March 1, 2029.

Aggregate future principal payments of mortgage notes and other debt payable as of June 30, 2022 are as follows: 

Year	Amount
2022	$	3,937
2023	89,890
2024	24,917
2025	412,296
2026	308,023
Thereafter	907,483
Total	$	1,746,546

Credit Facility

On April 28, 2022, we entered into a credit agreement providing for a $1,000,000 revolving line of credit and unsecured term loan (collectively, the “Credit Facility”) with a syndicate of nine lenders led by JPMorgan Chase Bank, N.A., Bank of America, N.A., PNC Capital Markets LLC, Wells Fargo Securities, LLC and Capital One, National Association. The Credit Facility provides us with the ability, from time to time, to increase the size of the Credit Facility up to a total of $1,300,000, subject to receipt of lender commitments and other conditions. The $1,000,000 Credit Facility consists of a $600,000 revolving credit facility (the “Revolving Credit Facility”) and a $400,000 term loan (the “Term Loan”). The primary interest rate for the Revolving Credit Facility is based on one-month term SOFR plus 0.10% (“Adjusted Term SOFR”), plus a margin ranging from 1.30% to 2.00%, depending on our total leverage ratio. The primary interest rate for the Term Loan is based on Adjusted Term SOFR, plus a margin ranging from 1.25% to 1.95%, depending on our total leverage ratio. The maturity date of the Revolving Credit Facility is April 28, 2025 and the Term Loan is April 28, 2027. The Credit Facility contains two, twelve-month extension options at our election. Based on our current total leverage ratio, we can elect to borrow at Adjusted Term SOFR plus 1.35% and Adjusted Term SOFR plus 1.30% for the Revolving Credit Facility and Term Loan, respectively, or alternatively, we can choose to borrow at a “base rate” equal to (i) the highest of (a) the Federal Funds Rate plus 0.5%, (b) the prime rate announced by JPMorgan Chase Bank, N.A., and (c) Adjusted Term SOFR plus 1.0%, plus (ii) a margin ranging from 0.30% to 1.00% for base rate loans under the Revolving Credit Facility or a margin ranging from 0.25% to 0.95% for base rate loans under the Term Loan. If the “base rate” is less than 1.0%, it will be deemed to be 1.0% for purposes of the Credit Facility. We intend to use the Revolving Credit Facility to cover short-term capital needs, for new property acquisitions and working

14

capital. We may not draw funds on our Credit Facility if we (i) experience a material adverse effect, which is defined to include, among other things, (a) a material adverse effect on the business, assets, operations or financial condition of the Company taken as a whole; (b) the inability of any loan party to perform any of its obligations under any loan document; or (c) a material adverse effect upon the validity or enforceability of any loan document or (ii) are in default, as that term is defined in the agreement, including a default under certain other loan agreements and/or guarantees entered into by us or our subsidiaries. As of June 30, 2022, we believe no material adverse effects had occurred.

On December 10, 2021, we entered into an additional $100,000 short-term bridge loan (the "Bridge Loan") with JPMorgan Chase Bank, N.A. under the same terms as our Credit Facility. The Bridge Loan bears interest at the SOFR plus 1.45% to 2.15% depending on our total leverage ratio. The maturity date of the Bridge Loan is December 1, 2022 and has two, three month extension options. Based on our current total leverage ratio, this borrowing is priced at SOFR plus 1.70%. The Bridge Loan was extinguished on April 28, 2022 upon execution of the Credit Facility.

Borrowings under the Credit Facility are guaranteed by us and certain of our subsidiaries. The Credit Facility requires the maintenance of certain financial covenants, including: (i) unencumbered property pool leverage ratio; (ii) debt service coverage ratio; (iii) maximum total leverage ratio; (iv) fixed charges coverage ratio; (v) minimum NAV; (vi) maximum secured debt ratio; (vii) maximum secured recourse debt ratio; (viii) maximum permitted investments; and (ix) unencumbered property pool criteria. The Credit Facility provides the flexibility to move assets in and out of the unencumbered property pool during the term of the Credit Facility.

At June 30, 2022, we had $220,000 outstanding under the Revolving Credit Facility at Adjusted Term SOFR + 1.35% and $250,000 outstanding under the Term Loan at Adjusted Term SOFR + 1.30%. We swapped $90,000 of the Revolving Credit Facility to a fixed rate of 2.08% (all in rate of 3.48% at June 30, 2022). The interest rate swap agreements have maturity dates ranging from February 17, 2023 through May 26, 2023.

Covenants

At June 30, 2022, we were in compliance with all debt covenants.

Debt Issuance Costs

Debt issuance costs are capitalized, and presented net of mortgage notes and other debt payable, and amortized over the terms of the respective agreements as a component of interest expense. Accumulated amortization of debt issuance costs at June 30, 2022 and December 31, 2021 was $9,658 and $8,024, respectively.

15

NOTE 6—COMMON STOCK

We have five classes of common stock: Class A, Class M, Class A-I, Class M-I, and Class D. The fees payable to LaSalle Investment Management Distributors, LLC, an affiliate of our Advisor and the dealer manager for our offerings (the "Dealer Manager"), with respect to each outstanding share of each class, as a percentage of NAV, are as follows:

	Selling Commission (1)	Dealer Manager Fee (2)
Class A Shares	up to 3.0%	0.85%
Class M Shares	—	0.30%
Class A-I Shares	up to 1.5%	0.30%
Class M-I Shares	—	None
Class D Shares (3)	up to 1.0%	None

________

(1)     Selling commissions are paid on the date of sale of our common stock.

(2)     We accrue all future dealer manager fees up to the ten percent regulatory limitation as accrued offering costs on our Consolidated Balance Sheets on the date of sale of our common stock. For NAV calculation purposes, dealer manager fees are accrued daily, on a continuous basis equal to 1/365th of the stated fee. Each Class A, Class M and Class A-I share sold in a public offering will automatically convert into the number of Class M-I shares based on the then-current applicable NAV of each class on the date following the termination of the primary portion of such public offering in which we, with the assistance of the Dealer Manager, determine that total underwriting compensation paid with respect to such public offering equals 10% of the gross proceeds from the primary portion of such public offering.

(3)     Shares of Class D common stock are only being offered pursuant to a private offering.

The selling commissions and dealer manager fees are offering costs and are recorded as a reduction of additional paid in capital.

Stock Transactions

The stock transactions for each of our classes of common stock for the six months ended June 30, 2022 were as follows:

	Shares of Class A Common Stock	Shares of Class M Common Stock	Shares of Class A-I Common Stock	Shares of Class M-I Common Stock	Shares of Class D Common Stock	Total
Balance, December 31, 2021	100,038,362	36,458,191	9,356,309	52,676,693	7,513,281	206,042,836
Issuance of common stock	11,212,818	3,416,648	341,760	15,243,692	—	30,214,918
Repurchase of common stock	(1,321,930)	(434,161)	(100,839)	(1,457,016)	(1,471,670)	(4,785,616)
Share conversions	(1,723,573)	(15,142,310)	(3,490,542)	20,355,311	—	(1,114)
Balance, June 30, 2022	108,205,677	24,298,368	6,106,688	86,818,680	6,041,611	231,471,024

Stock Issuances

The stock issuances for our classes of common stock, including those issued through our distribution reinvestment plan, for the six months ended June 30, 2022 were as follows:

	Six Months Ended June 30, 2022
	# of shares	Amount
Class A Shares	11,212,818	$	162,739
Class M Shares	3,416,648	49,330
Class A-I Shares	341,760	5,069
Class M-I Shares	15,243,692	217,866
Total		$	435,004

16

Share Repurchase Plan

Our share repurchase plan allows stockholders, subject to a one-year holding period, with certain exceptions, to request that we repurchase all or a portion of their shares of common stock on a daily basis at that day's NAV per share, limited to 5% of aggregate Company NAV per quarter. For the six months ended June 30, 2022, we repurchased 4,785,616 shares of common stock in the amount of $67,736. During the six months ended June 30, 2021, we repurchased 6,964,644 shares of common stock in the amount of $82,135.

Distribution Reinvestment Plan

Pursuant to our distribution reinvestment plan, holders of shares of any class of our common stock may elect to have their cash distributions reinvested in additional shares of our common stock at the NAV per share applicable to the class of shares being purchased on the distribution date. For the six months ended June 30, 2022, we issued 2,463,259 shares of common stock for $36,143 under the distribution reinvestment plan. For the six months ended June 30, 2021, we issued 2,348,551 shares of common stock for $27,998 under the distribution reinvestment plan.

Operating Partnership Units

In connection with the acquisitions of Siena Suwanee Town Center and South San Diego Distribution Center, our operating partnership issued 7,037,257 OP Units to third parties for a total of $88,925. After a one-year holding period, holders of OP Units generally have the right to cause our operating partnership to redeem all or a portion of their OP Units for, at our sole discretion, shares of our common stock, cash, or a combination of both. During the six months ended June 30, 2022 we did not issue any additional OP Units.

Earnings Per Share

We compute net income per share for Class A, Class M, Class A-I, Class M-I and Class D common stock using the two-class method. Our Advisor may earn a performance fee (see Note 9-Related Party Transactions), which may impact the net income of each class of common stock differently. In periods where no performance fee is recognized in our Consolidated Statements of Operations and Comprehensive Income, the net income per share will be the same for each class of common stock.

Basic and diluted net income per share for each class of common stock is computed using the weighted-average number of common shares outstanding during the period for each class of common stock. We have not issued any dilutive or potentially dilutive securities, and thus the basic and diluted net income per share for a given class of common stock is the same for each period presented.

17

The following table sets forth the computation of basic and diluted net income per share for each of our Class A, Class M, Class A-I, Class M-I and Class D common stock:

	Three Months Ended June 30, 2022
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net income per share:
Allocation of net loss per share before performance fee	$	(8,254)	$	(1,909)	$	(479)	$	(6,509)	$	(471)
Allocation of performance fee	2,809		688		174		2,398		172
Total	$	(11,063)	$	(2,597)	$	(653)	$	(8,907)	$	(643)
Weighted average number of common shares outstanding	105,872,896		24,483,836		6,145,006		83,483,334		6,041,611
Basic and diluted net loss per share:	$	(0.10)	$	(0.11)	$	(0.11)	$	(0.11)	$	(0.11)
	Six Months Ended June 30, 2022
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net income per share:
Allocation of net income per share before performance fee	$	13,695	$	4,019	$	1,016	$	9,248	$	819
Allocation of performance fee	6,603		2,151		528		4,768		408
Total	$	7,092	$	1,868	$	488	$	4,480	$	411
Weighted average number of common shares outstanding	104,194,117		30,580,443		7,732,870		70,368,193		6,228,619
Basic and diluted net income per share:	$	0.07	$	0.06	$	0.06	$	0.06	$	0.07
	Three Months Ended June 30, 2021
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net loss per share:
Allocation of net loss per share before performance fee	$	(1,904)	$	(729)	$	(201)	$	(786)	$	(157)
Weighted average number of common shares outstanding	91,360,963		34,932,190		9,625,797		37,694,481		7,513,281
Basic and diluted net loss per share:	$	(0.02)	$	(0.02)	$	(0.02)	$	(0.02)	$	(0.02)
	Six Months ended June 30, 2021
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net income per share:
Allocation of net income per share before performance fee	$	13,398	$	5,187	$	1,424	$	5,332	$	987
Weighted average number of common shares outstanding	90,565,959		35,054,212		9,631,765		36,031,214		6,680,316
Basic and diluted net income per share:	$	0.15	$	0.15	$	0.15	$	0.15	$	0.15

18

Organization and Offering Costs

Organization and offering costs include, but are not limited to, legal, accounting, printing fees and personnel costs of our Advisor attributable to our organization, preparation of the registration statement, registration and qualification of our common stock for sale with the SEC, or in a private placement, and in the various states and filing fees incurred by our Advisor. LaSalle agreed to fund our organization and offering expenses for the Current Public Offering until December 21, 2021, the day the registration statement was declared effective by the SEC, following which time we commenced reimbursing LaSalle over 36 months. Following the Current Public Offering commencement date, we began paying directly or reimbursing LaSalle if it pays on our behalf any organization and offering costs incurred during the Current Public Offering period (other than selling commissions and dealer manager fees) as and when incurred. After the termination of the Current Public Offering, LaSalle has agreed to reimburse us to the extent that the organization and offering costs that we incur exceed 15% of our gross proceeds from the Current Public Offering. Organization costs are expensed, whereas offering costs are recorded as a reduction of capital in excess of par value. As of June 30, 2022 and December 31, 2021, LaSalle had paid $2,289 and $2,113, respectively, of organization and offering costs on our behalf which we had not yet reimbursed. These costs are included in accrued offering costs on our Consolidated Balance Sheets.

NOTE 7—DST PROGRAM

On October 16, 2019, we, through our operating partnership, initiated the DST Program, and on August 10, 2021, our board of directors approved an increase to raise up to a total of $1,000,000 in private placements through the sale of beneficial interests in specific Delaware statutory trusts (“DST”) holding DST Properties, which may be sourced from our existing portfolio or from newly acquired properties sourced from third parties. Each DST Property will be leased back by a wholly owned subsidiary of our operating partnership on a long-term basis of up to ten years pursuant to a master lease agreement. The master lease agreements are expected to be guaranteed by our operating partnership. As compensation for the master lease guarantee, our operating partnership will retain a fair market value purchase option giving it the right, but not the obligation, to acquire the beneficial interests in the DST from the investors at any time after two years from the closing of the applicable DST offering in exchange for OP Units or cash, at our discretion.

The sale of beneficial interests in the DST Property will be accounted for as a failed sale-leaseback transaction due to the fair market value purchase option retained by our operating partnership and as such, the property will remain on our books and records. The proceeds received from each DST offering will be accounted for as a financing obligation on our Consolidated Balance Sheets. Upfront costs for legal work and debt placement costs for the DST totaling $1,309 are accounted for as deferred loan costs and are netted against the financing obligation.

Under the master lease, we are responsible for subleasing the DST Property to tenants, for covering all costs associated with operating the underlying DST Property, and for paying base rent to the DST that owns such property. For financial reporting purposes (and not for income tax purposes), the DST Properties are included in our consolidated financial statements, with the master lease rent payments accounted for using the interest method whereby a portion is accounted for as interest expense and a portion is accounted for as a reduction of the outstanding principal balance of the financing obligation. For the six months ended June 30, 2022 and 2021, we recorded non-cash interest expense related to the master lease in the amounts of $8,394 and $3,341, respectively. Upon the determination that it is probable that our operating partnership will exercise the fair market value purchase option, we will recognize additional interest expense or interest income to the financing obligation to account for the difference between the fair value of the property and the outstanding liabilities. We determined that certain properties were probable for exercising the fair market value purchase option and recorded additional non-cash interest expense of $19,279 and $0 during the six months ended June 30, 2022 and 2021, respectively. We will remeasure the fair value of these properties at each balance sheet date and adjust the non-cash interest expense recognized over the remaining term of the master lease for any changes in fair value. If we elect to repurchase the property prior to the maturity date of the master lease, we will record the difference between the repurchase amount and the financial obligation as additional non-cash interest expense in the period of repurchase. For financial reporting purposes, the rental revenues and rental expenses associated with the underlying property of each master lease are included in the respective line items on our Consolidated Statements of Operations and Comprehensive Income. The net amount we receive from the underlying DST Properties may be more or less than the amount we pay to the investors in the specific DST and could fluctuate over time.

As of June 30, 2022, we have sold $586,420 in interests related to the DST Program. As of June 30, 2022, the following properties are included in our DST Program:

•The Reserve at Johns Creek,

•Summit at San Marcos,

•Mason Mill Distribution Center,

19

•San Juan Medical Center,

•The Penfield,

•Milford Crossing,

•Villas at Legacy,

•Montecito Marketplace,

•Whitestown Distribution Center,

•Louisville Airport Distribution Center,

•The Preserve at the Meadows,

•The Rockwell,

•9101 Stony Point Drive,

•Reserve at Venice,

•Friendship Distribution Center,

•Duke Medical Center,

•Silverstone Marketplace,

•South Reno Medical Center,

•Sugar Land Medical Plaza, and

•Suwanee Distribution Center.

NOTE 8—RENTALS UNDER OPERATING LEASES

We receive rental income from operating leases. The minimum future rentals from consolidated properties based on operating leases in place at June 30, 2022 are as follows:

Year	Amount
2022	$	134,572
2023	194,368
2024	158,719
2025	136,678
2026	120,009
Thereafter	431,095
Total	$	1,175,441

 Minimum future rentals do not include amounts payable by certain tenants based upon a percentage of their gross sales or as reimbursement of property operating expenses. During the three and six months ended June 30, 2022, no tenants accounted for greater than 10% of minimum base rents.

NOTE 9—RELATED PARTY TRANSACTIONS

Pursuant to our Advisory Agreement with LaSalle, we pay a fixed advisory fee of 1.25% of our NAV calculated daily. The Advisory Agreement allows for a performance fee to be earned for each share class based on the total return of that share class or OP Unit during the calendar year. The performance fee is calculated as 10% of the return in excess of 7% per annum. The term of our Advisory Agreement expires June 5, 2023, subject to an unlimited number of successive one year renewals.

Fixed advisory fees for the three and six months ended June 30, 2022 were $10,730 and $20,104, respectively. The fixed advisory fees for the three and six months ended June 30, 2021 were $6,749 and $13,074, respectively. Performance fees for the three and six months ended June 30, 2022 were $6,450 and $14,935, respectively. There were no performance fees for the three and six months ended June 30, 2021. Included in Advisor fees payable at June 30, 2022 was $3,569 of fixed advisory fee expense and $14,935 of performance fee expense. Included in Advisor fees payable for the year ended December 31, 2021 was $2,998 of fixed advisory fee expense and $36,711 of performance fee expenses.

We pay Jones Lang LaSalle Americas, Inc. (“JLL Americas”), an affiliate of our Advisor, for property management, construction management, leasing, mortgage brokerage and sales brokerage services performed at various properties we own. For the three and six months ended June 30, 2022, we paid JLL Americas $468 and $987, respectively, for property management and leasing services. For the three and six months ended June 30, 2021, we paid JLL Americas $240 and $479,

20

respectively, for property management and leasing services. During the three and six months ended June 30, 2022, there were no mortgage brokerage fees paid to JLL Americas. During the three and six months ended June 30, 2021, we paid JLL Americas $209 and $371, respectively in mortgage brokerage fees related to the mortgage notes payable for Louisville Airport Distribution Center and Townlake of Coppell.

We pay the Dealer Manager selling commissions and dealer manager fees in connection with our offerings. For the three and six months ended June 30, 2022, we paid the Dealer Manager selling commissions and dealer manager fees totaling $4,100 and $7,861, respectively. For the three and six months ended June 30, 2021, we paid Dealer Manager selling commissions and dealer manager fees totaling $2,938 and $5,552, respectively. A majority of the selling commissions and dealer manager fees are reallowed to participating broker-dealers. Included in accrued offering costs, at June 30, 2022 and December 31, 2021, were $164,494 and $135,663 of future dealer manager fees payable, respectively.

As of June 30, 2022 and December 31, 2021, we owed $2,289 and $2,113, respectively, for organization and offering costs paid by LaSalle (see Note 6-Common Stock). These costs are included in accrued offering costs.

LaSalle Investment Management Distributors, LLC also serves as the dealer manager for the DST Program on a “best efforts” basis. Our taxable REIT subsidiary, which is a wholly owned subsidiary of our operating partnership, will pay the Dealer Manager upfront selling commissions, upfront dealer manager fees and placement fees of up to 5.0%, 1.0% and 1.0%, respectively, of the gross purchase price per unit of beneficial interest sold in the DST Program. All upfront selling commissions and upfront dealer manager fees are reallowed to participating broker-dealers. For the three and six months ended June 30, 2022, the taxable REIT subsidiary paid $2,228 and $2,353, respectively, to the Dealer Manager. For the three and six months ended June 30, 2021, the taxable REIT subsidiary paid $1,715 and $2,742, respectively, to the Dealer Manager. In addition, the Dealer Manager may receive an ongoing investor servicing fee that is calculated daily on a continuous basis from year to year equal to 1/365th of (a) 0.25% of the total equity of each outstanding unit of beneficial interest for such day, payable by the DSTs; (b) 0.85% of the NAV of each outstanding Class A OP Unit, 0.30% of the NAV of each outstanding Class M OP Unit or 0.30% of the NAV of each outstanding Class A-I OP Unit for such day issued in connection with our operating partnership's fair market value purchase option, payable by our operating partnership; and (c) 0.85% of the NAV of each outstanding Class A share, 0.30% of the NAV of each outstanding Class M share or 0.30% of the NAV of each outstanding Class A-I share for such day issued in connection with the investors' redemption right, payable by us. The investor servicing fee may continue for so long as the investor in the DST Program holds beneficial interests, Class A, Class M and Class A-I OP Units or Class A, Class M and Class A-I shares that were issued in connection with the DST Program. No investor servicing fee will be paid on Class M-I OP Units or Class M-I shares. For the three and six months ended June 30, 2022, the DSTs paid $342 and $629, respectively, in investor servicing fees to the Dealer Manager in connection with the DST Program. For the three and six months ended June 30, 2021, the DSTs paid $178 and $305, respectively, in investor servicing fees to the Dealer Manager in connection with the DST program.

LaSalle also serves as the manager for the DST Program. Each DST pays the manager a management fee equal to a to-be-agreed upon percentage of the total equity of such DST. For the three and six months ended June 30, 2022, the DSTs paid $218 and $402, respectively, in management fees to our Advisor in connection with the DST Program. For the three and six months ended June 30, 2021, the Delaware statutory trusts paid $107 and $183, respectively, in management fees to our Advisor in connection with the DST Program.

NOTE 10—COMMITMENTS AND CONTINGENCIES

We are involved in various claims and litigation matters arising in the ordinary course of business, some of which involve claims for damages. Many of these matters are covered by insurance, although they may nevertheless be subject to deductibles or retentions. Although the ultimate liability for these matters cannot be determined, based upon information currently available, we believe the ultimate resolution of such claims and litigation will not have a material adverse effect on our financial position, results of operations or liquidity.

From time to time, we have entered into contingent agreements for the acquisition and financing of properties. Such acquisitions and financings are subject to satisfactory completion of due diligence or meeting certain leasing or occupancy thresholds.

We are subject to fixed ground lease payments on South Beach Parking Garage of $112 per year until September 30, 2024, which will increase every five years thereafter by the lesser of 12% or the cumulative Consumer Price Index ("CPI") over the previous five year period. We are also subject to a variable ground lease payment calculated as 2.5% of revenue. The lease expires September 30, 2041 and has a ten-year renewal option.

21

The operating agreement for Grand Lakes Marketplace allows the unrelated third party joint venture partner, owning a 10% interest, to put its interest to us at a market determined value.

The operating agreement for 237 Via Vera Cruz, 13500 Danielson Street, 4211 Starboard, 2840 Loaker Avenue and 15890 Bernardo Center Drive allows the unrelated third party joint venture partner, owning a 5% interest, to put its interest to us at a market determined value starting July 31, 2024.

The operating agreement for Presley Uptown allows the unrelated third party joint venture partner, owning a 2.5% interest, to put its interest to us at a market determined value starting September 30, 2022 until September 30, 2024.

NOTE 11—SEGMENT REPORTING

We have five reportable operating segments: industrial, office, residential, retail and other properties. Consistent with how our chief operating decision makers evaluate performance and manage our properties, the financial information summarized below is presented by operating segment and reconciled to net income for the three and six months ended June 30, 2022 and 2021.

22

	Industrial		Office		Residential		Retail		Other		Total
Assets as of June 30, 2022	$	1,434,578	$	528,668	$	1,425,083	$	635,511	$	23,719	$	4,047,559
Assets as of December 31, 2021	1,352,580		479,306		1,301,454		564,565		23,412		3,721,317
Three Months Ended June 30, 2022
Capital expenditures by segment	$	3,151	$	1,972	$	1,706	$	1,365	$	11	$	8,205
Revenues:
Rental revenue	$	25,461	$	11,213	$	27,872	$	12,690	$	66	$	77,302
Other revenue	27		468		1,213		191		590		2,489
Total revenues	$	25,488	$	11,681	$	29,085	$	12,881	$	656	$	79,791
Operating expenses:
Real estate taxes	$	4,247	$	1,161	$	4,147	$	1,690	$	68	$	11,313
Property operating expenses	1,913		2,278		7,737		1,888		183		13,999
Total segment operating expenses	$	6,160	$	3,439	$	11,884	$	3,578	$	251	$	25,312
Reconciliation to net income
Property general and administrative											797
Advisor fees											17,180
Company level expenses											2,997
Depreciation and amortization											33,323
Total operating expenses											$	79,609
Other income and (expenses):
Interest expense											$	(34,055)
Gain from unconsolidated real estate affiliates and fund investment											12,770
Investment income on marketable securities											293
Net realized loss upon sale of marketable securities											(183)
Net unrealized change in fair value of investment in marketable securities											(3,814)
Total other income and (expenses)											$	(24,989)
Net loss											$	(24,807)
Reconciliation to total consolidated assets as of June 30, 2022
Assets per reportable segments											$	4,047,559
Investment in unconsolidated real estate affiliates, real estate fund investments and corporate level assets											719,133
Total consolidated assets											$	4,766,692
Reconciliation to total consolidated assets as of December 31, 2021
Assets per reportable segments											$	3,721,317
Investment in unconsolidated real estate affiliates, real estate fund investments and corporate level assets											680,929
Total consolidated assets											$	4,402,246

23

	Industrial		Office		Residential		Retail		Other		Total
Three Months Ended June 30, 2021
Capital expenditures by segment	$	5,906	$	903	$	1,907	$	964	$	—	$	9,680
Revenues:
Rental revenue	$	15,979	$	7,425	$	16,934	$	12,138	$	62	$	52,538
Other revenue	57		443		2,119		93		796		3,508
Total revenues	$	16,036	$	7,868	$	19,053	$	12,231	$	858	$	56,046
Operating expenses:
Real estate taxes	$	2,518	$	861	$	3,065	$	1,639	$	122	$	8,205
Property operating expenses	1,142		1,569		5,103		2,197		183		10,194
Total segment operating expenses	$	3,660	$	2,430	$	8,168	$	3,836	$	305	$	18,399
Reconciliation to net income
Property general and administrative											(184)
Advisor fees											6,749
Company level expenses											990
Depreciation and amortization											21,218
Total operating expenses											$	47,172
Other income and (expenses):
Interest expense											$	(10,288)
Loss from unconsolidated real estate affiliates and fund investment											(2,412)
Total other income and (expenses)											$	(12,700)
Net loss											$	(3,826)

24

	Industrial		Office		Residential		Retail		Other		Total
Six Months Ended June 30, 2022
Capital expenditures by segment	$	3,151	$	2,978	$	2,828	$	1,682	$	11	$	10,650
Revenues:
Rental revenue	$	50,348	$	22,544	$	52,933	$	26,305	$	127	$	152,257
Other revenue	69		762		2,420		263		1,191		4,705
Total revenues	$	50,417	$	23,306	$	55,353	$	26,568	$	1,318	$	156,962
Operating expenses:
Real estate taxes	$	8,354	$	2,325	$	8,402	$	3,361	$	182	$	22,624
Property operating expenses	4,197		4,452		14,950		4,012		391		28,002
Total segment operating expenses	$	12,551	$	6,777	$	23,352	$	7,373	$	573	$	50,626
Reconciliation to net income
Property general and administrative											1,494
Advisor fees											35,038
Company level expenses											4,071
Depreciation and amortization											66,297
Total operating expenses											$	106,900
Other income and (expenses):
Interest expense											$	(51,907)
Income from unconsolidated real estate affiliates and fund investments											41,795
Investment income on marketable securities											597
Net realized loss upon sale of marketable securities											(104)
Net unrealized change in fair value of investment in marketable securities											(6,798)
Gain on disposition of property and extinguishment of debt, net											31,492
Total other income and (expenses)											$	15,075
Net income											$	14,511

25

	Industrial		Office		Residential		Retail		Other		Total
Six Months Ended June 30, 2021
Capital expenditures by segment	$	8,881	$	1,337	$	2,616	$	1,476	$	16	$	14,326
Revenues:
Rental revenue	$	31,205	$	14,997	$	32,783	$	24,191	$	93	$	103,269
Other revenue	62		815		2,878		176		1,427		5,358
Total revenues	$	31,267	$	15,812	$	35,661	$	24,367	$	1,520	$	108,627
Operating expenses:
Real estate taxes	$	4,978	$	1,628	$	6,176	$	3,272	$	237	$	16,291
Property operating expenses	2,496		3,056		9,933		4,243		377		20,105
Total segment operating expenses	$	7,474	$	4,684	$	16,109	$	7,515	$	614	$	36,396
Reconciliation to net income
Property general and administrative											476
Advisor fees											13,074
Company level expenses											2,183
Depreciation and amortization											41,163
Total operating expenses											$	93,292
Other income and (expenses):
Interest expense											$	(19,550)
Loss from unconsolidated real estate affiliates and fund investments											(2,751)
Gain on disposition of property and extinguishment of debt, net											33,422
Total other income and (expenses)											$	11,121
Net income											$	26,456

NOTE 12—INVESTMENT IN MARKETABLE SECURITIES

The following is a summary of our investment in marketable securities held as of June 30, 2022 and December 31, 2021, which consisted entirely of stock of publicly traded REITs.

	June 30, 2022		December 31, 2021
Investment in marketable securities - cost	$	40,841	$	40,273
Unrealized gains	154		3,161
Unrealized losses	(4,016)		(228)
Net unrealized (loss) gain	(3,862)		2,933
Investment in marketable securities - fair value	$	36,979	$	43,206

Upon the sale of a particular security, the realized net gain or loss is computed assuming the shares purchased first are sold first. During the six months ended June 30, 2022, marketable securities sold generated proceeds of $9,649, resulting in realized gains of $294, and realized losses of $398.

26

NOTE 13—SUBSEQUENT EVENTS

On July 8, 2022, our operating partnership exercised its fair market value purchase option to acquire The Reserve at Johns Creek and issued 2,575,832 OP Units to DST investors.

On July 15th, 2022, we acquired Oak Street Lofts, a 187 unit residential property located in the Portland suburb of Tigard, Oregon for $81,500 using cash on hand and a draw on our Credit Facility.

On July 21, 2022, we acquired Grand Rapids Medical Center, a 25,000 square foot medical office building located in Wyoming, Michigan for $9,300 using cash on hand.

On July 29, 2022, we acquired Glendale Medical Center, a 20,000 square foot medical office building located in Los Angeles, California for $18,200.

On August 9, 2022, our board of directors approved a gross dividend for the third quarter of 2022 of $0.14 per share and OP unit to stockholders and OP Unit holders of record as of September 22, 2022. The dividend will be paid on or around September 29, 2022. Class A, Class M, Class A-I, Class M-I and Class D stockholders and OP Unit holders will receive $0.14 per share, less applicable class-specific fees, if any.

*  *  *  *  *  *

27

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

$ in thousands, except per share amounts

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q ("Form 10-Q") may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), regarding, among other things, our plans, strategies and prospects, both business and financial. Forward-looking statements include, but are not limited to, statements that represent our beliefs concerning future operations, strategies, financial results or other developments. Forward-looking statements can be identified by the use of forward-looking terminology such as, but not limited to, “may,” “should,” “expect,” “anticipate,” “estimate,” “would be,” “believe,” or “continue” or the negative or other variations of comparable terminology. Because these forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to change, actual results could be materially different. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this Form 10-Q is filed with the SEC. Except as required by law, we do not undertake to update or revise any forward-looking statements contained in this Form 10-Q. Important factors that could cause actual results to differ materially from the forward-looking statements are disclosed in “Item 1A. Risk Factors,” “Item 1. Business” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in our 2021 Form 10-K and our periodic reports filed with the SEC.

Management Overview

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand our results of operations and financial condition. This MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying notes to the consolidated financial statements appearing elsewhere in this Form 10-Q. All references to numbered Notes are to specific notes to our consolidated financial statements beginning on page 7 of this Form 10-Q, and the descriptions referred to are incorporated into the applicable portion of this section by reference. References to “base rent” in this Form 10-Q refer to cash payments made under the relevant lease(s), excluding real estate taxes and certain property operating expenses that are paid by us and are recoverable under the relevant lease(s) and exclude adjustments for straight-line rent revenue and above- and below-market lease amortization.

The discussions surrounding our portfolio of properties refer to our Consolidated Properties, including our DST Properties, and our Unconsolidated Properties which can be found below (see Item 2 - Properties).

Our primary business is the ownership and management of a diversified portfolio of industrial, office, residential, retail and other properties primarily located in the United States. The residential sector includes apartment properties and single-family rental homes. It is expected that over time our real estate portfolio will be further diversified on a global basis and will be further complemented by investments in real estate-related assets.

We are managed by our Advisor, LaSalle Investment Management, Inc., a subsidiary of our Sponsor, Jones Lang LaSalle Incorporated (NYSE: JLL), a leading global financial and professional services firm that specializes in commercial real estate and investment management. We hire property management and leasing companies to provide the on-site, day-to-day management and leasing services for our properties. When selecting a property management or leasing company for one of our properties, we look for service providers that have a strong local market or industry presence, create portfolio efficiencies, have the ability to develop new business for us and will provide a strong internal control environment that will comply with our Sarbanes-Oxley Act of 2002 internal control requirements. We currently use a mix of property management and leasing service providers that include large national real estate service firms, including an affiliate of our Advisor and smaller local firms.

28

We seek to minimize risk and maintain stability of income and principal value through broad diversification across property sectors and geographic markets and by balancing tenant lease expirations and debt maturities across the real estate portfolio. Our diversification goals also take into account investing in sectors or regions we believe will create returns consistent with our investment objectives. Under normal conditions, we intend to pursue investments principally in well-located, well-leased properties within the industrial, office, residential, retail and other sectors. We expect to actively manage the mix of properties and markets over time in response to changing operating fundamentals within each property sector and to changing economies and real estate markets in the geographic areas considered for investment. When consistent with our investment objectives, we also seek to maximize the tax efficiency of our investments through like-kind exchanges and other tax planning strategies.

The following charts summarize our portfolio diversification by property sector and geographic region based upon the fair value of our properties. These tables provide examples of how our Advisor evaluates our real estate portfolio when making investment decisions.

Estimated Percent of Fair Value as of June 30, 2022:

29

Our investments are not materially impacted by seasonality, despite certain of our retail tenants being impacted by seasonality. Percentage rents (rents computed as a percentage of tenant sales) that we earn from investments in retail properties may, in the future, be impacted by seasonality.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. For example, significant estimates and assumptions have been made with respect to the useful lives of assets, recoverable amounts of receivables, fair value of derivatives and real estate assets, initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions. Actual results could differ from those estimates.

Critical Accounting Policies

This MD&A is based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. Management bases its estimates on historical experience and assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. We believe there have been no significant changes during the six months ended June 30, 2022 to the items that we disclosed as our critical accounting policies and estimates under “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2021 Form 10-K.

Initial Valuations and Estimated Useful Lives or Amortization Periods for Real Estate Investments and Intangibles

These estimates are particularly important as they are used for the allocation of purchase price between building, land and other identifiable intangibles, including above, below and at-market leases. As a result, the impact of these estimates on our operations could be substantial. Significant differences in annual depreciation or amortization expense may result from the differing useful life or amortization periods related to such purchased assets and liabilities.

Impairment of Long-Lived Assets

Our estimate of the expected future cash flows used in testing for impairment is subjective and based on, among other things, our estimates regarding future market conditions, rental rates, occupancy levels, costs of tenant improvements, leasing commissions and other tenant concessions, assumptions regarding the residual value of our properties at the end of our anticipated holding period, discount rates and the length of our anticipated holding period. These assumptions could differ materially from actual results. If changes in our strategy or the market conditions result in a reduction in the holding period and an earlier sale date, an impairment loss could be recognized and such loss could be material. No such strategy changes or market conditions have been identified as of June 30, 2022.

Collectibility of Rental Revenue

Individual leases are evaluated for collectibility at each reporting period. We evaluate the collectibility of rents and other receivables at each reporting period based on factors including, among others, tenants' payment history, the financial condition of the tenant, business conditions and trends in the industry in which the tenant operates and economic conditions in the geographic area where the property is located. If evaluation of these factors or others indicates it is not probable we will collect substantially all rent we recognize an adjustment to rental revenue. If our judgment or estimation regarding probability of collection changes we may adjust or record additional rental revenue in the period such conclusion is reached.

30

Properties

Properties owned at June 30, 2022, including DST Properties, are as follows:

					Percentage Leased as of June 30, 2022
Property Name	Location	Acquisition Date	Ownership %	Net Rentable Square Feet
Consolidated Properties:
Industrial Segment:
Kendall Distribution Center	Atlanta, GA	June 30, 2005	100%	409,000	100%
Suwanee Distribution Center	Suwanee, GA	June 28, 2013	100	559,000	100
Grand Prairie Distribution Center
3325 West Trinity Boulevard	Grand Prairie, TX	January 22, 2014	100	277,000	100
3324 West Trinity Boulevard	Grand Prairie, TX	May 31, 2019	100	145,000	100
Charlotte Distribution Center	Charlotte, NC	June 27, 2014	100	347,000	100
DFW Distribution Center
4050 Corporate Drive	Grapevine, TX	April 15, 2015	100	441,000	100
4055 Corporate Drive	Grapevine, TX	April 15, 2015	100	202,000	100
O'Hare Industrial Portfolio
200 Lewis	Wood Dale, IL	September 30, 2015	100	31,000	100
1225 Michael Drive	Wood Dale, IL	September 30, 2015	100	109,000	100
1300 Michael Drive	Wood Dale, IL	September 30, 2015	100	71,000	100
1301 Mittel Drive	Wood Dale, IL	September 30, 2015	100	53,000	100
1350 Michael Drive	Wood Dale, IL	September 30, 2015	100	56,000	100
2501 Allan Drive	Elk Grove, IL	September 30, 2015	100	198,000	100
2601 Allan Drive	Elk Grove, IL	September 30, 2015	100	124,000	100
Tampa Distribution Center	Tampa, FL	April 11, 2016	100	386,000	100
Aurora Distribution Center	Aurora, IL	May 19, 2016	100	305,000	100
Valencia Industrial Portfolio:
28150 West Harrison Parkway	Valencia, CA	June 29, 2016	100	87,000	100
28145 West Harrison Parkway	Valencia, CA	June 29, 2016	100	114,000	100
28904 Paine Avenue	Valencia, CA	June 29, 2016	100	117,000	100
25045 Tibbitts Avenue	Santa Clarita, CA	June 29, 2016	100	142,000	100
Pinole Point Distribution Center:
6000 Giant Road	Richmond, CA	September 8, 2016	100	225,000	100
6015 Giant Road	Richmond, CA	September 8, 2016	100	252,000	100
6025 Giant Road	Richmond, CA	December 29, 2016	100	41,000	100
Mason Mill Distribution Center	Buford, GA	December 20, 2017	100	340,000	100
Fremont Distribution Center
45275 Northport Court	Fremont, CA	March 29, 2019	100	117,000	100
45630 Northport Loop East	Fremont, CA	March 29, 2019	100	120,000	100
Taunton Distribution Center	Taunton, MA	August 23, 2019	100	200,000	100
Chandler Distribution Center
1725 East Germann Road	Chandler, AZ	December 5, 2019	100	122,000	100
1825 East Germann Road	Chandler, AZ	December 5, 2019	100	89,000	100
Fort Worth Distribution Center	Fort Worth, TX	October 23, 2020	100	351,000	100
Whitestown Distribution Center
4993 Anson Boulevard	Whitestown, IN	December 11, 2020	100	280,000	100
5102 E 500 South	Whitestown, IN	December 11, 2020	100	440,000	100
Louisville Distribution Center	Shepherdsville, KY	January 21, 2021	100	1,040,000	100
Southeast Phoenix Distribution Center
6511 West Frye Road	Chandler, AZ	February 23, 2021	100	102,000	100

31

					Percentage Leased as of June 30, 2022
Property Name	Location	Acquisition Date	Ownership %	Net Rentable Square Feet
6565 West Frye Road	Chandler, AZ	February 23, 2021	100	118,000	100
6615 West Frey Road	Chandler, AZ	February 23, 2021	100	136,000	100
6677 West Frye Road	Chandler, AZ	February 23, 2021	100	118,000	100
6635 West Frye Road	Chandler, AZ	June 8, 2022	100	105,000	100
6575 West Frye Road	Chandler, AZ	June 8, 2022	100	140,000	100
Louisville Airport Distribution Center	Louisville, KY	June 24, 2021	100	284,000	100
237 Via Vera Cruz (1)	San Marcos, CA	July 2, 2021	95	66,000	100
13500 Danielson Street (1)	Poway, CA	July 2, 2021	95	73,000	100
4211 Starboard Drive (1)	Fremont, CA	July 9, 2021	95	130,000	100
5 National Way	Durham, NC	September 28, 2021	100	188,000	100
47 National Way	Durham, NC	September 28, 2021	100	187,000	100
Friendship Distribution Center
4627 Distribution Pkwy	Buford, GA	October 20, 2021	100	126,000	100
4630 Distribution Pkwy	Buford, GA	October 20, 2021	100	149,000	100
4646 Distribution Pkwy	Buford, GA	October 20, 2021	100	102,000	100
4651 Distribution Pkwy	Buford, GA	October 20, 2021	100	272,000	100
South San Diego Distribution Center
2001 Sanyo Avenue	San Diego, CA	October 28, 2021	100	320,000	100
2055 Sanyo Avenue	San Diego, CA	October 28, 2021	100	209,000	24
2065 Sanyo Avenue	San Diego, CA	October 28, 2021	100	136,000	100
1755 Britannia Drive	Elgin, IL	November 16, 2021	100	80,000	100
2451 Bath Road	Elgin, IL	November 16, 2021	100	327,000	100
687 Conestoga Parkway	Shepardsville, KY	November 17, 2021	100	327,000	100
2840 Loker Avenue	Carlsbad, CA	November 30, 2021	95	104,000	100
15890 Bernardo Center Drive	San Diego, CA	November 30, 2021	95	48,000	100
Northeast Atlanta Distribution Center	Jefferson, GA	April 8, 2022	100	459,000	100
Office Segment:
Monument IV at Worldgate	Herndon, VA	August 27, 2004	100%	228,000	100%
140 Park Avenue	Florham Park, NJ	December 21, 2015	100	100,000	100
San Juan Medical Center	San Juan Capistrano, CA	April 1, 2016	100	40,000	100
Genesee Plaza
9333 Genesee Ave	San Diego, CA	July 2, 2019	100	80,000	78
9339 Genesee Ave	San Diego, CA	July 2, 2019	100	81,000	83
Fountainhead Corporate Park
Fountainhead Corporate Park I	Tempe, AZ	February 6, 2020	100	167,000	90
Fountainhead Corporate Park II	Tempe, AZ	February 6, 2020	100	128,000	81
170 Park Avenue	Florham Park, NJ	February 2, 2021	100	147,000	100
9101 Stony Point Drive	Richmond, VA	September 15, 2021	100	87,000	100
North Tampa Surgery Center	Odessa, FL	October 8, 2021	100	13,000	100
Duke Medical Center	Durham, NC	December 23, 2021	100	60,000	96
KC Medical Office Portfolio
8600 NE 82nd Street	Kansas City, MO	December 23, 2021	100	11,000	100
1203 SW 7 Highway	Blue Springs, MO	December 23, 2021	100	10,000	100
Roeland Park Medical Office	Roeland Park, KS	December 28, 2021	100	30,000	100
South Reno Medical Center	Reno, NV	December 28, 2021	100	32,000	100
Sugar Land Medical Plaza	Sugar Land, TX	December 30, 2021	100	37,000	100
Cedar Medical Center	Flagstaff, AZ	April 29, 2022	100	26,000	100
North Boston Medical Center	Haverhill, MA	June 28, 2022	100	30,000	100

32

					Percentage Leased as of June 30, 2022
Property Name	Location	Acquisition Date	Ownership %	Net Rentable Square Feet
North Charlotte Medical Center	Stanley, NC	June 28, 2022	100	25,000	100
Residential Segment:
Townlake of Coppell	Coppell, TX	May 22, 2015	100%	351,000	92%
AQ Rittenhouse	Philadelphia, PA	July 30, 2015	100	92,000	98
Lane Parke Apartments	Mountain Brook, AL	May 26, 2016	100	263,000	99
Dylan Point Loma	San Diego, CA	August 9, 2016	100	204,000	98
The Penfield	St. Paul, MN	September 22, 2016	100	245,000	87
180 North Jefferson	Chicago, IL	December 1, 2016	100	217,000	93
Jory Trail at the Grove	Wilsonville, OR	July 14, 2017	100	315,000	97
The Reserve at Johns Creek	Johns Creek, GA	July 28, 2017	100	244,000	90
Villas at Legacy	Plano, TX	June 6, 2018	100	340,000	91
Stonemeadow Farms	Bothell, WA	May 13, 2019	100	228,000	96
Summit at San Marcos	Chandler, AZ	July 31, 2019	100	257,000	98
Presley Uptown (1)	Charlotte, NC	September 30, 2019	98	190,000	93
Princeton North Andover	North Andover, MA	May 3, 2021	100	204,000	97
The Preserve at the Meadows	Fort Collins, CO	August 23, 2021	100	208,000	92
The Rockwell	Berlin, MA	August 31, 2021	100	233,000	96
Miramont Apartments	Fort Collins, CO	September 29, 2021	100	212,000	94
Pinecone Apartments	Fort Collins, CO	September 29, 2021	100	176,000	92
Reserve at Venice	North Venice, FL	December 17, 2021	100	268,000	94
Woodside Trumbull	Trumbull, CT	December 21, 2021	100	207,000	95
Jefferson Lake Howell	Casselberry, FL	March 30, 2022	100	374,000	95
Retail Segment:
The District at Howell Mill (1)	Atlanta, GA	June 15, 2007	88%	306,000	96%
Grand Lakes Marketplace (1)	Katy, TX	September 17, 2013	90	131,000	73
Oak Grove Plaza	Sachse, TX	January 17, 2014	100	120,000	96
Rancho Temecula Town Center	Temecula, CA	June 16, 2014	100	165,000	97
Skokie Commons	Skokie, IL	May 15, 2015	100	97,000	98
Whitestone Market	Austin, TX	September 30, 2015	100	145,000	100
Maui Mall	Kahului, HI	December 22, 2015	100	235,000	85
Silverstone Marketplace	Scottsdale, AZ	July 27, 2016	100	78,000	100
Kierland Village Center	Scottsdale, AZ	September 30, 2016	100	118,000	99
Timberland Town Center	Beaverton, OR	September 30, 2016	100	92,000	96
Montecito Marketplace	Las Vegas, NV	August 8, 2017	100	190,000	95
Milford Crossing	Milford, MA	January 29, 2020	100	159,000	100
Patterson Place	Durham, NC	May 31, 2022	100	25,000	82
Silverado Square	Las Vegas, NV	June 1, 2022	100	48,000	98
Woodlawn Point	Marietta, GA	June 30, 2022	100	98,000	95
Other Segment:
South Beach Parking Garage (2)	Miami Beach, FL	January 28, 2014	100%	130,000	N/A
Unconsolidated Properties:
Chicago Parking Garage (3)	Chicago, IL	December 23, 2014	100%	167,000	N/A
NYC Retail Portfolio (4)(5)	NY/NJ	December 8, 2015	14	1,938,000	93
Pioneer Tower (6)	Portland, OR	June 28, 2016	100	296,000	68
The Tremont (1)	Burlington, MA	July 19, 2018	75	175,000	94

33

					Percentage Leased as of June 30, 2022
Property Name	Location	Acquisition Date	Ownership %	Net Rentable Square Feet
The Huntington (1)	Burlington, MA	July 19, 2018	75	115,000	97
Siena Suwanee Town Center	Suwanee, GA	December 15, 2020	100	226,000	94
Single-Family Rental Portfolio (5)(7)	Various	August 5, 2021	47	7,207,000	95
Kingston at McLean Crossing (1)	McLean, VA	December 3, 2021	80	223,000	98

________

(1)We own a majority interest in the joint venture that owns a fee simple interest in this property.

(2)The parking garage contains 343 stalls. This property is owned leasehold.

(3)We own a condominium interest in the building that contains a 366 stall parking garage.

(4)We own an approximate 14% interest in a portfolio of eight urban infill retail properties located in the greater New York City area.

(5)We have elected the fair value option to account for this investment.

(6)We own a condominium interest in the building that contains a 17 story multi-tenant office property.

(7)We own an approximate 47% interest in a portfolio of over 4,000 single family rental homes located in various cities across the U.S.

Operating Statistics

We generally hold investments in properties with high occupancy rates leased to quality tenants under long-term, non-cancelable leases. We believe these leases are beneficial to achieving our investment objectives. The following table shows our operating statistics by property type for our consolidated properties as of June 30, 2022:

	Number of Properties	Total Area (Sq Ft)	% of Total Area		Occupancy %		Average Minimum Base Rent per Occupied Sq Ft (1)
Industrial	58	12,096,000	59	%	99	%	$	6.41
Office	19	1,332,000	7		97		33.97
Residential	20	4,828,000	23		94		23.56
Retail	15	2,007,000	10		94		21.04
Other	1	130,000	1		N/A		N/A
Total	113	20,393,000	100	%	97	%	$	13.61

________

(1)Amount calculated as in-place minimum base rent for all occupied space at June 30, 2022 and excludes any straight line rents, tenant recoveries and percentage rent revenues.

As of June 30, 2022, our average effective annual rent per square foot, calculated as average minimum base rent per occupied square foot less tenant concessions and allowances, was $13.17 for our consolidated properties.

Recent Events and Outlook

Property Valuations

Property valuations across our portfolio are seeing flat to slightly increased valuations being driven by increasing market rents offset by increasing capitalization and discount rates during the three months ending June 30, 2022.

Credit Facility

On April 28, 2022, we entered into our $1,000,000 Credit Facility, which consists of a $600,000 Revolving Credit Facility and a $400,000 Term Loan. The Credit Facility provides us with the ability, from time to time, to increase the size of the Credit Facility up to a total of $1,300,000, subject to receipt of lender commitments and other conditions. We are in compliance with our debt covenants as of June 30, 2022. We expect to maintain compliance with our debt covenants.

Liquidity

34

At June 30, 2022, we had in excess of $88,000 in total cash on hand and $530,000 of capacity under our Credit Facility. Looking at the remainder of 2022 and into 2023, we expect to utilize our cash on hand and Credit Facility capacity to acquire new properties, fund repurchases of our shares and fund quarterly distributions.

Share Repurchase Plan

During the second quarter of 2022, we repurchased $26,604 of our common stock pursuant to our share repurchase plan, which had a quarterly limit of $161,697. The quarterly limit on repurchases is calculated as 5% of our NAV as of the last day of the previous quarter. The limit for the third quarter of 2022 is $172,011.

General Company and Market Commentary

On December 21, 2021, the SEC declared our Current Public Offering effective registering up to $3,000,000 in any combination of shares of our Class A, Class M, Class A-I and Class M-I common stock, consisting of up to $2,700,000 of shares offered in our primary offering and up to $300,000 in shares offered pursuant to our distribution reinvestment plan. We intend to offer shares of our common stock on a continuous basis for an indefinite period of time by filing a new registration statement before the end of each offering period, subject to regulatory approval. The per share purchase price varies from day to day and, on each day, equals our NAV per share for each class of common stock, plus, for Class A and Class A-I shares, applicable selling commissions. The Dealer Manager is distributing shares of our common stock in our Current Public Offering. We intend to primarily use the net proceeds from the offering, after we pay the fees and expenses attributable to the offerings and our operations, to (1) grow and further diversify our portfolio by making investments in accordance with our investment strategy and policies, (2) reduce borrowings and repay indebtedness incurred under various financing instruments and (3) fund repurchases of our shares under our share repurchase plan.

On March 3, 2015, we commenced our Private Offering of up to $350,000 in shares of our Class D common stock with an indefinite duration. Proceeds from our Private Offering will be used for the same corporate purposes as the proceeds from our public offerings.

On October 16, 2019, we through our operating partnership, initiated the DST Program to raise up to $500,000, which our board of directors increased to $1,000,000 on August 10, 2021, in private placements exempt from registration under the Securities Act through the sale of beneficial interests to accredited investors in specific DSTs holding DST Properties, which may be sourced from our real properties or from third parties.

Capital Raised and Use of Proceeds

As of June 30, 2022, we have raised gross proceeds of over $4,088,440 from our public and private offerings and private share sales since 2012. We used these proceeds along with proceeds from mortgage debt to acquire approximately $4,906,000 of real estate investments, deleverage the Company by repaying mortgage loans of approximately $647,000 and repurchase shares of our common stock for approximately $971,000.

Property Acquisitions

On March 30, 2022, we acquired Jefferson Lake Howell, a 384-unit residential property located in Casselberry, Florida for approximately $154,100. The acquisition was funded with cash on hand and a draw on our Credit Facility.

On April 8, 2022, we acquired Northeast Atlanta Distribution Center, a 459,000 square foot industrial property located in Jefferson, Georgia for approximately $54,100.

On April 29, 2022, we acquired Cedar Medical Center, a 26,000 square foot medical office property located in Flagstaff, Arizona for approximately $17,200.

On May 31, 2022, we acquired Patterson Place, a 25,000 square foot retail property located in Durham, North Carolina for approximately $14,500.

On June 1, 2022, we acquired Silverado Square, a 48,000 square foot retail property located in Las Vegas, Nevada for approximately $24,400.

On June 8, 2022, we acquired two buildings within the Southeast Phoenix Distribution Center, a 245,000 square foot industrial property located in Chandler, Arizona for approximately $62,400.

On June 28, 2022, we acquired North Boston Medical Center, a 30,000 square foot medical office property located in Haverhill, Massachusetts for approximately $22,500.

35

On June 28, 2022, we acquired North Charlotte Medical Center, a 25,000 square foot medical office property located in Stanley, North Carolina for approximately $12,500.

On June 30, 2022, we acquired Woodlawn Point Shopping Center, a 98,000 square foot retail property located in Marietta, Georgia for approximately $35,000.

Property Dispositions

On January 6, 2022, we sold Norfleet Distribution Center, a 702,000 square foot industrial property located in Kansas City, Missouri for approximately $60,375 less closing costs. We recorded a gain on the sale of the property in the amount of approximately $34,186.

On January 24, 2022, we sold The Edge at Lafayette, a 207,000 square foot student housing apartment property located in Lafayette, Louisiana for approximately $16,500 less closing costs. We recorded a gain on the sale of the property in the amount of approximately $13.

Financing

On March 1, 2022, we entered into a $55,800 mortgage payable on Reserve at Venice. The mortgage note bears an interest of 2.98% and matures on March 1, 2032.

On March 1, 2022, we entered into a $40,000 mortgage payable on Friendship Distribution Center. The mortgage note bears an interest rate of SOFR plus 1.75% (3.25% at June 30, 2022) and matures on March 1, 2029.

Investment Objectives and Strategy

Our primary investment objectives are:

•to generate an attractive level of current income for distribution to our stockholders;

•to preserve and protect our stockholders' capital investments;

•to achieve appreciation of our NAV over time; and

•to enable stockholders to utilize real estate as an asset class in diversified, long-term investment portfolios.

We cannot ensure that we will achieve our investment objectives. Our charter places numerous limitations on us with respect to the manner in which we may invest our funds. In most cases, these limitations cannot be changed unless our charter is amended, which may require the approval of our stockholders.

The cornerstone of our investment strategy is to acquire and manage income-producing commercial real estate properties and real estate-related assets around the world. We believe this strategy enables us to provide our stockholders with a portfolio that is well-diversified across property type, geographic region and industry, both in the United States and internationally. It is our belief that adding international investments to our portfolio over time will serve as an effective tool to construct a well-diversified portfolio designed to provide our stockholders with stable distributions and attractive long-term risk-adjusted returns.

We believe that our broadly diversified portfolio benefits our stockholders by providing:

•diversification of sources of income;

•access to attractive real estate opportunities currently in the United States and, over time, around the world; and

•exposure to a return profile that should have lower correlations with other investments.

Since real estate markets are often cyclical in nature, our strategy allows us to more effectively deploy capital into property types and geographic regions where the underlying investment fundamentals are relatively strong or strengthening and away from those property types and geographic regions where such fundamentals are relatively weak or weakening. We intend to meet our investment objectives by selecting investments across multiple property types and geographic regions to achieve portfolio stability, diversification, current income and favorable risk-adjusted returns. To a lesser degree, we also intend to invest in debt and equity interests backed principally by real estate, which we refer to collectively as “real estate-related assets.”

We will leverage LaSalle's broad commercial real estate research and strategy platform and resources to employ a research-based investment philosophy focused on building a portfolio of commercial properties and real estate-related assets

36

that we believe has the potential to provide stable income streams and outperform market averages over an extended holding period. Furthermore, we believe that having access to LaSalle and JLL's international organization and platform, with real estate professionals living and working full time throughout our global target markets, will be a valuable resource to us when considering and executing upon international investment opportunities.

Our board of directors has adopted investment guidelines for our Advisor to implement and actively monitor in order to allow us to achieve and maintain diversification in our overall investment portfolio. Our board of directors formally reviews our investment guidelines on an annual basis and our investment portfolio on a quarterly basis or, in each case, more often as they deem appropriate. Our board of directors reviews the investment guidelines to ensure that the guidelines are being followed and are in the best interests of our stockholders. Each such determination and the basis therefor shall be set forth in the minutes of the meetings of our board of directors. Changes to our investment guidelines must be approved by our board of directors but do not require notice to or the vote of stockholders.

We seek to invest:

•up to 95% of our assets in properties;

•up to 25% of our assets in real estate-related assets; and

•up to 15% of our assets in cash, cash equivalents and other short-term investments.

Notwithstanding the above, the actual percentage of our portfolio that is invested in each investment type may from time to time be outside these target levels due to numerous factors including, but not limited to, large inflows of capital over a short period of time, lack of attractive investment opportunities or increases in anticipated cash requirements for repurchase requests.

We expect to maintain a targeted Company leverage ratio (calculated as our share of total liabilities divided by our share of the fair value of total assets) of between 30% and 50%. We intend to use low leverage, or in some cases possibly no leverage, to finance new acquisitions in order to maintain our targeted Company leverage ratio. Our Company leverage ratio was 36% as of June 30, 2022.

2022 Key Initiatives

During the remainder of 2022, we intend to use capital raised from our public and private offerings and the DST Program to acquire new investment opportunities, repurchase stock under our share repurchase plan and fund quarterly distributions. We look to make investments that fit with our investment objectives and guidelines. Likely investment candidates may include well-located, well-leased residential properties, industrial properties, medical office properties and publicly traded REIT securities. We will also attempt to further our geographic diversification. We will look to keep the Company leverage ratio in the 30% to 50% range in the near term consistent with traditional core real estate. We also intend to use our Revolving Credit Facility to allow us to efficiently manage our cash flows.

37

Results of Operations

General

Our revenues are primarily received from tenants in the form of fixed minimum base rents and recoveries of operating expenses. Our expenses primarily relate to the costs of operating and financing the properties. Our share of the net income or net loss from our unconsolidated real estate affiliates is included in income from unconsolidated affiliates and fund investments. We believe the following analysis of reportable segments provides important information about the operating results of our real estate investments, such as trends in total revenues or operating expenses that may not be as apparent in a period-over-period comparison of the entire Company. We group our investments in real estate assets from continuing operations into five reportable operating segments based on the type of property, which are residential, industrial, office, retail and other. Operations from corporate level items and real estate assets sold are excluded from reportable segments.

Properties acquired or sold during any of the periods presented are presented within the recent acquisitions and sold properties line. The properties currently presented within the recent acquisitions and sold properties line include the properties listed as acquired in the current or prior year in the Properties section above in addition to South Seattle Distribution Center (sold in 2021), Norfleet Distribution Center (sold in 2022) and The Edge at Lafayette (sold in 2022). Properties owned for the six months ended June 30, 2022 and 2021 are referred to as our comparable properties.

Results of Operations for the Three Months Ended June 30, 2022 and 2021

Revenues

The following chart sets forth revenues by reportable segment for the three months ended June 30, 2022 and 2021:

	Three Months Ended June 30, 2022		Three Months Ended June 30, 2021		$  Change		% Change
Revenues:
Rental revenue
Residential	$	17,046	$	15,417	$	1,629	10.6	%
Industrial	13,461		12,741		720		5.7
Office	7,136		6,330		806		12.7
Retail	12,484		12,138		346		2.9
Other	66		62		4		6.5
Comparable properties total	$	50,193	$	46,688	$	3,505	7.5	%
Recent acquisitions and sold properties	27,109		5,850		21,259		363.4
Total rental revenue	$	77,302	$	52,538	$	24,764	47.1	%
Other revenue
Residential	$	847	$	948	$	(101)	(10.7)	%
Industrial	14		56		(42)		(75.0)
Office	466		443		23		5.2
Retail	191		93		98		105.4
Other	590		796		(206)		(25.9)
Comparable properties total	$	2,108	$	2,336	$	(228)	(9.8)	%
Recent acquisitions and sold properties	381		1,172		(791)		(67.5)
Total other revenue	$	2,489	$	3,508	$	(1,019)	(29.0)	%
Total revenues	$	79,791	$	56,046	$	23,745	42.4	%

Rental revenues at comparable properties increased $3,505 for the three months ended June 30, 2022 as compared to the same period in 2021. The increases within our residential, office and industrial segments was primarily related to an increase in rental rates and occupancy at various properties during the three months ended June 30, 2022 as compared to the same period of 2021. Increases in our retail segment is primarily related to an increase in collections from tenants that experienced a decrease

38

in operations from COVID-19 in 2021 as well as an increase in recovery revenue related to increased operating expenses within the segment during the three months ended June 30, 2022.

Other revenues relate mainly to parking and nonrecurring revenue such as lease termination fees. Other revenue at comparable properties decreased by $228 for the three months ended June 30, 2022 as compared to the same period in 2021. The decrease in our other segment is related to a decrease in parking revenue at South Beach Parking Garage.

Operating Expenses

The following chart sets forth real estate taxes and property operating expenses by reportable segment, for the three months ended June 30, 2022 and 2021:

	Three Months Ended June 30, 2022		Three Months Ended June 30, 2021		$  Change		% Change
Operating expenses:
Real estate taxes
Residential	$	2,983	$	2,907	$	76	2.6	%
Industrial	2,185		2,204		(19)		(0.9)
Office	868		861		7		0.8
Retail	1,675		1,639		36		2.2
Other	68		122		(54)		(44.3)
Comparable properties total	$	7,779	$	7,733	$	46	0.6	%
Recent acquisitions and sold properties	3,534		472		3,062		649
Total real estate taxes	$	11,313	$	8,205	$	3,108	37.9	%
Property operating expenses
Residential	$	5,006	$	4,582	$	424	9.3	%
Industrial	1,155		1,076		79		7.3
Office	1,693		1,547		146		9.4
Retail	1,876		2,197		(321)		(14.6)
Other	183		183		—		—
Comparable properties total	$	9,913	$	9,585	$	328	3.4	%
Recent acquisitions and sold properties	4,086		609		3,477		571
Total property operating expenses	$	13,999	$	10,194	$	3,805	37.3	%
Total operating expenses	$	25,312	$	18,399	$	6,913	37.6	%

Real estate taxes at comparable properties increased by $46 for the three months ended June 30, 2022 as compared to the same period in 2021. Our properties are reassessed periodically by the taxing authorities, which may result in increases or decreases in the real estates taxes that we owe. Overall, we expect real estate taxes to increase over time; however, we utilize real estate tax consultants to attempt to control assessment increases.

Property operating expenses consist of the costs of ownership and operation of the real estate investments, many of which are recoverable under net leases. Examples of property operating expenses include insurance, utilities and repair and maintenance expenses. Property operating expenses at comparable properties increased $328 for the three months ended June 30, 2022 as compared to the same period in 2021. The increases in three months ended June 30, 2022 as compared to 2021 generally relate to higher property management fees due to high rents, higher salary costs and higher utility costs in some markets. The decrease in property operating expenses within our retail segment relate to lower utility costs during the three months ended June 30, 2022 as compared to 2021.

39

The following chart sets forth revenues and expenses not directly related to the operations of the reportable segments for the three months ended June 30, 2022 and 2021:

	Three Months Ended June 30, 2022		Three Months Ended June 30, 2021		$  Change		%  Change
Property general and administrative	$	(797)	$	184	$	(981)	(533.2)	%
Advisor fees	(17,180)		(6,749)		(10,431)		154.6
Company level expenses	(2,997)		(990)		(2,007)		202.7
Depreciation and amortization	(33,323)		(21,218)		(12,105)		57.1
Interest expense	(34,055)		(10,288)		(23,767)		231.0
Gain (loss) from unconsolidated affiliates and fund investments	12,770		(2,412)		15,182		(629)
Investment income on marketable securities	293		—		293		100.0
Net realized loss upon sale of marketable securities	(183)		—		(183)		100.0
Net unrealized change in fair value of investment in marketable securities	(3,814)		—		(3,814)		100.0
Total revenues and expenses	$	(79,286)	$	(41,473)	$	(37,813)	91.2	%

Property general and administrative expenses relate mainly to property expenses unrelated to the operations of the property. Property general and administrative expenses increased during the three months ended June 30, 2022 as compared to the same period in 2021 primarily due to the increase in the size of the number of properties as well as a partial recovery of a deposit for an unsuccessful acquisition received in 2021.

Advisor fees relate to the fixed advisory and performance fees earned by the Advisor. Fixed fees increase or decrease based on changes in our NAV, which is primarily impacted by changes in capital raised and the value of our properties. The performance fee is accrued when the total return per share for a share class exceeds 7% for that calendar year, and in such years our Advisor will receive 10% of the excess total return above the 7% threshold. The increase in advisor fees of $10,431 for the three months ended June 30, 2022 as compared to the same period in 2021 is primarily related to an increase in NAV and to the accrual of a performance fee in the amount of $6,450.

Company level expenses relate mainly to our compliance and administration related costs. The increase for the three months ended June 30, 2022 when compared to 2021 is primarily related to a $2,000 tax provision increase primarily related to gains on sales of properties in our taxable REIT subsidary related to the DST program.

Depreciation and amortization expense is impacted by the values assigned to buildings, personal property and in-place lease assets as part of the initial purchase price allocation. The increase of $12,105 in depreciation and amortization expense for the three months ended June 30, 2022 as compared to the same period in 2021 was primarily related to the acquisition of new properties.

Interest expense increased by $23,767 for the three months ended June 30, 2022 as compared to the same period in 2021 primarily as a result of $5,219 of increased interest expense from new mortgage notes payable placed on several properties and increased usage of our Credit Facility in 2022 as well as $19,131 increased non-cash interest expense on the financial obligations related to the DST Program, which includes non-cash interest expense related to the properties deemed probable for repurchase. Offsetting the increase were unrealized gains on our interest rate swaps in the amount of $1,118 during the three months ended June 30, 2022 compared to unrealized gains of $846 during the same period of 2021.

Gain (loss) from unconsolidated affiliates and fund investments relates to the income from Chicago Parking Garage, Pioneer Tower, The Tremont, The Huntington, Siena Suwanee Town Center and Kingston at McLean Crossing as well as changes in fair value and operating distributions received from our investment in the NYC Retail Portfolio and Single-Family Rental Portfolio. During the three months ended June 30, 2022, we recorded a $7,200 increase in the fair value of our investment in Single-Family Rental Portfolio. During the three months ended June 30, 2022, we recorded a $1,304 decrease in the fair value of our investment in the NYC Retail Portfolio as compared to an $1,118 decrease in the fair value during the same period of 2021.

Investment income on marketable securities relate to dividends earned on our portfolio of publicly traded REIT securities. We earned $293 on investment income during the three months ended June 30, 2022.

Net realized loss upon the sale of marketable securities relate to sales of individual stocks within our portfolio of publicly traded REIT stocks. We recorded a realized gain of $183 during the three months ended June 30, 2022.

40

Net unrealized change in fair value of investment in marketable securities relate to changes in fair value of our portfolio of publicly traded REIT securities. We recorded an unrealized loss of $3,814 during the three months ended June 30, 2022.

Results of Operations for the Six Months Ended June 30, 2022 and 2021

Revenues

The following chart sets forth revenues by reportable segment, for the six months ended June 30, 2022 and 2021:

	Six Months Ended June 30, 2022		Six Months Ended June 30, 2021		$  Change		% Change
Revenues:
Rental revenue
Residential	$	33,587	$	30,605	$	2,982	9.7	%
Industrial	27,071		25,484		1,587		6.2
Office	14,504		13,182		1,322		10.0
Retail	26,098		24,191		1,907		7.9
Other	127		93		34		36.6
Comparable properties total	$	101,387	$	93,555	$	7,832	8.4	%
Recent acquisitions and sold properties	50,870		9,714		41,156		423.7
Total rental revenue	$	152,257	$	103,269	$	48,988	47.4	%
Other revenue
Residential	$	1,662	$	1,678	$	(16)	(1.0)	%
Industrial	54		60		(6)		(10.0)
Office	759		815		(56)		(6.9)
Retail	263		176		87		49.4
Other	1,191		1,427		(236)		(16.5)
Comparable properties total	$	3,929	$	4,156	$	(227)	(5.5)	%
Recent acquisitions and sold properties	776		1,202		(426)		(35.4)
Total other revenue	$	4,705	$	5,358	$	(653)	(12.2)	%
Total revenues	$	156,962	$	108,627	$	48,335	44.5	%

Rental revenue at comparable properties increased by $7,832 for the six months ended June 30, 2022 as compared to the same period in 2021. The increases within our residential, office and industrial segments was primarily related to an increase in rental rates and occupancy at various properties during the six months ended June 30, 2022 as compared to the same period of 2021. Increases in our retail segment is primarily related to an increase in collections from tenants that experienced a decrease in operations from COVID-19 in 2021 as well as an increase in recovery revenue related to increased operating expenses within the segment during the six months ended June 30, 2022.

Other revenues relate mainly to parking and nonrecurring revenue such as lease termination fees. Other revenue at comparable properties decreased by $227 for the six months ended June 30, 2022 as compared to the same period in 2021. The decrease in our other segment is related to a decrease in parking revenue at South Beach Parking Garage.

41

Operating Expenses

The following chart sets forth real estate taxes, property operating expenses and provisions for doubtful accounts by reportable segment, for the six months ended June 30, 2022 and 2021:

	Six Months Ended June 30, 2022		Six Months Ended June 30, 2021		$  Change		% Change
Operating expenses:
Real estate taxes
Residential	$	6,009	$	5,956	$	53	0.9	%
Industrial	4,551		4,441		110		2.5
Office	1,739		1,660		79		4.8
Retail	3,346		3,272		74		2.3
Other	182		237		(55)		(23.2)
Comparable properties total	$	15,827	$	15,566	$	261	1.7	%
Recent acquisitions and sold properties	6,797		725		6,072		837.5
Total real estate taxes	$	22,624	$	16,291	$	6,333	38.9	%
Property operating expenses
Residential	$	9,791	$	9,051	$	740	8.2	%
Industrial	2,483		2,311		172		7.4
Office	3,275		3,020		255		8.4
Retail	4,001		4,243		(242)		(5.7)
Other	391		377		14		3.7
Comparable properties total	$	19,941	$	19,002	$	939	4.9	%
Recent acquisitions and sold properties	8,061		1,103		6,958		630.8
Total property operating expenses	$	28,002	$	20,105	$	7,897	39.3	%
Total operating expenses	$	50,626	$	36,396	$	14,230	39.1	%

Real estate taxes at comparable properties increased by $261 for the six months ended June 30, 2022 as compared to the same period in 2021. Our properties are reassessed periodically by the taxing authorities, which may result in increases or decreases in the real estates taxes that we owe. Overall, we expect real estate taxes to increase over time; however, we utilize real estate tax consultants to attempt to control assessment increases.

Property operating expenses consist of the costs of ownership and operation of the real estate investments, many of which are recoverable under net leases. Examples of property operating expenses include insurance, utilities and repair and maintenance expenses. Property operating expenses at comparable properties increased by $939 during the six months ended June 30, 2022 compared to the same period of 2021. The increases in six months ended June 30, 2022 as compared to 2021 generally relate to higher property management fees due to high rents, higher salary costs and higher utility costs in some markets. The decrease in property operating expenses within our retail segment relate to lower utility costs during the six months ended June 30, 2022 as compared to 2021.

42

The following chart sets forth revenues and expenses not directly related to the operations of the reportable segments for the six months ended June 30, 2022 and 2021:

	Six Months Ended June 30, 2022		Six Months Ended June 30, 2021		$  Change		%  Change
Property general and administrative	$	(1,494)	$	(476)	$	(1,018)	213.9	%
Advisor fees	(35,038)		(13,074)		(21,964)		168.0
Company level expenses	(4,071)		(2,183)		(1,888)		86.5
Depreciation and amortization	(66,297)		(41,163)		(25,134)		61.1
Interest expense	(51,907)		(19,550)		(32,357)		165.5
Gain (loss) from unconsolidated affiliates and fund investments	41,795		(2,751)		44,546		(1,619)
Investment income on marketable securities	597		—		597		100.0
Net realized loss upon sale of marketable securities	(104)		—		(104)		100.0
Net unrealized change in fair value of investment in marketable securities	(6,798)		—		(6,798)		100.0
Gain on disposition of property and extinguishment of debt, net	31,492		33,422		(1,930)		(5.8)
Total revenue and expenses	$	(91,825)	$	(45,775)	$	(46,050)	100.6	%

Property general and administrative expenses relate mainly to property expenses unrelated to the operations of the property. Property general and administrative expenses increased for the six months ended June 30, 2022 as compared to the same period in 2021 primarily due to the increase in the size of the number of properties as well as a partial recovery of a deposit for an unsuccessful acquisition received in 2021.

Advisor fees relate to the fixed advisory and performance fees earned by the Advisor. Fixed fees increase or decrease based on changes in our NAV, which will be primarily impacted by changes in capital raised and the value of our properties. The performance fee is accrued when the total return per share for a share class exceeds 7% for that calendar year, where in our Advisor will receive 10% of the excess total return above the 7% threshold. The increase in advisor fees of $21,964 for the six months ended June 30, 2022 as compared to the same period of 2021 is primarily related to the accrual of a performance fee in the amount of $14,935.

Company level expenses relate mainly to our compliance and administration related costs. The increase for the six months ended June 30, 2022 when compared to 2021 is primarily related to a $2,000 tax provision increase primarily related to gains on sales of properties in our taxable REIT subsidary related to the DST program.

Depreciation and amortization expense is impacted by the values assigned to buildings, personal property and in-place lease assets as part of the initial purchase price allocation. Depreciation and amortization expense for the six months ended June 30, 2022 as compared to the same period in 2021 increased as additional expense from acquisitions offset by lower expenses related to property dispositions.

Interest expense increased by $32,357 for the six months ended June 30, 2022 as compared to the same period in 2021 primarily as a result of $9,742 of increased interest expense from new mortgage notes payable placed on several properties and increased usage of our Credit Facility in 2022 as well as $24,172 increased non-cash interest expense on the financial obligations related to the DST Program, which includes non-cash interest expense related to the properties deemed probable for repurchase. Offsetting the increase were unrealized gains on our interest rate swaps in the amount of $3,103 during the six months ended June 30, 2022 compared to unrealized gains of $1,785 during the same period of 2021.

Gain (loss) from unconsolidated affiliates and fund investments relates to the income from Chicago Parking Garage, Pioneer Tower, The Tremont, The Huntington, Siena Suwanee Town Center and Kingston at McLean Crossing as well as changes in fair value and operating distributions received from our investment in the NYC Retail Portfolio and Single-Family Rental Portfolio. During the six months ended June 30, 2022, we recorded a $32,555 increase in the fair value of our investment in Single-Family Rental Portfolio. During the six months ended June 30, 2022, we recorded a $143 decrease in the fair value in the NYC Retail Portfolio as compared to a $36 decrease in the fair value during the same period of 2021.

Investment income on marketable securities relate to dividends earned on our portfolio of publicly traded REIT securities. We earned $597 on investment income during the six months ended June 30, 2022.

Net realized loss upon the sale of marketable securities relate to sales of individual stocks within our portfolio of publicly traded REIT stocks. We recorded a realized loss of $104 during the six months ended June 30, 2022.

43

Net unrealized change in fair value of investment in marketable securities relate to changes in fair value of our portfolio of publicly traded REIT securities. We recorded an unrealized loss of $6,798 during the six months ended June 30, 2022.

Gain on disposition of property and extinguishment of debt, net decreased by $1,930 during six months ended June 30, 2022 as compared to the same period of 2021. During the six months ended June 30, 2022 we disposed of Norfleet Distribution Center and The Edge at Lafayette. During the six months ended June 30, 2021 we disposed of South Seattle Disposition Center.

44

Funds From Operations

Consistent with real estate industry and investment community preferences, we consider funds from operations ("FFO") as a supplemental measure of the operating performance for a real estate investment trust and a complement to GAAP measures because it facilitates an understanding of the operating performance of our properties. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) attributable to the Company (computed in accordance with GAAP), excluding gains or losses from cumulative effects of accounting changes, extraordinary items, impairment write-downs of depreciable real estate and sales of properties, plus real estate related depreciation and amortization and after adjustments for these items related to noncontrolling interests and unconsolidated affiliates.

FFO does not give effect to real estate depreciation and amortization because these amounts are computed to allocate the cost of a property over its useful life. We also use Adjusted FFO ("AFFO") as a supplemental measure of operating performance. We define AFFO as FFO adjusted for straight-line rental income, amortization of above- and below-market leases, amortization of net discount on assumed debt, gains or losses on the extinguishment and modification of debt, performance fees based on the investment returns on shares of our common stock and acquisition expenses. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO and AFFO provide investors with an additional view of our operating performance.

In order to provide a better understanding of the relationship between FFO, AFFO and GAAP net income, the most directly comparable GAAP financial reporting measure, we have provided reconciliations of GAAP net income attributable to Jones Lang LaSalle Income Property Trust, Inc. to FFO, and FFO to AFFO. FFO and AFFO do not represent cash flow from operating activities in accordance with GAAP, should not be considered alternatives to GAAP net income and are not measures of liquidity or indicators of our ability to make cash distributions. We believe that to more comprehensively understand our operating performance, FFO and AFFO should be considered along with the reported net income attributable to Jones Lang LaSalle Income Property Trust, Inc. and our cash flows in accordance with GAAP, as presented in our consolidated financial statements. Our presentations of FFO and AFFO are not necessarily comparable to the similarly titled measures of other REITs due to the fact that not all REITs use the same definitions.

The following table presents a reconciliation of the most comparable GAAP amount of net income attributable to Jones Lang LaSalle Income Property Trust, Inc. to NAREIT FFO for the periods presented:

Reconciliation of GAAP net income to NAREIT FFO	Three Months Ended June 30, 2022		Three Months Ended June 30, 2021		Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Net income attributable to Jones Lang LaSalle Income Property Trust, Inc. Common Stockholders (1)	$	(24,072)	$	(3,777)	$	13,861	$	26,328
Real estate depreciation and amortization (1)	35,193		24,849		70,382		48,271
Gain on disposition of property and unrealized gain on investment in unconsolidated real estate affiliate (1)	(8,228)		1,110		(61,816)		(33,306)
NAREIT FFO attributable to Jones Lang LaSalle Income Property Trust, Inc. Common Stockholders	$	2,893	$	22,182	$	22,427	$	41,293
Weighted average shares outstanding, basic and diluted	226,026,683		181,126,712		219,104,242		177,963,466
NAREIT FFO per share, basic and diluted	$	0.01	$	0.12	$	0.10	$	0.23

________

(1)    Excludes amounts attributable to noncontrolling interests and includes our ownership share of both consolidated properties and unconsolidated real estate affiliates.

45

We believe AFFO is useful to investors because it provides supplemental information regarding the performance of our portfolio over time.

The following table presents a reconciliation of NAREIT FFO to AFFO for the periods presented:

Reconciliation of NAREIT FFO to AFFO	Three Months Ended June 30, 2022		Three Months Ended June 30, 2021		Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
NAREIT FFO attributable to Jones Lang LaSalle Income Property Trust, Inc. Common Stockholders	$	2,893	$	22,182	$	22,427	$	41,293
Straight-line rental income (1)	(1,702)		(1,033)		(3,390)		(1,628)
Amortization of above- and below-market leases (1)	(777)		(818)		(1,595)		(1,580)
Amortization of net discount on assumed debt (1)	(372)		(58)		(705)		(116)
Gain on derivative instruments and extinguishment or modification of debt (1)	(1,878)		(840)		(6,340)		(1,616)
Adjustment for investments accounted for under the fair value option (2)	1,169		255		2,600		699
Net unrealized change in fair value of investment in marketable securities (1)	3,695		—		6,581		—
Performance fees (1)	6,248		—		14,455		—
Acquisition expenses (1)	178		(707)		213		(599)
Adjustment for DST Program properties (3)	16,058		(1,807)		16,534		(3,134)
AFFO attributable to Jones Lang LaSalle Income Property Trust, Inc. Common Stockholders	$	25,512	$	17,174	$	50,780	$	33,319
Weighted average shares outstanding, basic and diluted	226,026,683		181,126,712		219,104,242		177,963,466
AFFO per share, basic and diluted	$	0.11	$	0.09	$	0.23	$	0.19

________

(1)    Excludes amounts attributable to noncontrolling interests and includes our ownership share of both consolidated properties and unconsolidated real estate affiliates.

(2)    Represents the normal and recurring AFFO reconciling adjustments for the NYC Retail Portfolio and Single-Family Rental Portfolio.

(3)    Adjustments to reflect the AFFO attributable to the Company for DST Program properties. Prior periods adjusted to conform to current period presentation.

46

NAV as of June 30, 2022

The following table provides a breakdown of the major components of our NAV as of June 30, 2022:

	June 30, 2022
Component of NAV	Class A Shares		Class M Shares		Class A-I Shares		Class M-I Shares		Class D Shares		Total
Real estate investments (1)	$	2,429,421	$	546,476	$	137,464	$	1,952,132	$	135,684	$	5,201,177
Debt	(879,915)		(197,929)		(49,788)		(707,045)		(49,143)		(1,883,820)
Other assets and liabilities, net	57,391		12,910		3,247		46,116		3,205		122,869
Estimated enterprise value premium	None assumed		None assumed		None assumed		None assumed		None assumed		None assumed
NAV	$	1,606,897	$	361,457	$	90,923	$	1,291,203	$	89,746	$	3,440,226
Number of outstanding shares	108,205,677		24,298,368		6,106,688		86,818,680		6,041,611
NAV per share	$	14.85	$	14.88	$	14.89	$	14.87	$	14.85

________

(1)The value of our real estate investments was greater than the historical cost by 16.2% as of June 30, 2022.

The following table provides a breakdown of the major components of our NAV as of December 31, 2021:

	December 31, 2021
Component of NAV	Class A Shares		Class M Shares		Class A-I Shares		Class M-I Shares		Class D Shares		Total
Real estate investments (1)	$	2,307,210	$	842,232	$	216,341	$	1,217,062	$	173,358	$	4,756,203
Debt	(988,699)		(360,918)		(92,708)		(521,543)		(74,289)		(2,038,157)
Other assets and liabilities, net	37,998		13,871		3,563		20,044		2,856		78,332
Estimated enterprise value premium	None assumed		None assumed		None assumed		None assumed		None assumed		None assumed
NAV	$	1,356,509	$	495,185	$	127,196	$	715,563	$	101,925	$	2,796,378
Number of outstanding shares	100,038,362		36,458,191		9,356,309		52,676,693		7,513,281
NAV per share	$	13.56	$	13.58	$	13.59	$	13.58	$	13.57

________

(1)The value of our real estate investments was greater than the historical cost by 3.6% as of December 31, 2021.

The increase in NAV per share from December 31, 2021 to June 30, 2022, was related to a net increase of 7.2% in the value of our portfolio. Property operations for the six months ended June 30, 2022 had an insignificant impact on NAV as dividends declared offset property operations for the period. Our NAV for the different share classes is reduced by normal and recurring class-specific fees and offering and organization costs.

47

The following are key assumptions (shown on a weighted-average basis) that are used in the discounted cash flow models to estimate the value of our real estate investments as of June 30, 2022:

	Industrial		Office		Residential		Retail		Other (1)		Total Company
Exit capitalization rate	4.49	%	5.30	%	4.47	%	5.48	%	6.25	%	4.73	%
Discount rate/internal rate of return (IRR)	5.70		6.17		6.20		6.37		7.80		6.07
Annual market rent growth rate	3.47		2.87		3.36		2.80		3.07		3.26
Holding period (years)	10.00		10.00		10.00		10.00		21.44		10.08

________

(1)    Other includes two standalone parking garages. South Beach Parking Garage is subject to a ground lease and the appraisal incorporates discounted cash flows over its remaining lease term and therefore does not utilize an exit capitalization rate.

The following are key assumptions (shown on a weighted-average basis) that are used in the discounted cash flow models to estimate the value of our real estate investments as of December 31, 2021:

	Industrial		Office		Residential		Retail		Other (1)		Total Company
Exit capitalization rate	4.61	%	5.54	%	4.51	%	5.49	%	6.25	%	4.85	%
Discount rate/internal rate of return (IRR)	5.62		6.32		5.94		6.42		7.80		5.99
Annual market rent growth rate	3.30		2.77		3.31		2.74		3.07		3.14
Holding period (years)	10.00		10.00		10.00		10.00		21.83		10.09

________

(1)    Other includes Chicago and South Beach parking garages. South Beach Parking Garage is subject to a ground lease, the appraisal incorporates discounted cash flows over its remaining lease term and therefore does not utilize an exit capitalization rate.

While we believe our assumptions are reasonable, a change in these assumptions would impact the calculation of the value of our real estate investments. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our real estate investment value:

Input		June 30, 2022		December 31, 2021
Discount Rate - weighted average	0.25% increase	(2.0)	%	(1.7)	%
Exit Capitalization Rate - weighted average	0.25% increase	(3.4)		(2.8)
Annual market rent growth rate - weighted average	0.25% decrease	(1.5)		(1.2)

The fair value of our mortgage notes and other debt payable was estimated to be approximately $145,718 lower and $4,054 higher than the carrying values at June 30, 2022 and December 31, 2021, respectively. The NAV per share would have increased by $0.63 and decreased by $0.02 per share at June 30, 2022 and December 31, 2021, respectively, if we were to have included the fair value of our mortgage notes and other debt payable in our methodology to determine NAV.

The selling commission and dealer manager fee are offering costs and are recorded as a reduction of capital in excess of par value. Selling commissions are paid on the date of sale of our common stock. We accrue all future dealer manager fees up to the ten percent regulatory limit on the date of sale of our common stock. For NAV calculation purposes, dealer manger fees are accrued daily, on a continuous basis equal to 1/365th of the stated fee. Dealer manager fees payable are included in accrued offering costs on our Consolidated Balance Sheets.  Dealer manager fees payable as of June 30, 2022 and December 31, 2021 were $164,494 and $135,663, respectively.

48

The following table reconciles stockholders' equity per our Consolidated Balance Sheet to our NAV:

	June 30, 2022
Stockholders' equity under GAAP	$	2,027,557
Adjustments:
Accrued dealer manager fees (1)	164,494
Organization and offering costs (2)	634
Unrealized real estate appreciation (3)	834,367
Accumulated depreciation, amortization and other (4)	413,174
NAV	$	3,440,226

________

(1)    Accrued dealer manager fees represents the accrual for future dealer manager fees for Class A, Class M and Class A-I shares. We accrue all future dealer manager fees up to the ten percent regulatory limit on the date of sale of our common stock as an offering cost.  For NAV calculation purposes, dealer manger fees are accrued daily, on a continuous basis equal to 1/365th of the stated fee.

(2)    The Advisor advanced organization and offering costs on our behalf through June 30, 2022. Such costs are reimbursed to the Advisor ratably over 36 months. Under GAAP, organization costs are expensed as incurred and offering costs are charged to equity as such amounts are incurred. For NAV, such costs are recognized as a reduction to NAV ratably over 36 months.

(3)    Our investments in real estate are presented under historical cost in our GAAP Consolidated Financial Statements. As such, any increases in the fair market value of our investments in real estate are not included in our GAAP results. For purposes of determining our NAV, our investments in real estate are recorded at fair value.

(4)    We depreciate our investments in real estate and amortize certain other assets and liabilities in accordance with GAAP. Such depreciation and amortization is not recorded for purposes of determining our NAV. Additionally, we make other fair value adjustments to our NAV to account for differences with historical cost GAAP; an example would be straight-line rent revenue.

Limitations and Risks

As with any valuation methodology, our methodology is based upon a number of estimates and assumptions that may not be accurate or complete. Our valuation methodology may not result in the determination of the fair value of our net assets as our mortgage notes and other debt payable are valued at cost. Different parties with different assumptions and estimates could derive a different NAV per share. Accordingly, with respect to our NAV per share, we can provide no assurance that:

•a stockholder would be able to realize this NAV per share upon attempting to resell his or her shares;

•we would be able to achieve for our stockholders the NAV per share upon a listing of our shares of common stock on a national securities exchange, selling our real estate portfolio or merging with another company; or

•the NAV per share, or the methodologies relied upon to estimate the NAV per share, will be found by any regulatory authority to comply with any regulatory requirements.

Furthermore, the NAV per share was calculated as of a particular point in time. The NAV per share will fluctuate over time in response to, among other things, changes in real estate market fundamentals, capital markets activities and attributes specific to the properties and leases within our portfolio.

49

Liquidity and Capital Resources

Our primary uses and sources of cash are as follows:

Uses		Sources
Short-term liquidity and capital needs such as:		•	Operating cash flow, including the receipt of distributions of our share of cash flow produced by our unconsolidated real estate affiliates and fund investment
•	Interest payments on debt
•	Distributions to stockholders	•	Proceeds from secured loans collateralized by individual properties
•	Fees payable to our Advisor
•	Minor improvements made to individual properties that are not recoverable through expense recoveries or common area maintenance charges to tenants	•	Proceeds from our Revolving Credit Facility
		•	Sales of our shares
•	General and administrative costs	•	Sales of real estate investments
•	Costs associated with capital raising in our continuous public offering, private offering and DST Program	•	Proceeds from our private offering
•	Other Company level expenses	•	Draws from lender escrow accounts
•	Lender escrow accounts for real estate taxes, insurance, and capital expenditures	•	Sales of beneficial interests in the DST Program
•	Fees payable to our Dealer Manager
Longer-term liquidity and capital needs such as:
•	Acquisitions of new real estate investments
•	Expansion of existing properties
•	Tenant improvements and leasing commissions
•	Debt repayment requirements, including both principal and interest
•	Repurchases of our shares pursuant to our share repurchase plan
•	Fees payable to our Advisor
•	Fees payable to our Dealer Manager

The sources and uses of cash for the six months ended June 30, 2022 and 2021 were as follows:

	Six Months Ended June 30, 2022		Six Months Ended June 30, 2021		$ Change
Net cash provided by operating activities	$	8,651	$	38,192	$	(29,541)
Net cash used in investing activities	(333,678)		(281,555)		(52,123)
Net cash provided by financing activities	349,761		356,555		(6,794)

Net cash provided by operating activities decreased by $29,541 for the six months ended June 30, 2022 as compared to the same period in 2021. The decrease in cash from operating activities is primarily due to the payment of the performance fee earned in 2021 in the amount of $36,711 offset by increase in cash from new acquisitions.

Net cash used in investing activities increased by $52,123 for the six months ended June 30, 2022 as compared to the same period in 2021. The increase was primarily related to increased acquisitions made during the six months ended June 30, 2022 as compared to the same period in 2021.

Net cash provided by financing activities decreased by $6,794 for the six months ended June 30, 2022 as compared to the same period in 2021. The change is primarily related to $201,083 net proceeds from mortgage note payables and net draws on our Credit Facility during the six months ended June 30, 2022 as compared to the same period in 2021. Offsetting the decrease was an increase of $184,753 in stock issuance during the six months ended June 30, 2022 as compared to the same period in 2021.

50

Financing

We have relied primarily on fixed-rate financing, locking in what were favorable spreads between real estate income yields and mortgage interest rates and have tried to maintain a balanced schedule of debt maturities. We also use interest rate derivatives to manage our exposure to interest rate movements on our variable rate debt. The following consolidated debt table provides information on the outstanding principal balances and the weighted average interest rates at June 30, 2022 and December 31, 2021:

	Consolidated Debt
	June 30, 2022				December 31, 2021
	Principal Balance		Weighted Average Interest Rate		Principal Balance		Weighted Average Interest Rate
Fixed	$	1,220,146	3.33	%	$	1,268,220	3.37	%
Variable	526,400		3.12		551,400		1.71
Total	$	1,746,546	3.27	%	$	1,819,620	2.86	%

Covenants

At June 30, 2022, we were in compliance with all debt covenants.

Other Sources

On December 21, 2021, our Current Public Offering registration statement was declared effective with the SEC (Commission File No. 333-256823) to register up to $3,000,000 in any combination of shares of our Class A, Class M, Class A-I and Class M-I common stock, consisting of up to $2,700,000 of shares offered in our primary offering and up to $300,000 in shares offered pursuant to our distribution reinvestment plan. We intend to offer shares of our common stock on a continuous basis for an indefinite period of time by filing a new registration statement before the end of each three-year offering period, subject to regulatory approval. We intend to use the net proceeds from the Current Public Offering, which are not used to pay the fees and other expenses attributable to our operations, to (1) grow and further diversify our portfolio by making investments in accordance with our investment strategy and policies, (2) repay indebtedness incurred under various financing instruments and (3) fund repurchases under our share repurchase plan.

On March 3, 2015, we commenced the Private Offering of up to $350,000 in shares of our Class D common stock with an indefinite duration. Proceeds from our Private Offering will be used for the same corporate purposes as the proceeds of our public offerings. We will reserve the right to terminate the Private Offering at any time and to extend the Private Offering term to the extent permissible under applicable law.

On October 16, 2019, we through our operating partnership, initiated the DST Program to raise up to $500,000, which our board of directors increased to $1,000,000 on August 10, 2021, in private placements exempt from registration under the Securities Act, as amended, through the sale of beneficial interests to accredited investors in specific DSTs holding real properties, which may be sourced from our real properties or from third parties.

Contractual Cash Obligations and Commitments

From time to time, we enter into contingent agreements for the acquisition and financing of properties. Such acquisitions and financings are subject to satisfactory completion of due diligence or meeting certain leasing or occupancy thresholds.

We are subject to fixed ground lease payments on South Beach Parking Garage of $112 per year until September 30, 2024 and these payments will increase every five years thereafter by the lesser of 12% or the cumulative CPI over the previous five year period. We are also subject to a variable ground lease payment calculated as 2.5% of revenue. The lease expires September 30, 2041 and has a ten-year renewal option.

The operating agreement for Grand Lakes Marketplace allows the unrelated third party joint venture partner, owning a 10% interest, to put its interest in the venture to us at a market determined value.

The operating agreement for 237 Via Vera Cruz, 13500 Danielson Street, 4211 Starboard, 2840, Loker Avenue and 15890 Bernardo Center Drive allows the unrelated third party joint venture partner, owning a 5% interest, to put its interest in the venture to us at a market determined value starting July 31, 2024.

51

The operating agreement for Presley Uptown allows the unrelated third party joint venture partner, owning a 2.5% interest, to put its interest in the venture to us at a market determined value starting September 30, 2022 until September 30, 2024.

Distributions to Stockholders

To remain qualified as a REIT for federal income tax purposes, we must distribute or pay tax on 100% of our capital gains and distribute at least 90% of ordinary taxable income to stockholders.

The following factors, among others, will affect operating cash flow and, accordingly, influence the decisions of our board of directors regarding distributions:

•scheduled increases in base rents of existing leases;

•changes in minimum base rents and/or overage rents attributable to replacement of existing leases with new or renewal leases;

•changes in occupancy rates at existing properties and procurement of leases for newly acquired or developed properties;

•necessary capital improvement expenditures or debt repayments at existing properties;

•ability of our tenants to pay rent as a result of the impact of COVID-19 on their financial condition; and

•our share of distributions of operating cash flow generated by the unconsolidated real estate affiliates, less management costs and debt service on additional loans that have been or will be incurred.

We anticipate that operating cash flow, cash on hand, proceeds from dispositions of real estate investments or refinancings will provide adequate liquidity to conduct our operations, fund general and administrative expenses, fund operating costs and interest payments and allow distributions to our stockholders in accordance with the REIT qualification requirements of the Internal Revenue Code of 1986, as amended.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to market risk associated with changes in interest rates in terms of our variable-rate debt and the price of new fixed-rate debt for refinancing of existing debt. We manage our interest rate risk exposure by obtaining fixed-rate loans where possible as well as by entering into interest rate cap and swap agreements. As of June 30, 2022, we had consolidated debt of $1,746,546. Including the $6,287 net debt discount on assumed debt and debt issuance costs, we have consolidated debt of $1,740,259 at June 30, 2022. We also entered into interest rate swap agreements on $90,000 of debt, which cap the LIBOR rate at between 1.4% and 2.6%. A 0.25% movement in the interest rate on the $526,400 of variable-rate debt would have resulted in a $1,316 annualized increase or decrease in consolidated interest expense and cash flow from operating activities.

We are subject to interest rate risk with respect to our fixed-rate financing in that changes in interest rates will impact the fair value of our fixed-rate financing. To determine fair market value, the fixed-rate debt is discounted at a rate based on an estimate of current lending rates, assuming the debt is outstanding through maturity and considering the collateral. At June 30, 2022, the fair value of our consolidated debt was estimated to be $127,254 lower than the carrying value of $1,746,546. If treasury rates were 0.25% higher as of June 30, 2022, the fair value of our consolidated debt would have been $133,315 lower than the carrying value.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this report. Based on management’s evaluation as of June 30, 2022, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed by us in our reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and such information is accumulated and communicated to management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.

52

Changes in Internal Control Over Financial Reporting

There have not been any changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act during the quarter ended June 30, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II

OTHER INFORMATION

Item 1. Legal Proceedings.

We are involved in various claims and litigation matters arising in the ordinary course of business, some of which involve claims for damages. Many of these matters are covered by insurance, although they may nevertheless be subject to deductibles or retentions. Although the ultimate liability for these matters cannot be determined, based upon information currently available, we believe the ultimate resolution of such claims and litigation will not have a material adverse effect on our financial position, results of operations or liquidity.

Item 1A. Risk Factors.

There have been no material changes to the risk factors previously disclosed under "Item 1A. Risk Factors" 2021 Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Issuer Purchases of Equity Securities

Our share repurchase plan limits repurchases during any calendar quarter to shares with an aggregate value (based on the repurchase price per share on the day the repurchase is effected) of 5% of the combined NAV of all classes of shares as of the last day of the previous calendar quarter, which means that in any 12-month period, we limit repurchases to approximately 20% of our total NAV. If the quarterly volume limitation is reached on or before the third business day of a calendar quarter, repurchase requests during the next quarter will be satisfied on a stockholder by stockholder basis, which we refer to as a “per stockholder allocation,” instead of a first-come, first-served basis. Pursuant to the per stockholder allocation, each of our stockholders would be allowed to request repurchase at any time during such quarter of a total number of shares not to exceed 5% of the shares of common stock the stockholder held as of the end of the prior quarter. The per stockholder allocation requirement will remain in effect for each succeeding quarter for which the total repurchases for the immediately preceding quarter exceeded four percent of our NAV on the last business day of such preceding quarter. If total repurchases during a quarter for which the per stockholder allocation applies are equal to or less than four percent of our NAV on the last business day of such preceding quarter, then repurchases will again be first-come, first-served for the next succeeding quarter and each quarter thereafter.

During the three months ended June 30, 2022, we repurchased 1,773,498 shares of common stock under the share repurchase plan.

Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Pursuant to the Program (1)
April 1 - April 30, 2022	269,044	$	14.75	269,044	—
May 1 - May 31, 2022	931,808	14.86		931,808	—
June 1 - June 30, 2022	572,646	14.88		572,646	—
Total	1,773,498	$	14.85	1,773,498	—

________

(1)     Repurchases are limited as described above. 

Unregistered Sales of Equity Securities

53

On March 3, 2015, we commenced the Private Offering of up to $350,000 in shares of our Class D common stock with an indefinite duration. No Class D shares were issued during the three months ended June 30, 2022.

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

54

Item 6. Exhibits.

Exhibit No.	Description
10.1	Credit Agreement between Jones Lang LaSalle Income Property Trust, Inc. and JPMorgan Chase Bank, N.A. for a $1 billion revolving line of credit and unsecured term loan (incorporated by reference to Exhibit 99.1 to the Company's Current Report on Form 8-K filed with the SEC on May 4, 2022).
31.1*	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*	Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	XBRL Instance Document
101.SCH*	XBRL Schema Document
101.CAL*	XBRL Calculation Linkbase Document
101.DEF*	Definition Linkbase Document
101.LAB*	XBRL Labels Linkbase Document
101.PRE*	XBRL Presentation Linkbase Document
104*	Cover Page Intereactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101)

__________

*    Filed herewith.

55

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant, Jones Lang LaSalle Income Property Trust, Inc., has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			JONES LANG LASALLE INCOME PROPERTY TRUST, INC.
Date:	August 11, 2022	By:	/s/ C. Allan Swaringen
			C. Allan Swaringen
			President, Chief Executive Officer

			JONES LANG LASALLE INCOME PROPERTY TRUST, INC.
Date:	August 11, 2022	By:	/s/ Gregory A. Falk
			Gregory A. Falk
			Chief Financial Officer and Treasurer

56

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, C. Allan Swaringen, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Jones Lang LaSalle Income Property Trust, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 11, 2022

/s/    C. ALLAN SWARINGEN

C. Allan Swaringen

President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Gregory A. Falk, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Jones Lang LaSalle Income Property Trust, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 11, 2022

/s/    GREGORY A. FALK

Gregory A. Falk

Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Jones Lang LaSalle Income Property Trust, Inc. (the “Company”) on Form 10-Q for the period ending June 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, C. Allan Swaringen, in my capacity as Chief Executive Officer of the Company, do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/    C. ALLAN SWARINGEN

C. Allan Swaringen

President and Chief Executive Officer

August 11, 2022

EX-32.2

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Jones Lang LaSalle Income Property Trust, Inc. (the “Company”) on Form 10-Q for the period ending June 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gregory A. Falk, in my capacity as Chief Financial Officer of the Company, do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/    GREGORY A. FALK

Gregory A. Falk

Chief Financial Officer

August 11, 2022

XML

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 11, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	000-51948
Entity Registrant Name	Jones Lang LaSalle Income Property Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-1432284
City Area Code	312
Local Phone Number	897-4000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001314152
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Addresses [Line Items]
Entity Address, City or Town	Chicago
Entity Address, Postal Zip Code	60606
Entity Address, Address Line One	333 West Wacker Drive
Entity Address, State or Province	IL
Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		109,967,706
Class M [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		24,822,880
Common Class A-I [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,736,362
Common Class M-I [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		89,989,962
Common Class D [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,025,029

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Investments in real estate:
Land	$ 641,784	$ 598,564
Buildings and equipment	3,339,899	3,010,359
Less accumulated depreciation	(297,114)	(259,362)
Net property and equipment	3,684,569	3,349,561
Equity Method Investments	216,266	217,044
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	385,317	352,905
Disposal Group, Including Discontinued Operation, Segment that Includes Disposal Group	0	39,326
Real Estate Investment Property, Net	4,286,152	3,958,836
Marketable Securities	36,979	43,206
Cash and cash equivalents	88,394	70,273
Restricted Cash and Cash Equivalents	57,822	51,203
Tenant accounts receivable, net	14,427	9,066
Deferred expenses, net	15,503	14,511
Acquired intangible assets, net	221,356	216,227
Deferred rent receivable, net	29,068	25,634
Prepaid expenses and other assets	16,991	13,290
TOTAL ASSETS	4,766,692	4,402,246
LIABILITIES AND EQUITY
Mortgage notes and other debt payable, net	1,740,259	1,817,664
Disposal Group, Including Discontinued Operation, Liabilities	0	271
Accounts payable and other accrued expenses	63,895	70,551
Lease Deposit Liability	594,201	448,319
Accrued Offering Costs	166,783	137,776
Accrued interest	3,916	3,321
Accrued real estate taxes	15,412	9,497
Advisor fees payable	18,504	39,709
Acquired intangible liabilities, net	36,196	31,022
TOTAL LIABILITIES	2,639,166	2,558,130
Commitments and contingencies	0	0
Redeemable Noncontrolling Interest, Equity, Carrying Amount	8,536	0
Equity:
Additional paid-in capital	2,611,860	2,284,839
Distributions to stockholders	(630,207)	(573,963)
Accumulated deficit	43,590	34,398
Total Jones Lang LaSalle Income Property Trust, Inc. stockholders’ equity	2,027,557	1,747,335
Noncontrolling interests	91,433	96,781
Total equity	2,118,990	1,844,116
TOTAL LIABILITIES AND EQUITY	4,766,692	4,402,246
Ownership [Domain]
Investments in real estate:
Land	59,018	59,006
Buildings and equipment	207,287	206,016
Less accumulated depreciation	(29,396)	(26,955)
Cash and cash equivalents	7,696	6,740
Restricted Cash and Cash Equivalents	607	859
Tenant accounts receivable, net	2,549	1,850
Deferred expenses, net	994	533
Acquired intangible assets, net	10,035	12,500
Deferred rent receivable, net	1,501	1,135
Prepaid expenses and other assets	374	284
LIABILITIES AND EQUITY
Mortgage notes and other debt payable, net	146,890	147,076
Accounts payable and other accrued expenses	3,091	2,477
Accrued interest	436	368
Accrued real estate taxes	1,255	679
Acquired intangible liabilities, net	$ 479	$ 541
Class A Shares [Member]
LIABILITIES AND EQUITY
Common Stock, Shares, Outstanding	108,205,677	100,038,362
Equity:
Common Stock, Value, Issued	$ 1,082	$ 1,000
Common Stock, Shares, Issued	108,205,677	100,038,362
Class M Shares [Member]
LIABILITIES AND EQUITY
Common Stock, Shares, Outstanding	24,298,368	36,458,191
Equity:
Common Stock, Value, Issued	$ 243	$ 365
Common Stock, Shares, Issued	24,298,368	36,458,191
Class A-I Shares [Member]
LIABILITIES AND EQUITY
Common Stock, Shares, Outstanding	6,106,688	9,356,309
Equity:
Common Stock, Value, Issued	$ 61	$ 94
Common Stock, Shares, Issued	6,106,688	9,356,309
Class M-I Shares [Member]
LIABILITIES AND EQUITY
Common Stock, Shares, Outstanding	86,818,680	52,676,693
Equity:
Common Stock, Value, Issued	$ 868	$ 527
Common Stock, Shares, Issued	86,818,680	52,676,693
Class D Shares [Member]
LIABILITIES AND EQUITY
Common Stock, Shares, Outstanding	6,041,611	7,513,281
Equity:
Common Stock, Value, Issued	$ 60	$ 75
Common Stock, Shares, Issued	6,041,611	7,513,281

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Land from VIEs	$ 641,784	$ 598,564
Buildings and equipment from VIEs	3,339,899	3,010,359
Less accumulated depreciation (including from VIEs)	(297,114)	(259,362)
Cash and Cash Equivalents	88,394	70,273
Restricted cash	57,822	51,203
Tenant accounts receivable from VIEs	14,427	9,066
Deferred expenses from VIEs	15,503	14,511
Acquired intangible assets, net	221,356	216,227
Deferred rent receivables from VIEs	29,068	25,634
Prepaid expenses and other assets from VIEs	16,991	13,290
Mortgage notes and other debt payable, net	1,740,259	1,817,664
Disposal Group, Including Discontinued Operation, Liabilities	0	271
Accounts payable and other accrued expenses from VIEs	63,895	70,551
Accrued interest from VIEs	3,916	3,321
Accrued real estate taxes from VIEs	15,412	9,497
Accumulated stock issuance costs	$ 304,061	$ 264,066
Class A Shares [Member]
Common stock, par value	$ 0.01
Common Stock, shares authorized	200,000,000
Common Stock, Shares, Issued	108,205,677	100,038,362
Common stock, shares outstanding	108,205,677	100,038,362
Class M Shares [Member]
Common stock, par value	$ 0.01
Common Stock, shares authorized	200,000,000
Common Stock, Shares, Issued	24,298,368	36,458,191
Common stock, shares outstanding	24,298,368	36,458,191
Class A-I Shares [Member]
Common stock, par value	$ 0.01
Common Stock, shares authorized	200,000,000
Common Stock, Shares, Issued	6,106,688	9,356,309
Common stock, shares outstanding	6,106,688	9,356,309
Class M-I Shares [Member]
Common stock, par value	$ 0.01
Common Stock, shares authorized	200,000,000
Common Stock, Shares, Issued	86,818,680	52,676,693
Common stock, shares outstanding	86,818,680	52,676,693
Class D Shares [Member]
Common stock, par value	$ 0.01
Common Stock, shares authorized	200,000,000
Common Stock, Shares, Issued	6,041,611	7,513,281
Common stock, shares outstanding	6,041,611	7,513,281
Ownership [Domain]
Land from VIEs	$ 59,018	$ 59,006
Buildings and equipment from VIEs	207,287	206,016
Less accumulated depreciation (including from VIEs)	(29,396)	(26,955)
Cash and Cash Equivalents	7,696	6,740
Restricted cash	607	859
Tenant accounts receivable from VIEs	2,549	1,850
Deferred expenses from VIEs	994	533
Acquired intangible assets, net	10,035	12,500
Deferred rent receivables from VIEs	1,501	1,135
Prepaid expenses and other assets from VIEs	374	284
Mortgage notes and other debt payable, net	146,890	147,076
Accounts payable and other accrued expenses from VIEs	3,091	2,477
Accrued interest from VIEs	436	368
Accrued real estate taxes from VIEs	$ 1,255	$ 679

XML

Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Rental revenue	$ 77,302	$ 52,538	$ 152,257	$ 103,269
Other Revenue	2,489	3,508	4,705	5,358
Total revenues	79,791	56,046	156,962	108,627
Operating expenses:
Real estate taxes	11,313	8,205	22,624	16,291
Property operating	13,999	10,194	28,002	20,105
Property general and administrative	(797)	(184)	(1,494)	(476)
Advisory Fees	17,180	6,749	35,038	13,074
Company Level Expenses	2,997	990	4,071	2,183
Depreciation and amortization	33,323	21,218	66,297	41,163
Total operating expenses	79,609	47,172	157,526	93,292
Other income and (expenses):
Interest expense	(34,055)	(10,288)	(51,907)	(19,550)
(Loss) income from unconsolidated real estate affiliates and fund investments	12,770	(2,412)	41,795	(2,751)
Investment Income, Dividend	293	0	597	0
Equity Securities, FV-NI, Realized Gain (Loss)	(183)	0	(104)	0
Equity Securities, FV-NI, Unrealized Gain (Loss)	(3,814)	0	(6,798)	0
Gain on disposition of property and extinguishment of debt	0	0	(31,492)	(33,422)
Total other income and (expenses)	(24,989)	(12,700)	15,075	11,121
Net (loss) income	(24,807)	(3,826)	14,511	26,456
Less: Net (loss) income attributable to the noncontrolling interests	735	49	(650)	(128)
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc.	$ (24,072)	$ (3,777)	$ 13,861	$ 26,328
Weighted average common stock outstanding-basic and diluted	226,026,683	181,126,712	219,104,242	177,963,466
Class A Shares [Member]
Other income and (expenses):
Earnings Per Share, Basic	$ (0.10)	$ (0.02)	$ 0.07	$ 0.15
Class M Shares [Member]
Other income and (expenses):
Earnings Per Share, Basic	(0.11)	(0.02)	0.06	0.15
Class A-I Shares [Member]
Other income and (expenses):
Earnings Per Share, Basic	(0.11)	(0.02)	0.06	0.15
Class M-I Shares [Member]
Other income and (expenses):
Earnings Per Share, Basic	(0.11)	(0.02)	0.06	0.15
Class D Shares [Member]
Other income and (expenses):
Earnings Per Share, Basic	$ (0.11)	$ (0.02)	$ 0.07	$ 0.15

XML

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Distributions to Stockholders [Member]	Accumulated Deficit [Member]	Noncontrolling Interest [Member]
Shares, Issued		173,104,467
Beginning balance at Dec. 31, 2020	$ 1,447,423	$ 1,731	$ 1,922,136	$ (481,760)	$ (14,723)	$ 20,039
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	217,261	183	217,078
Repurchase of shares	(82,135)	$ (69)	(82,066)
Conversion of Stock, Shares Issued		(657)
Offering costs	(17,223)		(17,223)
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture		16,000
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture	189		189
Net income	26,456				26,328	128
Cash distributed to noncontrolling interests	(399)					(399)
Distribution declared	(43,972)			(43,972)
Stock Issued During Period, Shares, Conversion of Units		$ 0
Ending balance at Jun. 30, 2021	$ 1,547,600	$ 1,845	2,040,114	(525,732)	11,605	19,768
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		18,299,587
Stock Repurchased During Period, Shares	(6,964,644)	(6,964,644)
Shares, Issued		178,048,517
Beginning balance at Mar. 31, 2021	$ 1,508,054	$ 1,780	1,974,251	(503,381)	15,382	20,022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	114,246	96	114,150
Repurchase of shares	(37,341)	$ (31)	(37,310)
Conversion of Stock, Shares Issued		(315)
Offering costs	(10,977)		(10,977)
Net income	(3,826)				(3,777)	(49)
Cash distributed to noncontrolling interests	(205)					(205)
Distribution declared	(22,351)			(22,351)
Stock Issued During Period, Shares, Conversion of Units		$ 0
Ending balance at Jun. 30, 2021	1,547,600	$ 1,845	2,040,114	(525,732)	11,605	19,768
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		9,540,603
Stock Repurchased During Period, Shares		(3,134,052)
Shares, Outstanding		184,454,753
Shares, Issued		206,042,836
Beginning balance at Dec. 31, 2021	1,844,116	$ 2,061	2,284,839	(573,963)	34,398	96,781
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	434,674	301	434,373
Repurchase of shares	(67,736)	$ (49)	(67,687)
Conversion of Stock, Shares Issued		(1,114)
Offering costs	(39,995)		(39,995)
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture		22,358
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture	330		330
Net income	14,501				13,861	640
Cash distributed to noncontrolling interests	(2,066)					(2,066)
Increase in Carrying Amount of Redeemable Preferred Stock	(8,591)				(4,669)	(3,922)
Distribution declared	(56,244)			(56,244)
Stock Issued During Period, Shares, Conversion of Units		$ 1
Ending balance at Jun. 30, 2022	2,118,990	$ 2,314	2,611,860	(630,207)	43,590	91,433
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		30,192,560
Stock Repurchased During Period, Shares		(4,785,616)
Shares, Issued		219,316,697
Beginning balance at Mar. 31, 2022	2,012,286	$ 2,193	2,448,952	(601,310)	69,285	93,166
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	207,557	139	207,418
Repurchase of shares	(26,604)	$ (19)	(26,585)
Conversion of Stock, Shares Issued		(1,018)
Offering costs	(17,925)		(17,925)
Net income	(24,817)				(24,072)	(745)
Cash distributed to noncontrolling interests	(988)					(988)
Increase in Carrying Amount of Redeemable Preferred Stock	(1,623)				(1,623)	0
Distribution declared	(28,897)			(28,897)
Stock Issued During Period, Shares, Conversion of Units		$ 1
Ending balance at Jun. 30, 2022	$ 2,118,990	$ 2,314	$ 2,611,860	$ (630,207)	$ 43,590	$ 91,433
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		13,928,843
Stock Repurchased During Period, Shares	(4,785,616)	(1,773,498)
Shares, Outstanding		231,471,024

XML

Consolidated Statements of Equity Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Common Stock, Dividends, Per Share, Declared	$ 0.140	$ 0.135	$ 0.280	$ 0.270

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net income	$ 14,511	$ 26,456
Adjustments to reconcile income (loss) to net cash provided by operating activities:
Depreciation and amortization	65,838	40,539
Gain on Disposition of Property and extinguishment of debt	(31,492)	(33,422)
Equity Securities, FV-NI, Realized Gain (Loss)	104	0
Equity Securities, FV-NI, Unrealized Gain (Loss)	6,798	0
Straight line rent	(3,425)	(1,136)
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions	(41,795)	2,751
Other Operating Activities, Cash Flow Statement	10,299	4,748
Non cash interest expense related to DST Program	27,673	3,341
Net changes in assets, liabilities and other	(39,860)	(5,085)
Net cash provided by operating activities	8,651	38,192
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to Acquire Commercial Real Estate	392,465	331,497
Proceeds from Sale of Real Estate Held-for-investment	74,602	66,992
Payments for Capital Improvements	10,302	8,753
Payments to Acquire Interest in Subsidiaries and Affiliates	(138)	(797)
Payments to Acquire Other Investments	4,700	7,500
Payments to Acquire Marketable Securities	10,324	0
Proceeds from Sale and Maturity of Marketable Securities	9,649	0
Net cash used in (provided by) investing activities	(333,678)	(281,555)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock	526,240	341,487
Repurchase of shares	(67,736)	(82,135)
Offering Costs	(8,189)	(8,098)
Distributions to stockholders	(20,101)	(15,974)
Distributions paid to noncontrolling interests	(2,131)	(399)
Proceeds from Lines of Credit	180,000	100,000
Repayments of Lines of Credit	(345,000)	(100,000)
Proceeds from Issuance of Long-term Debt	95,800	211,180
Payments of Debt Issuance Costs	(5,248)	(6,335)
Principal payments on mortgage notes and other debt payable	(3,874)	(83,171)
Net cash provided by financing activities	349,761	356,555
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect [Abstract]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	24,734	113,192
Cash and cash equivalents at the beginning of the period	70,273
Cash and cash equivalents at the end of the period	88,394	175,691
Restricted Cash and Cash Equivalents	57,822	38,935
Cash, cash equivalents and restricted cash at the end of the period	146,216	214,626
Supplemental discolsure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities	25,826	17,297
Non-cash activities:
Write-Offs of Receivables	(7)	12
Write-offs of retired assets	13,810	2,952
Change in Liability for Capital Expenditures	(346)	(5,572)
Business Combination, Consideration Transferred	396	230
Liabilities Assumed	951	432
Change in issuance of common stock receivable	679	609
Change in accrued offering costs	31,806	$ 9,125
NYC Retail Portfolio [Member]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect [Abstract]
Cash and cash equivalents at the beginning of the period	19,650
Cash and cash equivalents at the end of the period	$ 18,030

XML

Organization

6 Months Ended

Jun. 30, 2022

Organization [Abstract]

Nature of Operations [Text Block]

NOTE 1—ORGANIZATION

General

Except where the context suggests otherwise, the terms “we,” “us,” “our” and the “Company” refer to Jones Lang LaSalle Income Property Trust, Inc. The terms “Advisor” and “LaSalle” refer to LaSalle Investment Management, Inc.

Jones Lang LaSalle Income Property Trust, Inc. is an externally advised, daily valued perpetual-life real estate investment trust ("REIT") that owns and manages a diversified portfolio of residential, industrial, office, retail and other properties located in the United States. Over time, our real estate portfolio may be further diversified on a global basis through the acquisition of properties outside of the United States and may be complemented by investments in real estate-related debt and equity securities. We were incorporated on May 28, 2004 under the laws of the State of Maryland. We believe that we have operated in such a manner to qualify to be taxed as a REIT for federal income tax purposes commencing with the taxable year ended December 31, 2004, when we first elected REIT status. As of June 30, 2022, we owned interests in a total of 128 properties and over 4,000 single-family rental houses located in 26 states.

We own all or substantially all of our assets through JLLIPT Holdings, LP, a Delaware limited partnership (our “operating partnership”), of which we are a limited partner and JLLIPT Holdings GP, LLC, our wholly owned subsidiary, is the sole general partner. The use of our operating partnership to hold all or substantially all of our assets is referred to as an Umbrella Partnership Real Estate Investment Trust ("UPREIT"). By using an UPREIT structure, a property owner who desires to defer taxable gain on the disposition of his property may transfer the property to our operating partnership in exchange for limited partnership interests in our operating partnership ("OP Units") and defer taxation of gain until the limited partnership interests are disposed of in a taxable transaction. As of June 30, 2022, we raised aggregate proceeds from the issuance of OP Units in our operating partnership of $88,925, and owned directly or indirectly 97.0% of the OP Units of our operating partnership. The remaining 3.0% of the OP Units are held by third parties.

From our inception to June 30, 2022, we have received approximately $4,640,080 in gross offering proceeds from various public and private offerings of shares of our common stock. On October 1, 2012, we commenced our initial public offering of common stock and since that time we have offered shares of our common stock in various public offerings registered with the Securities and Exchange Commission (the "SEC").

On December 21, 2021, our most recent public offering (the "Current Public Offering") of up to $3,000,000 in any combination of shares of our Class A, Class M, Class A-I and Class M-I common stock was declared effective by the SEC. As of June 30, 2022, we have raised aggregate gross proceeds from the sale of shares of our common stock in our Current Public Offering of $457,226. We intend to continue to offer shares of our common stock on a continuous basis for an indefinite period of time by filing a new registration statement before the end of each offering.

In addition to our public offerings, on March 3, 2015, we commenced a private offering (the "Private Offering") of up to $350,000 in shares of our Class D common stock with an indefinite duration. As of June 30, 2022, we have raised aggregate gross proceeds of $98,188. In addition, on October 16, 2019, we, through our operating partnership, initiated a program (the “DST Program”) to raise up to $500,000, which our board of directors increased to $1,000,000 on August 10, 2021, in private placements exempt from registration under the Securities Act of 1933, as amended, through the sale of beneficial interests to accredited investors in specific Delaware statutory trusts holding real properties ("DST Properties"), which may be sourced from our real properties or from third parties. As of June 30, 2022, we have raised $586,420 from our DST Program.

As of June 30, 2022, 108,205,677 shares of Class A common stock, 24,298,368 shares of Class M common stock, 6,106,688 shares of Class A-I common stock, 86,818,680 shares of Class M-I common stock, and 6,041,611 shares of Class D common stock were outstanding and held in aggregate by a total of 22,571 stockholders.

LaSalle acts as our advisor pursuant to the advisory agreement among us, our operating partnership and LaSalle (the "Advisory Agreement"). The term of our Advisory Agreement expires June 5, 2023, subject to an unlimited number of successive one-year renewals. Our Advisor, a registered investment advisor with the SEC, has broad discretion with respect to our investment decisions and is responsible for selecting our investments and for managing our investment portfolio pursuant to the terms of the Advisory Agreement. Our executive officers are employees of and compensated by our Advisor. We have no employees, as all operations are managed by our Advisor.

LaSalle is a wholly owned, but operationally independent subsidiary of Jones Lang LaSalle Incorporated ("JLL" or our "Sponsor"), a New York Stock Exchange-listed leading professional services firm that specializes in real estate and investment management. As of June 30, 2022, JLL and its affiliates owned an aggregate of 2,521,801 Class M shares, which were issued for cash at a price equal to the most recently reported net asset value ("NAV") per share as of the purchase date and have a current value of $37,524.

XML

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and include the accounts of our wholly owned subsidiaries, consolidated variable interest entities ("VIE") and the unconsolidated investment in real estate affiliates accounted for under the equity method of accounting. We consider the authoritative guidance of accounting for investments in common stock, investments in real estate ventures, investors accounting for an investee when the investor has the majority of the voting interest but the minority partners have certain approval or veto rights, determining whether a general partner or general partners as a group controls a limited partnership or similar entity when the limited partners have certain rights and the consolidation of VIEs in which we own less than a 100% interest. All significant intercompany balances and transactions have been eliminated in consolidation.

Parenthetical disclosures are shown on our Consolidated Balance Sheets regarding the amounts of VIE assets and liabilities that are consolidated. As of June 30, 2022, our VIEs included The District at Howell Mill, Grand Lakes Marketplace, Presley Uptown, 237 Via Vera Cruz, 4211 Starboard Drive, 13500 Danielson Drive, 2840 Loker Ave, and 15890 Bernardo Center Drive due to the joint venture structures and our partners having limited participation rights and no kick-out rights. The creditors of our VIEs do not have general recourse to us.

Noncontrolling interests represent the minority members’ proportionate share of equity. At acquisition, the assets, liabilities and noncontrolling interests were measured and recorded at the estimated fair value. Noncontrolling interests will increase for the minority members’ share of net income of these entities and contributions and decrease for the minority members’ share of net loss and distributions. As of June 30, 2022, noncontrolling interests represented the minority members’ proportionate share of the equity of The District at Howell Mill and our operating partnership.

Redeemable noncontrolling interests represent noncontrolling interests that are redeemable at the option of the holder or in circumstances out of our control and therefore are accounted for as temporary equity. The carrying amount of the redeemable noncontrolling interests is adjusted over time on an accretive basis to reflect the fair value at the time the noncontrolling interest becomes redeemable by the holder. Changes in the redemption value of redeemable noncontrolling interest are recorded as an allocation of retained earnings on our Consolidated Statements of Equity. During the six months ended June 30, 2022, we recorded an allocation from noncontrolling interests to redeemable noncontrolling interests in the amount of $3,922. We have redeemable noncontrolling interest that related to Grand Lakes Marketplace, Presley Uptown, 237 Via Vera Cruz, 4211 Starboard Drive, 13500 Danielson Drive, 2840 Loker Ave, and 15890 Bernardo Center Drive as of June 30, 2022. As of June 30, 2022, $8,536 related to these third party joint ventures was included in Redeemable noncontrolling interests on our Consolidated Balance Sheet of which $2,890 is immediately puttable by the holder of the noncontrolling interest.

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated financial statements and related notes included in our Annual Report on Form 10-K filed with the SEC on March 11, 2022 (our “2021 Form 10-K”) and should be read in conjunction with such consolidated financial statements and related notes. The following notes to these interim consolidated financial statements highlight changes to the notes included in the December 31, 2021 audited consolidated financial statements included in our 2021 Form 10-K and present interim disclosures as required by the SEC.

The interim financial data as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 is unaudited. In our opinion, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods.

Restricted Cash

Restricted cash includes amounts established pursuant to various agreements for loan escrow accounts, loan commitments and property sale proceeds. When we sell a property, we can elect to enter into a like-kind exchange pursuant to the applicable Internal Revenue Service guidance whereby the proceeds from the sale are placed in escrow with a qualified intermediary until a replacement property can be purchased. At June 30, 2022, our restricted cash balance on our Consolidated Balance Sheets was primarily related to common stock subscriptions received in advance of the issuance of the common stock and loan escrow amounts.

Deferred Expenses

Deferred expenses consist of lease commissions. Lease commissions are capitalized and amortized over the term of the related lease as a component of depreciation and amortization expense. Accumulated amortization of deferred expenses at June 30, 2022 and December 31, 2021 was $9,175 and $8,436, respectively.

Rental Revenue Recognition

We recognize rental revenue from tenants under operating leases on a straight-line basis over the non-cancelable term of the lease when collectibility of substantially all rents is reasonably assured. Recognition of rental revenue on a straight-line basis includes the effects of rental abatements, lease incentives and fixed and determinable increases in lease payments over the lease term. For leases where collection of substantially all rents is not deemed to be probable, revenue is recorded equal to cash that has been received from the tenant.  We evaluate the collectibility of rents and other receivables at each reporting period based on factors including, among others, tenant's payment history, the financial condition of the tenant, business conditions and trends in the industry in which the tenant operates and economic conditions in the geographic area where the property is located. If evaluation of these factors or others indicates it is not probable we will collect substantially all rent we recognize an adjustment to rental revenue. If our judgment or estimation regarding probability of collection changes we may adjust or record additional rental revenue in the period such conclusion is reached.

Acquisitions

We have allocated a portion of the purchase price of our acquisitions to acquired intangible assets, which include acquired in-place lease intangibles, acquired above-market in-place lease intangibles and acquired ground lease intangibles, which are reported net of accumulated amortization of $108,740 and $102,842 at June 30, 2022 and December 31, 2021, respectively, on the accompanying Consolidated Balance Sheets. The acquired intangible liabilities represent acquired below-market in-place leases, which are reported net of accumulated amortization of $16,455 and $15,481 at June 30, 2022 and December 31, 2021, respectively, on the accompanying Consolidated Balance Sheets.

Assets and Liabilities Measured at Fair Value

The Financial Accounting Standards Board’s (“FASB”) guidance for fair value measurement and disclosure states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering assumptions, authoritative guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

•Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have access to at the measurement date.

•Level 2—Observable inputs, other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.

•Level 3—Unobservable inputs for the asset or liability. Unobservable inputs are those inputs that reflect our own assumptions that market participants would use to price the asset or liability based on the best available information.

The authoritative guidance requires the disclosure of the fair value of our financial instruments for which it is practicable to estimate that value. The guidance does not apply to all balance sheet items. Market information as available or present value techniques have been utilized to estimate the amounts required to be disclosed. Since such amounts are estimates, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument.

Our investments in marketable securities are valued using Level 1 inputs as the securities are publicly traded on major stock exchanges.

Real estate fund investments accounted for under the fair value option fall within Level 3 of the hierarchy. The fair value is recorded based upon changes in the NAV of the limited partnership as determined from the financial statements of the real estate fund. During the six months ended June 30, 2022 and 2021, we recorded a net increase in fair value classified within the Level 3 category of $32,412 and $36, respectively, which related to our investments in the NYC Retail Portfolio (as defined below) and the Single-Family Rental Portfolio (as defined below) (see Note 4-Unconsolidated Real Estate Affiliates and Fund Investments).

We have estimated the fair value of our mortgage notes and other debt payable reflected on our Consolidated Balance Sheets at amounts that are based upon an interpretation of available market information and valuation methodologies (including discounted cash flow analysis with regard to fixed rate debt) for similar loans made to borrowers with similar credit ratings and for the same maturities. The fair value of our mortgage notes and other debt payable using Level 2 inputs was $127,254 lower and $3,794 higher than the aggregate carrying amounts at June 30, 2022 and December 31, 2021, respectively. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition of our mortgage notes payable.

Derivative Financial Instruments

We record all derivatives on our Consolidated Balance Sheets at fair value in prepaid expenses and other assets or accounts payable and other accrued expenses. Changes in the fair value of our derivatives are recorded as a component of interest expense on our Consolidated Statements of Operations as we have not designated our derivative instruments as hedges. Our objective in using interest rate derivatives is to manage our exposure to interest rate movements. To accomplish this objective, we use interest rate swaps.

As of June 30, 2022, we had the following outstanding interest rate derivatives related to managing our interest rate risk:

Interest Rate Derivative	Number of Instruments	Notional Amount
Interest Rate Swaps	2	90,000

The fair value of our interest rate swaps represent assets of $523 and liabilities of $2,580 at June 30, 2022 and December 31, 2021, respectively.

Investment in Marketable Securities

In accordance with our investment guidelines, investments in marketable securities consist of stock of publicly traded REITs. The net unrealized change in the fair value of our investments in marketable securities is recorded in earnings as part of net income in accordance with Accounting Standard Update ("ASU") 2016-1, Financial Statements - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities.

Ground Lease

As of June 30, 2022, we have a single ground lease arrangement for which we are the lessee and recorded a right-of-use asset within prepaid expenses and other assets on our Consolidated Balance Sheets in the amount of $2,084 and a lease liability within accounts payable and other liabilities on our Consolidated Balance Sheets in the amount of $2,246.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. For example, significant estimates and assumptions have been made with respect to useful lives of assets, recoverable amounts of receivables, fair value of derivatives and real estate assets, initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions. Actual results could differ from those estimates.

Recently Issued Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"), which provides guidance containing practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We are evaluating the impact of this guidance.

XML

Property Business Combination (Notes)

6 Months Ended

Jun. 30, 2022

Business Combinations [Abstract]

Real Estate Disclosure [Text Block]

NOTE 3—PROPERTY

The primary reason we make acquisitions of real estate investments in the industrial, office, residential, retail and other property sectors is to invest capital contributed by stockholders in a diversified portfolio of real estate assets. All references to square footage and units are unaudited.

Acquisitions

On March 30, 2022, we acquired Jefferson Lake Howell, a 384-unit residential property located in Casselberry, Florida for approximately $154,100. The acquisition was funded with cash on hand and a draw on our Credit Facility (defined below).

On April 8, 2022, we acquired Northeast Atlanta Distribution Center, a 459,000 square foot industrial property located in Jefferson, Georgia for approximately $54,100. The acquisition was funded with cash on hand and a draw on our Credit Facility.

On April 29, 2022, we acquired Cedar Medical Center at Flagstaff, a 26,000 square foot medical office property located in Flagstaff, Arizona for approximately $17,200. The acquisition was funded with cash on hand.

On May 31, 2022, we acquired Patterson Place, a 25,000 square foot retail property located in Durham, North Carolina for approximately $14,500. The acquisition was funded with cash on hand.

On June 1, 2022, we acquired Silverado Square, a 48,000 square foot retail property located in Las Vegas, Nevada for approximately $24,400. The acquisition was funded with cash on hand.

On June 8, 2022, we acquired two buildings within the Southeast Phoenix Distribution Center, a 245,000 square foot industrial property located in Chandler, Arizona for approximately $62,400. The acquisition was funded with cash on hand and a draw on our Credit Facility.

On June 28, 2022, we acquired North Boston Medical Center, a 30,000 square foot medical office property located in Haverhill, Massachusetts for approximately $22,500. The acquisition was funded with cash on hand and a draw on our Credit Facility.

On June 28, 2022, we acquired North Charlotte Medical Center, a 25,000 square foot medical office property located in Stanley, North Carolina for approximately $12,500. The acquisition was funded with cash on hand and a draw on our Credit Facility.

On June 30, 2022, we acquired Woodlawn Point Shopping Center, a 98,000 square foot retail property located in Marietta, Georgia for approximately $35,000. The acquisition was funded with cash on hand and a draw on our Credit Facility.

We allocated the purchase price for our 2022 acquisitions in accordance with authoritative guidance as follows:

	2022 Acquisitions
Land	$	43,755
Building and equipment	326,811
In-place lease intangible (acquired intangible assets)	29,875
Above-market lease intangible (acquired intangible assets)	1,415
Below-market lease intangible (acquired intangible liabilities)	(7,468)
	$	394,388
Amortization period for intangible assets and liabilities	6 - 180 months

Dispositions

On January 6, 2022, we sold Norfleet Distribution Center, a 702,000 square foot industrial property located in Kansas City, Missouri for approximately $60,375 less closing costs. We recorded a gain on the sale of the property in the amount of

approximately $34,186.

On January 24, 2022, we sold The Edge at Lafayette, a 207,000 square foot student housing apartment property located in Lafayette, Louisiana for approximately $16,500 less closing costs. We recorded a gain on the sale of the property in the amount of approximately $13.

XML

Unconsolidated Real Estate Affiliates

6 Months Ended

Jun. 30, 2022

Unconsolidated Real Estate [Abstract]

Equity Method Investments and Joint Ventures Disclosure [Text Block]

UNCONSOLIDATED REAL ESTATE AFFILIATES AND FUND INVESTMENTS

In addition to investments in consolidated properties, we may make investments in real estate, which are classified as unconsolidated real estate affiliates under GAAP. The residential sector includes apartment properties and single-family rental homes.

Unconsolidated Real Estate Affiliates

The following represent our unconsolidated real estate affiliates as of June 30, 2022 and December 31, 2021.

				Carrying Amount of Investment
Property	Property Type	Location	Acquisition Date	June 30, 2022		December 31, 2021
Chicago Parking Garage	Other	Chicago, IL	December 23, 2014	$	13,608	$	13,992
Pioneer Tower	Office	Portland, OR	June 28, 2016	102,318		103,529
The Tremont	Residential	Burlington, MA	July 19, 2018	21,332		21,345
The Huntington	Residential	Burlington, MA	July 19, 2018	10,420		10,773
Siena Suwanee Town Center	Residential	Suwanee, GA	December 15, 2020	30,483		30,685
Kingston at McLean Crossing	Residential	McLean, VA	December 3, 2021	38,105		36,720
Total				$	216,266	$	217,044

Summarized Combined Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments

	Three Months Ended June 30, 2022		Three Months Ended June 30, 2021		Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Total revenues	$	7,884	$	5,276	$	15,581	$	10,402
Total operating expenses	6,049		5,736		12,401		11,437
Operating income (loss)	$	1,835	$	(460)	$	3,180	$	(1,035)
Interest expense	409		834		(1,009)		1,680
Net income (loss)	$	1,426	$	(1,294)	$	4,189	$	(2,715)

Real Estate Fund Investments

NYC Retail Portfolio

On December 8, 2015, a wholly owned subsidiary of ours acquired an approximate 28% interest in a newly formed limited partnership, Madison NYC Core Retail Partners, L.P., which acquired an approximate 49% interest in entities that initially owned 15 retail properties located in the greater New York City area (the “NYC Retail Portfolio”), the result of which is that we own an approximate 14% interest in the NYC Retail Portfolio. The purchase price for such portion was approximately $85,600 including closing costs. As of June 30, 2022, the NYC Retail Portfolio owned eight retail properties totaling approximately 1,940,000 square feet across urban infill locations in Manhattan, Brooklyn, Queens and New Jersey.

At acquisition we made the election to account for our interest in the NYC Retail Portfolio under the fair value option. We have no unfunded commitments. Our investment in the NYC Retail Portfolio is presented on our Consolidated Balance Sheets within real estate fund investments. Changes in the fair value of our investment as well as cash distributions received are recorded on our Consolidated Statements of Operations within income from unconsolidated real estate affiliates and fund investments. As of June 30, 2022 and December 31, 2021, the carrying amount of our investment in the NYC Retail Portfolio was $84,731 and $84,874, respectively. During the three and six months ended June 30, 2022, we recorded an increase in fair value of our investment in the NYC Retail Portfolio of $1,304 and a decrease of $143, respectively, and received no cash distributions. During the three and six months ended June 30, 2021, we recorded a decrease in fair value of our investment in the NYC Retail Portfolio of $1,118 and $36 and received no cash distributions.

Single-Family Rental Portfolio

On August 5, 2021, we acquired a 47% interest in a portfolio of approximately 4,000 stabilized single family rental homes located in various markets across the United States, including Atlanta, Dallas, Phoenix, Nashville and Charlotte, among others (the "Single-Family Rental Portfolio"). The portfolio is encumbered by securitized mortgages in a net amount of approximately $760,000 maturing in the fourth quarter of 2025 at a weighted average interest rate of 2.1%. The equity purchase price of our 47% interest was approximately $205,000. We funded the transaction using cash on hand and a draw on our Revolving Credit Facility (as defined below).

At acquisition we made the election to account for our interest in the Single-Family Rental Portfolio under the fair value option. As of June 30, 2022 and December 31, 2021, the carrying amount of our investment in the Single-Family Rental Portfolio was $300,586 and $268,031, respectively. During the three and six months ended June 30, 2022, we recorded an increase in fair value of our investment in the Single-Family Rental Portfolio of $7,200 and $32,555, respectively. During the three and six months ended June 30, 2022, we received distributions of income totaling $2,840 and $5,194, respectively. These cash distributions of income increased income from unconsolidated real estate affiliates and fund investments.

Summarized Combined Balance Sheets—NYC Retail Portfolio Investment and Single-Family Rental Portfolio—Fair Value Option Investment

	June 30, 2022		December 31, 2021
Investment in real estate venture	$	1,768,443	$	1,666,923
Cash	18,030		19,650
Other assets	52,148		55,562
Total assets	$	1,838,621	$	1,742,135
Total liabilities	827,186		823,503
Partners' capital	1,011,435		918,632
Total liabilities and partners' capital	$	1,838,621	$	1,742,135

Summarized Statement of Operations—NYC Retail Portfolio Investment and Single-Family Rental Portfolio—Fair Value Option Investment

	Three Months Ended June 30, 2022		Three Months Ended June 30, 2021		Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Total revenue	$	21,481	$	1,040	$	41,276	$	1,076
Net investment income	8,636		525		16,320		32
Net change in unrealized gain (loss) on investment in real estate venture	23,957		(4,039)		90,801		(132)
Net income (loss)	$	32,593	$	(3,514)	$	107,121	$	(100)

XML

Mortgage Notes and Other Debt Payable

6 Months Ended

Jun. 30, 2022

Mortgage Notes Payable [Abstract]

Debt Disclosure [Text Block]

NOTE 5—MORTGAGE NOTES AND OTHER DEBT PAYABLE

Mortgage notes and other debt payable have various maturities through 2032 and consist of the following:

Mortgage notes and other debt payable	Maturity Date	Interest Rate	Amount payable as of
			June 30, 2022		December 31, 2021
Mortgage notes payable (1)	June 1, 2023 - March 1, 2032	1.76% - 5.30%	$	1,276,546	$	1,184,620
Credit facility
Revolving line of credit	April 28, 2025	3.14%	220,000		300,000
Bridge loan	December 1, 2022	3.39%	—		100,000
Term loans	April 28, 2027	2.99% - 3.48%	250,000		235,000
TOTAL			$	1,746,546	$	1,819,620
Net debt discount on assumed debt and debt issuance costs			(6,287)		(1,956)
Mortgage notes and other debt payable, net			$	1,740,259	$	1,817,664

________

(1)     During the six months ending June 30, 2022, we entered into the following new mortgage notes payable:

•On February 15, 2022, we entered into a $55,800 mortgage payable on Reserve at Venice. The mortgage note bears an interest of 2.98% and matures on March 1, 2032.

•On March 18, 2022, we entered into a $40,000 mortgage payable on Friendship Distribution Center. The mortgage note bears an interest rate equal to the Secured Overnight Financing Rate ("SOFR") plus 1.75% (3.25% at June 30, 2022) and matures on March 1, 2029.

Aggregate future principal payments of mortgage notes and other debt payable as of June 30, 2022 are as follows: 

Year	Amount
2022	$	3,937
2023	89,890
2024	24,917
2025	412,296
2026	308,023
Thereafter	907,483
Total	$	1,746,546

Credit Facility

On April 28, 2022, we entered into a credit agreement providing for a $1,000,000 revolving line of credit and unsecured term loan (collectively, the “Credit Facility”) with a syndicate of nine lenders led by JPMorgan Chase Bank, N.A., Bank of America, N.A., PNC Capital Markets LLC, Wells Fargo Securities, LLC and Capital One, National Association. The Credit Facility provides us with the ability, from time to time, to increase the size of the Credit Facility up to a total of $1,300,000, subject to receipt of lender commitments and other conditions. The $1,000,000 Credit Facility consists of a $600,000 revolving credit facility (the “Revolving Credit Facility”) and a $400,000 term loan (the “Term Loan”). The primary interest rate for the Revolving Credit Facility is based on one-month term SOFR plus 0.10% (“Adjusted Term SOFR”), plus a margin ranging from 1.30% to 2.00%, depending on our total leverage ratio. The primary interest rate for the Term Loan is based on Adjusted Term SOFR, plus a margin ranging from 1.25% to 1.95%, depending on our total leverage ratio. The maturity date of the Revolving Credit Facility is April 28, 2025 and the Term Loan is April 28, 2027. The Credit Facility contains two, twelve-month extension options at our election. Based on our current total leverage ratio, we can elect to borrow at Adjusted Term SOFR plus 1.35% and Adjusted Term SOFR plus 1.30% for the Revolving Credit Facility and Term Loan, respectively, or alternatively, we can choose to borrow at a “base rate” equal to (i) the highest of (a) the Federal Funds Rate plus 0.5%, (b) the prime rate announced by JPMorgan Chase Bank, N.A., and (c) Adjusted Term SOFR plus 1.0%, plus (ii) a margin ranging from 0.30% to 1.00% for base rate loans under the Revolving Credit Facility or a margin ranging from 0.25% to 0.95% for base rate loans under the Term Loan. If the “base rate” is less than 1.0%, it will be deemed to be 1.0% for purposes of the Credit Facility. We intend to use the Revolving Credit Facility to cover short-term capital needs, for new property acquisitions and working

capital. We may not draw funds on our Credit Facility if we (i) experience a material adverse effect, which is defined to include, among other things, (a) a material adverse effect on the business, assets, operations or financial condition of the Company taken as a whole; (b) the inability of any loan party to perform any of its obligations under any loan document; or (c) a material adverse effect upon the validity or enforceability of any loan document or (ii) are in default, as that term is defined in the agreement, including a default under certain other loan agreements and/or guarantees entered into by us or our subsidiaries. As of June 30, 2022, we believe no material adverse effects had occurred.

On December 10, 2021, we entered into an additional $100,000 short-term bridge loan (the "Bridge Loan") with JPMorgan Chase Bank, N.A. under the same terms as our Credit Facility. The Bridge Loan bears interest at the SOFR plus 1.45% to 2.15% depending on our total leverage ratio. The maturity date of the Bridge Loan is December 1, 2022 and has two, three month extension options. Based on our current total leverage ratio, this borrowing is priced at SOFR plus 1.70%. The Bridge Loan was extinguished on April 28, 2022 upon execution of the Credit Facility.

Borrowings under the Credit Facility are guaranteed by us and certain of our subsidiaries. The Credit Facility requires the maintenance of certain financial covenants, including: (i) unencumbered property pool leverage ratio; (ii) debt service coverage ratio; (iii) maximum total leverage ratio; (iv) fixed charges coverage ratio; (v) minimum NAV; (vi) maximum secured debt ratio; (vii) maximum secured recourse debt ratio; (viii) maximum permitted investments; and (ix) unencumbered property pool criteria. The Credit Facility provides the flexibility to move assets in and out of the unencumbered property pool during the term of the Credit Facility.

At June 30, 2022, we had $220,000 outstanding under the Revolving Credit Facility at Adjusted Term SOFR + 1.35% and $250,000 outstanding under the Term Loan at Adjusted Term SOFR + 1.30%. We swapped $90,000 of the Revolving Credit Facility to a fixed rate of 2.08% (all in rate of 3.48% at June 30, 2022). The interest rate swap agreements have maturity dates ranging from February 17, 2023 through May 26, 2023.

Covenants

At June 30, 2022, we were in compliance with all debt covenants.

Debt Issuance Costs

Debt issuance costs are capitalized, and presented net of mortgage notes and other debt payable, and amortized over the terms of the respective agreements as a component of interest expense. Accumulated amortization of debt issuance costs at June 30, 2022 and December 31, 2021 was $9,658 and $8,024, respectively.

XML

Common Stock Common Stock

6 Months Ended

Jun. 30, 2022

Common Stock [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

COMMON STOCK

We have five classes of common stock: Class A, Class M, Class A-I, Class M-I, and Class D. The fees payable to LaSalle Investment Management Distributors, LLC, an affiliate of our Advisor and the dealer manager for our offerings (the "Dealer Manager"), with respect to each outstanding share of each class, as a percentage of NAV, are as follows:

	Selling Commission (1)	Dealer Manager Fee (2)
Class A Shares	up to 3.0%	0.85%
Class M Shares	—	0.30%
Class A-I Shares	up to 1.5%	0.30%
Class M-I Shares	—	None
Class D Shares (3)	up to 1.0%	None

________

(1)     Selling commissions are paid on the date of sale of our common stock.

(2)     We accrue all future dealer manager fees up to the ten percent regulatory limitation as accrued offering costs on our Consolidated Balance Sheets on the date of sale of our common stock. For NAV calculation purposes, dealer manager fees are accrued daily, on a continuous basis equal to 1/365th of the stated fee. Each Class A, Class M and Class A-I share sold in a public offering will automatically convert into the number of Class M-I shares based on the then-current applicable NAV of each class on the date following the termination of the primary portion of such public offering in which we, with the assistance of the Dealer Manager, determine that total underwriting compensation paid with respect to such public offering equals 10% of the gross proceeds from the primary portion of such public offering.

(3)     Shares of Class D common stock are only being offered pursuant to a private offering.

The selling commissions and dealer manager fees are offering costs and are recorded as a reduction of additional paid in capital.

Stock Transactions

The stock transactions for each of our classes of common stock for the six months ended June 30, 2022 were as follows:

	Shares of Class A Common Stock	Shares of Class M Common Stock	Shares of Class A-I Common Stock	Shares of Class M-I Common Stock	Shares of Class D Common Stock	Total
Balance, December 31, 2021	100,038,362	36,458,191	9,356,309	52,676,693	7,513,281	206,042,836
Issuance of common stock	11,212,818	3,416,648	341,760	15,243,692	—	30,214,918
Repurchase of common stock	(1,321,930)	(434,161)	(100,839)	(1,457,016)	(1,471,670)	(4,785,616)
Share conversions	(1,723,573)	(15,142,310)	(3,490,542)	20,355,311	—	(1,114)
Balance, June 30, 2022	108,205,677	24,298,368	6,106,688	86,818,680	6,041,611	231,471,024

Stock Issuances

The stock issuances for our classes of common stock, including those issued through our distribution reinvestment plan, for the six months ended June 30, 2022 were as follows:

	Six Months Ended June 30, 2022
	# of shares	Amount
Class A Shares	11,212,818	$	162,739
Class M Shares	3,416,648	49,330
Class A-I Shares	341,760	5,069
Class M-I Shares	15,243,692	217,866
Total		$	435,004

Share Repurchase Plan

Our share repurchase plan allows stockholders, subject to a one-year holding period, with certain exceptions, to request that we repurchase all or a portion of their shares of common stock on a daily basis at that day's NAV per share, limited to 5% of aggregate Company NAV per quarter. For the six months ended June 30, 2022, we repurchased 4,785,616 shares of common stock in the amount of $67,736. During the six months ended June 30, 2021, we repurchased 6,964,644 shares of common stock in the amount of $82,135.

Distribution Reinvestment Plan

Pursuant to our distribution reinvestment plan, holders of shares of any class of our common stock may elect to have their cash distributions reinvested in additional shares of our common stock at the NAV per share applicable to the class of shares being purchased on the distribution date. For the six months ended June 30, 2022, we issued 2,463,259 shares of common stock for $36,143 under the distribution reinvestment plan. For the six months ended June 30, 2021, we issued 2,348,551 shares of common stock for $27,998 under the distribution reinvestment plan.

Operating Partnership Units

In connection with the acquisitions of Siena Suwanee Town Center and South San Diego Distribution Center, our operating partnership issued 7,037,257 OP Units to third parties for a total of $88,925. After a one-year holding period, holders of OP Units generally have the right to cause our operating partnership to redeem all or a portion of their OP Units for, at our sole discretion, shares of our common stock, cash, or a combination of both. During the six months ended June 30, 2022 we did not issue any additional OP Units.

Earnings Per Share

We compute net income per share for Class A, Class M, Class A-I, Class M-I and Class D common stock using the two-class method. Our Advisor may earn a performance fee (see Note 9-Related Party Transactions), which may impact the net income of each class of common stock differently. In periods where no performance fee is recognized in our Consolidated Statements of Operations and Comprehensive Income, the net income per share will be the same for each class of common stock.

Basic and diluted net income per share for each class of common stock is computed using the weighted-average number of common shares outstanding during the period for each class of common stock. We have not issued any dilutive or potentially dilutive securities, and thus the basic and diluted net income per share for a given class of common stock is the same for each period presented.

The following table sets forth the computation of basic and diluted net income per share for each of our Class A, Class M, Class A-I, Class M-I and Class D common stock:

	Three Months Ended June 30, 2022
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net income per share:
Allocation of net loss per share before performance fee	$	(8,254)	$	(1,909)	$	(479)	$	(6,509)	$	(471)
Allocation of performance fee	2,809		688		174		2,398		172
Total	$	(11,063)	$	(2,597)	$	(653)	$	(8,907)	$	(643)
Weighted average number of common shares outstanding	105,872,896		24,483,836		6,145,006		83,483,334		6,041,611
Basic and diluted net loss per share:	$	(0.10)	$	(0.11)	$	(0.11)	$	(0.11)	$	(0.11)
	Six Months Ended June 30, 2022
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net income per share:
Allocation of net income per share before performance fee	$	13,695	$	4,019	$	1,016	$	9,248	$	819
Allocation of performance fee	6,603		2,151		528		4,768		408
Total	$	7,092	$	1,868	$	488	$	4,480	$	411
Weighted average number of common shares outstanding	104,194,117		30,580,443		7,732,870		70,368,193		6,228,619
Basic and diluted net income per share:	$	0.07	$	0.06	$	0.06	$	0.06	$	0.07
	Three Months Ended June 30, 2021
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net loss per share:
Allocation of net loss per share before performance fee	$	(1,904)	$	(729)	$	(201)	$	(786)	$	(157)
Weighted average number of common shares outstanding	91,360,963		34,932,190		9,625,797		37,694,481		7,513,281
Basic and diluted net loss per share:	$	(0.02)	$	(0.02)	$	(0.02)	$	(0.02)	$	(0.02)
	Six Months ended June 30, 2021
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net income per share:
Allocation of net income per share before performance fee	$	13,398	$	5,187	$	1,424	$	5,332	$	987
Weighted average number of common shares outstanding	90,565,959		35,054,212		9,631,765		36,031,214		6,680,316
Basic and diluted net income per share:	$	0.15	$	0.15	$	0.15	$	0.15	$	0.15

Organization and Offering CostsOrganization and offering costs include, but are not limited to, legal, accounting, printing fees and personnel costs of our Advisor attributable to our organization, preparation of the registration statement, registration and qualification of our common stock for sale with the SEC, or in a private placement, and in the various states and filing fees incurred by our Advisor. LaSalle agreed to fund our organization and offering expenses for the Current Public Offering until December 21, 2021, the day the registration statement was declared effective by the SEC, following which time we commenced reimbursing LaSalle over 36 months. Following the Current Public Offering commencement date, we began paying directly or reimbursing LaSalle if it pays on our behalf any organization and offering costs incurred during the Current Public Offering period (other than selling commissions and dealer manager fees) as and when incurred. After the termination of the Current Public Offering, LaSalle has agreed to reimburse us to the extent that the organization and offering costs that we incur exceed 15% of our gross proceeds from the Current Public Offering. Organization costs are expensed, whereas offering costs are recorded as a reduction of capital in excess of par value. As of June 30, 2022 and December 31, 2021, LaSalle had paid $2,289 and $2,113, respectively, of organization and offering costs on our behalf which we had not yet reimbursed. These costs are included in accrued offering costs on our Consolidated Balance Sheets.

XML

DST Program (Notes)

6 Months Ended

Jun. 30, 2022

Variable Interest Entity [Line Items]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE 7—DST PROGRAM

On October 16, 2019, we, through our operating partnership, initiated the DST Program, and on August 10, 2021, our board of directors approved an increase to raise up to a total of $1,000,000 in private placements through the sale of beneficial interests in specific Delaware statutory trusts (“DST”) holding DST Properties, which may be sourced from our existing portfolio or from newly acquired properties sourced from third parties. Each DST Property will be leased back by a wholly owned subsidiary of our operating partnership on a long-term basis of up to ten years pursuant to a master lease agreement. The master lease agreements are expected to be guaranteed by our operating partnership. As compensation for the master lease guarantee, our operating partnership will retain a fair market value purchase option giving it the right, but not the obligation, to acquire the beneficial interests in the DST from the investors at any time after two years from the closing of the applicable DST offering in exchange for OP Units or cash, at our discretion.

The sale of beneficial interests in the DST Property will be accounted for as a failed sale-leaseback transaction due to the fair market value purchase option retained by our operating partnership and as such, the property will remain on our books and records. The proceeds received from each DST offering will be accounted for as a financing obligation on our Consolidated Balance Sheets. Upfront costs for legal work and debt placement costs for the DST totaling $1,309 are accounted for as deferred loan costs and are netted against the financing obligation.

Under the master lease, we are responsible for subleasing the DST Property to tenants, for covering all costs associated with operating the underlying DST Property, and for paying base rent to the DST that owns such property. For financial reporting purposes (and not for income tax purposes), the DST Properties are included in our consolidated financial statements, with the master lease rent payments accounted for using the interest method whereby a portion is accounted for as interest expense and a portion is accounted for as a reduction of the outstanding principal balance of the financing obligation. For the six months ended June 30, 2022 and 2021, we recorded non-cash interest expense related to the master lease in the amounts of $8,394 and $3,341, respectively. Upon the determination that it is probable that our operating partnership will exercise the fair market value purchase option, we will recognize additional interest expense or interest income to the financing obligation to account for the difference between the fair value of the property and the outstanding liabilities. We determined that certain properties were probable for exercising the fair market value purchase option and recorded additional non-cash interest expense of $19,279 and $0 during the six months ended June 30, 2022 and 2021, respectively. We will remeasure the fair value of these properties at each balance sheet date and adjust the non-cash interest expense recognized over the remaining term of the master lease for any changes in fair value. If we elect to repurchase the property prior to the maturity date of the master lease, we will record the difference between the repurchase amount and the financial obligation as additional non-cash interest expense in the period of repurchase. For financial reporting purposes, the rental revenues and rental expenses associated with the underlying property of each master lease are included in the respective line items on our Consolidated Statements of Operations and Comprehensive Income. The net amount we receive from the underlying DST Properties may be more or less than the amount we pay to the investors in the specific DST and could fluctuate over time.

As of June 30, 2022, we have sold $586,420 in interests related to the DST Program. As of June 30, 2022, the following properties are included in our DST Program:

•The Reserve at Johns Creek,

•Summit at San Marcos,

•Mason Mill Distribution Center,

•San Juan Medical Center,

•The Penfield,

•Milford Crossing,

•Villas at Legacy,

•Montecito Marketplace,

•Whitestown Distribution Center,

•Louisville Airport Distribution Center,

•The Preserve at the Meadows,

•The Rockwell,

•9101 Stony Point Drive,

•Reserve at Venice,

•Friendship Distribution Center,

•Duke Medical Center,

•Silverstone Marketplace,

•South Reno Medical Center,

•Sugar Land Medical Plaza, and

•Suwanee Distribution Center.

XML

Related Party Transactions

6 Months Ended

Jun. 30, 2022

Related Party Transaction, Due from (to) Related Party [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 9—RELATED PARTY TRANSACTIONS

Pursuant to our Advisory Agreement with LaSalle, we pay a fixed advisory fee of 1.25% of our NAV calculated daily. The Advisory Agreement allows for a performance fee to be earned for each share class based on the total return of that share class or OP Unit during the calendar year. The performance fee is calculated as 10% of the return in excess of 7% per annum. The term of our Advisory Agreement expires June 5, 2023, subject to an unlimited number of successive one year renewals.

Fixed advisory fees for the three and six months ended June 30, 2022 were $10,730 and $20,104, respectively. The fixed advisory fees for the three and six months ended June 30, 2021 were $6,749 and $13,074, respectively. Performance fees for the three and six months ended June 30, 2022 were $6,450 and $14,935, respectively. There were no performance fees for the three and six months ended June 30, 2021. Included in Advisor fees payable at June 30, 2022 was $3,569 of fixed advisory fee expense and $14,935 of performance fee expense. Included in Advisor fees payable for the year ended December 31, 2021 was $2,998 of fixed advisory fee expense and $36,711 of performance fee expenses.

We pay Jones Lang LaSalle Americas, Inc. (“JLL Americas”), an affiliate of our Advisor, for property management, construction management, leasing, mortgage brokerage and sales brokerage services performed at various properties we own. For the three and six months ended June 30, 2022, we paid JLL Americas $468 and $987, respectively, for property management and leasing services. For the three and six months ended June 30, 2021, we paid JLL Americas $240 and $479,

respectively, for property management and leasing services. During the three and six months ended June 30, 2022, there were no mortgage brokerage fees paid to JLL Americas. During the three and six months ended June 30, 2021, we paid JLL Americas $209 and $371, respectively in mortgage brokerage fees related to the mortgage notes payable for Louisville Airport Distribution Center and Townlake of Coppell.

We pay the Dealer Manager selling commissions and dealer manager fees in connection with our offerings. For the three and six months ended June 30, 2022, we paid the Dealer Manager selling commissions and dealer manager fees totaling $4,100 and $7,861, respectively. For the three and six months ended June 30, 2021, we paid Dealer Manager selling commissions and dealer manager fees totaling $2,938 and $5,552, respectively. A majority of the selling commissions and dealer manager fees are reallowed to participating broker-dealers. Included in accrued offering costs, at June 30, 2022 and December 31, 2021, were $164,494 and $135,663 of future dealer manager fees payable, respectively.

As of June 30, 2022 and December 31, 2021, we owed $2,289 and $2,113, respectively, for organization and offering costs paid by LaSalle (see Note 6-Common Stock). These costs are included in accrued offering costs.

LaSalle Investment Management Distributors, LLC also serves as the dealer manager for the DST Program on a “best efforts” basis. Our taxable REIT subsidiary, which is a wholly owned subsidiary of our operating partnership, will pay the Dealer Manager upfront selling commissions, upfront dealer manager fees and placement fees of up to 5.0%, 1.0% and 1.0%, respectively, of the gross purchase price per unit of beneficial interest sold in the DST Program. All upfront selling commissions and upfront dealer manager fees are reallowed to participating broker-dealers. For the three and six months ended June 30, 2022, the taxable REIT subsidiary paid $2,228 and $2,353, respectively, to the Dealer Manager. For the three and six months ended June 30, 2021, the taxable REIT subsidiary paid $1,715 and $2,742, respectively, to the Dealer Manager. In addition, the Dealer Manager may receive an ongoing investor servicing fee that is calculated daily on a continuous basis from year to year equal to 1/365th of (a) 0.25% of the total equity of each outstanding unit of beneficial interest for such day, payable by the DSTs; (b) 0.85% of the NAV of each outstanding Class A OP Unit, 0.30% of the NAV of each outstanding Class M OP Unit or 0.30% of the NAV of each outstanding Class A-I OP Unit for such day issued in connection with our operating partnership's fair market value purchase option, payable by our operating partnership; and (c) 0.85% of the NAV of each outstanding Class A share, 0.30% of the NAV of each outstanding Class M share or 0.30% of the NAV of each outstanding Class A-I share for such day issued in connection with the investors' redemption right, payable by us. The investor servicing fee may continue for so long as the investor in the DST Program holds beneficial interests, Class A, Class M and Class A-I OP Units or Class A, Class M and Class A-I shares that were issued in connection with the DST Program. No investor servicing fee will be paid on Class M-I OP Units or Class M-I shares. For the three and six months ended June 30, 2022, the DSTs paid $342 and $629, respectively, in investor servicing fees to the Dealer Manager in connection with the DST Program. For the three and six months ended June 30, 2021, the DSTs paid $178 and $305, respectively, in investor servicing fees to the Dealer Manager in connection with the DST program.

LaSalle also serves as the manager for the DST Program. Each DST pays the manager a management fee equal to a to-be-agreed upon percentage of the total equity of such DST. For the three and six months ended June 30, 2022, the DSTs paid $218 and $402, respectively, in management fees to our Advisor in connection with the DST Program. For the three and six months ended June 30, 2021, the Delaware statutory trusts paid $107 and $183, respectively, in management fees to our Advisor in connection with the DST Program.

XML

Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

We are involved in various claims and litigation matters arising in the ordinary course of business, some of which involve claims for damages. Many of these matters are covered by insurance, although they may nevertheless be subject to deductibles or retentions. Although the ultimate liability for these matters cannot be determined, based upon information currently available, we believe the ultimate resolution of such claims and litigation will not have a material adverse effect on our financial position, results of operations or liquidity.

From time to time, we have entered into contingent agreements for the acquisition and financing of properties. Such acquisitions and financings are subject to satisfactory completion of due diligence or meeting certain leasing or occupancy thresholds.

We are subject to fixed ground lease payments on South Beach Parking Garage of $112 per year until September 30, 2024, which will increase every five years thereafter by the lesser of 12% or the cumulative Consumer Price Index ("CPI") over the previous five year period. We are also subject to a variable ground lease payment calculated as 2.5% of revenue. The lease expires September 30, 2041 and has a ten-year renewal option.

The operating agreement for Grand Lakes Marketplace allows the unrelated third party joint venture partner, owning a 10% interest, to put its interest to us at a market determined value.

The operating agreement for 237 Via Vera Cruz, 13500 Danielson Street, 4211 Starboard, 2840 Loaker Avenue and 15890 Bernardo Center Drive allows the unrelated third party joint venture partner, owning a 5% interest, to put its interest to us at a market determined value starting July 31, 2024.

The operating agreement for Presley Uptown allows the unrelated third party joint venture partner, owning a 2.5% interest, to put its interest to us at a market determined value starting September 30, 2022 until September 30, 2024.

XML

Rentals Under Operating Leases

6 Months Ended

Jun. 30, 2022

Rentals Under Operating Leases [Abstract]

Lessor, Operating Leases

We receive rental income from operating leases. The minimum future rentals from consolidated properties based on operating leases in place at June 30, 2022 are as follows:

Year	Amount
2022	$	134,572
2023	194,368
2024	158,719
2025	136,678
2026	120,009
Thereafter	431,095
Total	$	1,175,441

 Minimum future rentals do not include amounts payable by certain tenants based upon a percentage of their gross sales or as reimbursement of property operating expenses. During the three and six months ended June 30, 2022, no tenants accounted for greater than 10% of minimum base rents.

XML

Segment Reporting

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 11—SEGMENT REPORTING

We have five reportable operating segments: industrial, office, residential, retail and other properties. Consistent with how our chief operating decision makers evaluate performance and manage our properties, the financial information summarized below is presented by operating segment and reconciled to net income for the three and six months ended June 30, 2022 and 2021.

	Industrial		Office		Residential		Retail		Other		Total
Assets as of June 30, 2022	$	1,434,578	$	528,668	$	1,425,083	$	635,511	$	23,719	$	4,047,559
Assets as of December 31, 2021	1,352,580		479,306		1,301,454		564,565		23,412		3,721,317
Three Months Ended June 30, 2022
Capital expenditures by segment	$	3,151	$	1,972	$	1,706	$	1,365	$	11	$	8,205
Revenues:
Rental revenue	$	25,461	$	11,213	$	27,872	$	12,690	$	66	$	77,302
Other revenue	27		468		1,213		191		590		2,489
Total revenues	$	25,488	$	11,681	$	29,085	$	12,881	$	656	$	79,791
Operating expenses:
Real estate taxes	$	4,247	$	1,161	$	4,147	$	1,690	$	68	$	11,313
Property operating expenses	1,913		2,278		7,737		1,888		183		13,999
Total segment operating expenses	$	6,160	$	3,439	$	11,884	$	3,578	$	251	$	25,312
Reconciliation to net income
Property general and administrative											797
Advisor fees											17,180
Company level expenses											2,997
Depreciation and amortization											33,323
Total operating expenses											$	79,609
Other income and (expenses):
Interest expense											$	(34,055)
Gain from unconsolidated real estate affiliates and fund investment											12,770
Investment income on marketable securities											293
Net realized loss upon sale of marketable securities											(183)
Net unrealized change in fair value of investment in marketable securities											(3,814)
Total other income and (expenses)											$	(24,989)
Net loss											$	(24,807)
Reconciliation to total consolidated assets as of June 30, 2022
Assets per reportable segments											$	4,047,559
Investment in unconsolidated real estate affiliates, real estate fund investments and corporate level assets											719,133
Total consolidated assets											$	4,766,692
Reconciliation to total consolidated assets as of December 31, 2021
Assets per reportable segments											$	3,721,317
Investment in unconsolidated real estate affiliates, real estate fund investments and corporate level assets											680,929
Total consolidated assets											$	4,402,246

	Industrial		Office		Residential		Retail		Other		Total
Three Months Ended June 30, 2021
Capital expenditures by segment	$	5,906	$	903	$	1,907	$	964	$	—	$	9,680
Revenues:
Rental revenue	$	15,979	$	7,425	$	16,934	$	12,138	$	62	$	52,538
Other revenue	57		443		2,119		93		796		3,508
Total revenues	$	16,036	$	7,868	$	19,053	$	12,231	$	858	$	56,046
Operating expenses:
Real estate taxes	$	2,518	$	861	$	3,065	$	1,639	$	122	$	8,205
Property operating expenses	1,142		1,569		5,103		2,197		183		10,194
Total segment operating expenses	$	3,660	$	2,430	$	8,168	$	3,836	$	305	$	18,399
Reconciliation to net income
Property general and administrative											(184)
Advisor fees											6,749
Company level expenses											990
Depreciation and amortization											21,218
Total operating expenses											$	47,172
Other income and (expenses):
Interest expense											$	(10,288)
Loss from unconsolidated real estate affiliates and fund investment											(2,412)
Total other income and (expenses)											$	(12,700)
Net loss											$	(3,826)

	Industrial		Office		Residential		Retail		Other		Total
Six Months Ended June 30, 2022
Capital expenditures by segment	$	3,151	$	2,978	$	2,828	$	1,682	$	11	$	10,650
Revenues:
Rental revenue	$	50,348	$	22,544	$	52,933	$	26,305	$	127	$	152,257
Other revenue	69		762		2,420		263		1,191		4,705
Total revenues	$	50,417	$	23,306	$	55,353	$	26,568	$	1,318	$	156,962
Operating expenses:
Real estate taxes	$	8,354	$	2,325	$	8,402	$	3,361	$	182	$	22,624
Property operating expenses	4,197		4,452		14,950		4,012		391		28,002
Total segment operating expenses	$	12,551	$	6,777	$	23,352	$	7,373	$	573	$	50,626
Reconciliation to net income
Property general and administrative											1,494
Advisor fees											35,038
Company level expenses											4,071
Depreciation and amortization											66,297
Total operating expenses											$	106,900
Other income and (expenses):
Interest expense											$	(51,907)
Income from unconsolidated real estate affiliates and fund investments											41,795
Investment income on marketable securities											597
Net realized loss upon sale of marketable securities											(104)
Net unrealized change in fair value of investment in marketable securities											(6,798)
Gain on disposition of property and extinguishment of debt, net											31,492
Total other income and (expenses)											$	15,075
Net income											$	14,511

	Industrial		Office		Residential		Retail		Other		Total
Six Months Ended June 30, 2021
Capital expenditures by segment	$	8,881	$	1,337	$	2,616	$	1,476	$	16	$	14,326
Revenues:
Rental revenue	$	31,205	$	14,997	$	32,783	$	24,191	$	93	$	103,269
Other revenue	62		815		2,878		176		1,427		5,358
Total revenues	$	31,267	$	15,812	$	35,661	$	24,367	$	1,520	$	108,627
Operating expenses:
Real estate taxes	$	4,978	$	1,628	$	6,176	$	3,272	$	237	$	16,291
Property operating expenses	2,496		3,056		9,933		4,243		377		20,105
Total segment operating expenses	$	7,474	$	4,684	$	16,109	$	7,515	$	614	$	36,396
Reconciliation to net income
Property general and administrative											476
Advisor fees											13,074
Company level expenses											2,183
Depreciation and amortization											41,163
Total operating expenses											$	93,292
Other income and (expenses):
Interest expense											$	(19,550)
Loss from unconsolidated real estate affiliates and fund investments											(2,751)
Gain on disposition of property and extinguishment of debt, net											33,422
Total other income and (expenses)											$	11,121
Net income											$	26,456

XML

Investments, Debt and Equity Securities

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure

INVESTMENT IN MARKETABLE SECURITIES

The following is a summary of our investment in marketable securities held as of June 30, 2022 and December 31, 2021, which consisted entirely of stock of publicly traded REITs.

	June 30, 2022		December 31, 2021
Investment in marketable securities - cost	$	40,841	$	40,273
Unrealized gains	154		3,161
Unrealized losses	(4,016)		(228)
Net unrealized (loss) gain	(3,862)		2,933
Investment in marketable securities - fair value	$	36,979	$	43,206

Upon the sale of a particular security, the realized net gain or loss is computed assuming the shares purchased first are sold first. During the six months ended June 30, 2022, marketable securities sold generated proceeds of $9,649, resulting in realized gains of $294, and realized losses of $398.

XML

Subsequent Events

3 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events [Text Block]

SUBSEQUENT EVENTS

On July 8, 2022, our operating partnership exercised its fair market value purchase option to acquire The Reserve at Johns Creek and issued 2,575,832 OP Units to DST investors.

On July 15th, 2022, we acquired Oak Street Lofts, a 187 unit residential property located in the Portland suburb of Tigard, Oregon for $81,500 using cash on hand and a draw on our Credit Facility.

On July 21, 2022, we acquired Grand Rapids Medical Center, a 25,000 square foot medical office building located in Wyoming, Michigan for $9,300 using cash on hand.

On July 29, 2022, we acquired Glendale Medical Center, a 20,000 square foot medical office building located in Los Angeles, California for $18,200.

On August 9, 2022, our board of directors approved a gross dividend for the third quarter of 2022 of $0.14 per share and OP unit to stockholders and OP Unit holders of record as of September 22, 2022. The dividend will be paid on or around September 29, 2022. Class A, Class M, Class A-I, Class M-I and Class D stockholders and OP Unit holders will receive $0.14 per share, less applicable class-specific fees, if any.

XML

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and include the accounts of our wholly owned subsidiaries, consolidated variable interest entities ("VIE") and the unconsolidated investment in real estate affiliates accounted for under the equity method of accounting. We consider the authoritative guidance of accounting for investments in common stock, investments in real estate ventures, investors accounting for an investee when the investor has the majority of the voting interest but the minority partners have certain approval or veto rights, determining whether a general partner or general partners as a group controls a limited partnership or similar entity when the limited partners have certain rights and the consolidation of VIEs in which we own less than a 100% interest. All significant intercompany balances and transactions have been eliminated in consolidation.

Parenthetical disclosures are shown on our Consolidated Balance Sheets regarding the amounts of VIE assets and liabilities that are consolidated. As of June 30, 2022, our VIEs included The District at Howell Mill, Grand Lakes Marketplace, Presley Uptown, 237 Via Vera Cruz, 4211 Starboard Drive, 13500 Danielson Drive, 2840 Loker Ave, and 15890 Bernardo Center Drive due to the joint venture structures and our partners having limited participation rights and no kick-out rights. The creditors of our VIEs do not have general recourse to us.

Noncontrolling interests represent the minority members’ proportionate share of equity. At acquisition, the assets, liabilities and noncontrolling interests were measured and recorded at the estimated fair value. Noncontrolling interests will increase for the minority members’ share of net income of these entities and contributions and decrease for the minority members’ share of net loss and distributions. As of June 30, 2022, noncontrolling interests represented the minority members’ proportionate share of the equity of The District at Howell Mill and our operating partnership.

Redeemable noncontrolling interests represent noncontrolling interests that are redeemable at the option of the holder or in circumstances out of our control and therefore are accounted for as temporary equity. The carrying amount of the redeemable noncontrolling interests is adjusted over time on an accretive basis to reflect the fair value at the time the noncontrolling interest becomes redeemable by the holder. Changes in the redemption value of redeemable noncontrolling interest are recorded as an allocation of retained earnings on our Consolidated Statements of Equity. During the six months ended June 30, 2022, we recorded an allocation from noncontrolling interests to redeemable noncontrolling interests in the amount of $3,922. We have redeemable noncontrolling interest that related to Grand Lakes Marketplace, Presley Uptown, 237 Via Vera Cruz, 4211 Starboard Drive, 13500 Danielson Drive, 2840 Loker Ave, and 15890 Bernardo Center Drive as of June 30, 2022. As of June 30, 2022, $8,536 related to these third party joint ventures was included in Redeemable noncontrolling interests on our Consolidated Balance Sheet of which $2,890 is immediately puttable by the holder of the noncontrolling interest.

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated financial statements and related notes included in our Annual Report on Form 10-K filed with the SEC on March 11, 2022 (our “2021 Form 10-K”) and should be read in conjunction with such consolidated financial statements and related notes. The following notes to these interim consolidated financial statements highlight changes to the notes included in the December 31, 2021 audited consolidated financial statements included in our 2021 Form 10-K and present interim disclosures as required by the SEC.

The interim financial data as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 is unaudited. In our opinion, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods.

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]

Restricted Cash

Restricted cash includes amounts established pursuant to various agreements for loan escrow accounts, loan commitments and property sale proceeds. When we sell a property, we can elect to enter into a like-kind exchange pursuant to the applicable Internal Revenue Service guidance whereby the proceeds from the sale are placed in escrow with a qualified intermediary until a replacement property can be purchased. At June 30, 2022, our restricted cash balance on our Consolidated Balance Sheets was primarily related to common stock subscriptions received in advance of the issuance of the common stock and loan escrow amounts.

Deferred Expenses

Deferred Expenses

Deferred expenses consist of lease commissions. Lease commissions are capitalized and amortized over the term of the related lease as a component of depreciation and amortization expense. Accumulated amortization of deferred expenses at June 30, 2022 and December 31, 2021 was $9,175 and $8,436, respectively.

Acquisitions

Acquisitions

We have allocated a portion of the purchase price of our acquisitions to acquired intangible assets, which include acquired in-place lease intangibles, acquired above-market in-place lease intangibles and acquired ground lease intangibles, which are reported net of accumulated amortization of $108,740 and $102,842 at June 30, 2022 and December 31, 2021, respectively, on the accompanying Consolidated Balance Sheets. The acquired intangible liabilities represent acquired below-market in-place leases, which are reported net of accumulated amortization of $16,455 and $15,481 at June 30, 2022 and December 31, 2021, respectively, on the accompanying Consolidated Balance Sheets.

Fair Value Disclosure

Assets and Liabilities Measured at Fair Value

The Financial Accounting Standards Board’s (“FASB”) guidance for fair value measurement and disclosure states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering assumptions, authoritative guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

•Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have access to at the measurement date.

•Level 2—Observable inputs, other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.

•Level 3—Unobservable inputs for the asset or liability. Unobservable inputs are those inputs that reflect our own assumptions that market participants would use to price the asset or liability based on the best available information.

The authoritative guidance requires the disclosure of the fair value of our financial instruments for which it is practicable to estimate that value. The guidance does not apply to all balance sheet items. Market information as available or present value techniques have been utilized to estimate the amounts required to be disclosed. Since such amounts are estimates, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument.

Our investments in marketable securities are valued using Level 1 inputs as the securities are publicly traded on major stock exchanges.

Real estate fund investments accounted for under the fair value option fall within Level 3 of the hierarchy. The fair value is recorded based upon changes in the NAV of the limited partnership as determined from the financial statements of the real estate fund. During the six months ended June 30, 2022 and 2021, we recorded a net increase in fair value classified within the Level 3 category of $32,412 and $36, respectively, which related to our investments in the NYC Retail Portfolio (as defined below) and the Single-Family Rental Portfolio (as defined below) (see Note 4-Unconsolidated Real Estate Affiliates and Fund Investments).

We have estimated the fair value of our mortgage notes and other debt payable reflected on our Consolidated Balance Sheets at amounts that are based upon an interpretation of available market information and valuation methodologies (including discounted cash flow analysis with regard to fixed rate debt) for similar loans made to borrowers with similar credit ratings and for the same maturities. The fair value of our mortgage notes and other debt payable using Level 2 inputs was $127,254 lower and $3,794 higher than the aggregate carrying amounts at June 30, 2022 and December 31, 2021, respectively. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition of our mortgage notes payable.

Derivatives, Reporting of Derivative Activity [Policy Text Block]

Derivative Financial Instruments

We record all derivatives on our Consolidated Balance Sheets at fair value in prepaid expenses and other assets or accounts payable and other accrued expenses. Changes in the fair value of our derivatives are recorded as a component of interest expense on our Consolidated Statements of Operations as we have not designated our derivative instruments as hedges. Our objective in using interest rate derivatives is to manage our exposure to interest rate movements. To accomplish this objective, we use interest rate swaps.

As of June 30, 2022, we had the following outstanding interest rate derivatives related to managing our interest rate risk:

Interest Rate Derivative	Number of Instruments	Notional Amount
Interest Rate Swaps	2	90,000

The fair value of our interest rate swaps represent assets of $523 and liabilities of $2,580 at June 30, 2022 and December 31, 2021, respectively.

Lessee, Operating Leases

Ground Lease

As of June 30, 2022, we have a single ground lease arrangement for which we are the lessee and recorded a right-of-use asset within prepaid expenses and other assets on our Consolidated Balance Sheets in the amount of $2,084 and a lease liability within accounts payable and other liabilities on our Consolidated Balance Sheets in the amount of $2,246.

Use of Estimates

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. For example, significant estimates and assumptions have been made with respect to useful lives of assets, recoverable amounts of receivables, fair value of derivatives and real estate assets, initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions. Actual results could differ from those estimates.

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Issued Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"), which provides guidance containing practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We are evaluating the impact of this guidance.

Marketable Securities, Policy

Investment in Marketable Securities

In accordance with our investment guidelines, investments in marketable securities consist of stock of publicly traded REITs. The net unrealized change in the fair value of our investments in marketable securities is recorded in earnings as part of net income in accordance with Accounting Standard Update ("ASU") 2016-1, Financial Statements - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities.

Revenue Recognition, Leases

Rental Revenue RecognitionWe recognize rental revenue from tenants under operating leases on a straight-line basis over the non-cancelable term of the lease when collectibility of substantially all rents is reasonably assured. Recognition of rental revenue on a straight-line basis includes the effects of rental abatements, lease incentives and fixed and determinable increases in lease payments over the lease term. For leases where collection of substantially all rents is not deemed to be probable, revenue is recorded equal to cash that has been received from the tenant.  We evaluate the collectibility of rents and other receivables at each reporting period based on factors including, among others, tenant's payment history, the financial condition of the tenant, business conditions and trends in the industry in which the tenant operates and economic conditions in the geographic area where the property is located. If evaluation of these factors or others indicates it is not probable we will collect substantially all rent we recognize an adjustment to rental revenue. If our judgment or estimation regarding probability of collection changes we may adjust or record additional rental revenue in the period such conclusion is reached.

XML

Summary of Significant Accounting Policies Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Schedule of Derivative Instruments [Table Text Block]

As of June 30, 2022, we had the following outstanding interest rate derivatives related to managing our interest rate risk:

Interest Rate Derivative	Number of Instruments	Notional Amount
Interest Rate Swaps	2	90,000

XML

Property Purchase Price Allocation of Acquisitions (Tables)

6 Months Ended

Jun. 30, 2022

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

We allocated the purchase price for our 2022 acquisitions in accordance with authoritative guidance as follows:

	2022 Acquisitions
Land	$	43,755
Building and equipment	326,811
In-place lease intangible (acquired intangible assets)	29,875
Above-market lease intangible (acquired intangible assets)	1,415
Below-market lease intangible (acquired intangible liabilities)	(7,468)
	$	394,388
Amortization period for intangible assets and liabilities	6 - 180 months

XML

Unconsolidated Real Estate Affiliates Equity Method Investments (Tables)

6 Months Ended

Jun. 30, 2022

Equity Method Investments [Abstract]

Equity Method Investments [Table Text Block]

Unconsolidated Real Estate Affiliates

The following represent our unconsolidated real estate affiliates as of June 30, 2022 and December 31, 2021.

				Carrying Amount of Investment
Property	Property Type	Location	Acquisition Date	June 30, 2022		December 31, 2021
Chicago Parking Garage	Other	Chicago, IL	December 23, 2014	$	13,608	$	13,992
Pioneer Tower	Office	Portland, OR	June 28, 2016	102,318		103,529
The Tremont	Residential	Burlington, MA	July 19, 2018	21,332		21,345
The Huntington	Residential	Burlington, MA	July 19, 2018	10,420		10,773
Siena Suwanee Town Center	Residential	Suwanee, GA	December 15, 2020	30,483		30,685
Kingston at McLean Crossing	Residential	McLean, VA	December 3, 2021	38,105		36,720
Total				$	216,266	$	217,044

Summarized Combined Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments

	Three Months Ended June 30, 2022		Three Months Ended June 30, 2021		Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Total revenues	$	7,884	$	5,276	$	15,581	$	10,402
Total operating expenses	6,049		5,736		12,401		11,437
Operating income (loss)	$	1,835	$	(460)	$	3,180	$	(1,035)
Interest expense	409		834		(1,009)		1,680
Net income (loss)	$	1,426	$	(1,294)	$	4,189	$	(2,715)

Fair Value Option, Disclosures [Table Text Block]

Summarized Combined Balance Sheets—NYC Retail Portfolio Investment and Single-Family Rental Portfolio—Fair Value Option Investment

	June 30, 2022		December 31, 2021
Investment in real estate venture	$	1,768,443	$	1,666,923
Cash	18,030		19,650
Other assets	52,148		55,562
Total assets	$	1,838,621	$	1,742,135
Total liabilities	827,186		823,503
Partners' capital	1,011,435		918,632
Total liabilities and partners' capital	$	1,838,621	$	1,742,135

Summarized Statement of Operations—NYC Retail Portfolio Investment and Single-Family Rental Portfolio—Fair Value Option Investment

	Three Months Ended June 30, 2022		Three Months Ended June 30, 2021		Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Total revenue	$	21,481	$	1,040	$	41,276	$	1,076
Net investment income	8,636		525		16,320		32
Net change in unrealized gain (loss) on investment in real estate venture	23,957		(4,039)		90,801		(132)
Net income (loss)	$	32,593	$	(3,514)	$	107,121	$	(100)

XML

Mortgage Notes and Other Debt Payable Table 1 - Schedule of Mortgages and Other Notes Payable (Tables)

6 Months Ended

Jun. 30, 2022

Table 1 - Mortgages and Other Debt Payable [Abstract]

Schedule of Long-term Debt Instruments [Table Text Block]

Mortgage notes and other debt payable have various maturities through 2032 and consist of the following:

Mortgage notes and other debt payable	Maturity Date	Interest Rate	Amount payable as of
			June 30, 2022		December 31, 2021
Mortgage notes payable (1)	June 1, 2023 - March 1, 2032	1.76% - 5.30%	$	1,276,546	$	1,184,620
Credit facility
Revolving line of credit	April 28, 2025	3.14%	220,000		300,000
Bridge loan	December 1, 2022	3.39%	—		100,000
Term loans	April 28, 2027	2.99% - 3.48%	250,000		235,000
TOTAL			$	1,746,546	$	1,819,620
Net debt discount on assumed debt and debt issuance costs			(6,287)		(1,956)
Mortgage notes and other debt payable, net			$	1,740,259	$	1,817,664

________

(1)     During the six months ending June 30, 2022, we entered into the following new mortgage notes payable:

•On February 15, 2022, we entered into a $55,800 mortgage payable on Reserve at Venice. The mortgage note bears an interest of 2.98% and matures on March 1, 2032.

•On March 18, 2022, we entered into a $40,000 mortgage payable on Friendship Distribution Center. The mortgage note bears an interest rate equal to the Secured Overnight Financing Rate ("SOFR") plus 1.75% (3.25% at June 30, 2022) and matures on March 1, 2029.

Aggregate principal payments of mortgage notes payable

Aggregate future principal payments of mortgage notes and other debt payable as of June 30, 2022 are as follows: 

Year	Amount
2022	$	3,937
2023	89,890
2024	24,917
2025	412,296
2026	308,023
Thereafter	907,483
Total	$	1,746,546

XML

Common Stock Common Stock (Tables)

6 Months Ended

Jun. 30, 2022

Common Stock [Abstract]

Offering Cost Fees [Table Text Block]

	Selling Commission (1)	Dealer Manager Fee (2)
Class A Shares	up to 3.0%	0.85%
Class M Shares	—	0.30%
Class A-I Shares	up to 1.5%	0.30%
Class M-I Shares	—	None
Class D Shares (3)	up to 1.0%	None

________

(1)     Selling commissions are paid on the date of sale of our common stock.

(2)     We accrue all future dealer manager fees up to the ten percent regulatory limitation as accrued offering costs on our Consolidated Balance Sheets on the date of sale of our common stock. For NAV calculation purposes, dealer manager fees are accrued daily, on a continuous basis equal to 1/365th of the stated fee. Each Class A, Class M and Class A-I share sold in a public offering will automatically convert into the number of Class M-I shares based on the then-current applicable NAV of each class on the date following the termination of the primary portion of such public offering in which we, with the assistance of the Dealer Manager, determine that total underwriting compensation paid with respect to such public offering equals 10% of the gross proceeds from the primary portion of such public offering.

(3)     Shares of Class D common stock are only being offered pursuant to a private offering.

The selling commissions and dealer manager fees are offering costs and are recorded as a reduction of additional paid in capital.

Stock Transactions [Table Text Block]

Stock Transactions

The stock transactions for each of our classes of common stock for the six months ended June 30, 2022 were as follows:

	Shares of Class A Common Stock	Shares of Class M Common Stock	Shares of Class A-I Common Stock	Shares of Class M-I Common Stock	Shares of Class D Common Stock	Total
Balance, December 31, 2021	100,038,362	36,458,191	9,356,309	52,676,693	7,513,281	206,042,836
Issuance of common stock	11,212,818	3,416,648	341,760	15,243,692	—	30,214,918
Repurchase of common stock	(1,321,930)	(434,161)	(100,839)	(1,457,016)	(1,471,670)	(4,785,616)
Share conversions	(1,723,573)	(15,142,310)	(3,490,542)	20,355,311	—	(1,114)
Balance, June 30, 2022	108,205,677	24,298,368	6,106,688	86,818,680	6,041,611	231,471,024

Class of Stock [Line Items]

Schedule of Stock by Class [Table Text Block]

Stock Issuances

The stock issuances for our classes of common stock, including those issued through our distribution reinvestment plan, for the six months ended June 30, 2022 were as follows:

	Six Months Ended June 30, 2022
	# of shares	Amount
Class A Shares	11,212,818	$	162,739
Class M Shares	3,416,648	49,330
Class A-I Shares	341,760	5,069
Class M-I Shares	15,243,692	217,866
Total		$	435,004

Schedule of Earnings Per Share [Table Text Block]

	Three Months Ended June 30, 2022
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net income per share:
Allocation of net loss per share before performance fee	$	(8,254)	$	(1,909)	$	(479)	$	(6,509)	$	(471)
Allocation of performance fee	2,809		688		174		2,398		172
Total	$	(11,063)	$	(2,597)	$	(653)	$	(8,907)	$	(643)
Weighted average number of common shares outstanding	105,872,896		24,483,836		6,145,006		83,483,334		6,041,611
Basic and diluted net loss per share:	$	(0.10)	$	(0.11)	$	(0.11)	$	(0.11)	$	(0.11)
	Six Months Ended June 30, 2022
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net income per share:
Allocation of net income per share before performance fee	$	13,695	$	4,019	$	1,016	$	9,248	$	819
Allocation of performance fee	6,603		2,151		528		4,768		408
Total	$	7,092	$	1,868	$	488	$	4,480	$	411
Weighted average number of common shares outstanding	104,194,117		30,580,443		7,732,870		70,368,193		6,228,619
Basic and diluted net income per share:	$	0.07	$	0.06	$	0.06	$	0.06	$	0.07
	Three Months Ended June 30, 2021
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net loss per share:
Allocation of net loss per share before performance fee	$	(1,904)	$	(729)	$	(201)	$	(786)	$	(157)
Weighted average number of common shares outstanding	91,360,963		34,932,190		9,625,797		37,694,481		7,513,281
Basic and diluted net loss per share:	$	(0.02)	$	(0.02)	$	(0.02)	$	(0.02)	$	(0.02)
	Six Months ended June 30, 2021
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net income per share:
Allocation of net income per share before performance fee	$	13,398	$	5,187	$	1,424	$	5,332	$	987
Weighted average number of common shares outstanding	90,565,959		35,054,212		9,631,765		36,031,214		6,680,316
Basic and diluted net income per share:	$	0.15	$	0.15	$	0.15	$	0.15	$	0.15

XML

Rentals Under Operating Leases Rentals Under Operating Leases (Tables)

6 Months Ended

Jun. 30, 2022

Operating Leased Assets [Line Items]

Schedule of Property Subject to or Available for Operating Lease [Table Text Block]

We receive rental income from operating leases. The minimum future rentals from consolidated properties based on operating leases in place at June 30, 2022 are as follows:

Year	Amount
2022	$	134,572
2023	194,368
2024	158,719
2025	136,678
2026	120,009
Thereafter	431,095
Total	$	1,175,441

XML

Segment Reporting (Tables)

3 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Industrial		Office		Residential		Retail		Other		Total
Assets as of June 30, 2022	$	1,434,578	$	528,668	$	1,425,083	$	635,511	$	23,719	$	4,047,559
Assets as of December 31, 2021	1,352,580		479,306		1,301,454		564,565		23,412		3,721,317
Three Months Ended June 30, 2022
Capital expenditures by segment	$	3,151	$	1,972	$	1,706	$	1,365	$	11	$	8,205
Revenues:
Rental revenue	$	25,461	$	11,213	$	27,872	$	12,690	$	66	$	77,302
Other revenue	27		468		1,213		191		590		2,489
Total revenues	$	25,488	$	11,681	$	29,085	$	12,881	$	656	$	79,791
Operating expenses:
Real estate taxes	$	4,247	$	1,161	$	4,147	$	1,690	$	68	$	11,313
Property operating expenses	1,913		2,278		7,737		1,888		183		13,999
Total segment operating expenses	$	6,160	$	3,439	$	11,884	$	3,578	$	251	$	25,312
Reconciliation to net income
Property general and administrative											797
Advisor fees											17,180
Company level expenses											2,997
Depreciation and amortization											33,323
Total operating expenses											$	79,609
Other income and (expenses):
Interest expense											$	(34,055)
Gain from unconsolidated real estate affiliates and fund investment											12,770
Investment income on marketable securities											293
Net realized loss upon sale of marketable securities											(183)
Net unrealized change in fair value of investment in marketable securities											(3,814)
Total other income and (expenses)											$	(24,989)
Net loss											$	(24,807)
Reconciliation to total consolidated assets as of June 30, 2022
Assets per reportable segments											$	4,047,559
Investment in unconsolidated real estate affiliates, real estate fund investments and corporate level assets											719,133
Total consolidated assets											$	4,766,692
Reconciliation to total consolidated assets as of December 31, 2021
Assets per reportable segments											$	3,721,317
Investment in unconsolidated real estate affiliates, real estate fund investments and corporate level assets											680,929
Total consolidated assets											$	4,402,246

	Industrial		Office		Residential		Retail		Other		Total
Three Months Ended June 30, 2021
Capital expenditures by segment	$	5,906	$	903	$	1,907	$	964	$	—	$	9,680
Revenues:
Rental revenue	$	15,979	$	7,425	$	16,934	$	12,138	$	62	$	52,538
Other revenue	57		443		2,119		93		796		3,508
Total revenues	$	16,036	$	7,868	$	19,053	$	12,231	$	858	$	56,046
Operating expenses:
Real estate taxes	$	2,518	$	861	$	3,065	$	1,639	$	122	$	8,205
Property operating expenses	1,142		1,569		5,103		2,197		183		10,194
Total segment operating expenses	$	3,660	$	2,430	$	8,168	$	3,836	$	305	$	18,399
Reconciliation to net income
Property general and administrative											(184)
Advisor fees											6,749
Company level expenses											990
Depreciation and amortization											21,218
Total operating expenses											$	47,172
Other income and (expenses):
Interest expense											$	(10,288)
Loss from unconsolidated real estate affiliates and fund investment											(2,412)
Total other income and (expenses)											$	(12,700)
Net loss											$	(3,826)

XML

Investments, Debt and Equity Securities (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The following is a summary of our investment in marketable securities held as of June 30, 2022 and December 31, 2021, which consisted entirely of stock of publicly traded REITs.

	June 30, 2022		December 31, 2021
Investment in marketable securities - cost	$	40,841	$	40,273
Unrealized gains	154		3,161
Unrealized losses	(4,016)		(228)
Net unrealized (loss) gain	(3,862)		2,933
Investment in marketable securities - fair value	$	36,979	$	43,206

XML

Organization (Details) $ in Thousands			6 Months Ended
	Oct. 16, 2019 USD ($)	Mar. 03, 2015 USD ($)	Jun. 30, 2022 USD ($) shares	Jun. 30, 2022 USD ($) Rate shares	Dec. 31, 2021 shares
Organization (Textual) [Abstract]
Incorporation date				May 28, 2004
common stock, authorized in offering of new shares			$ 3,000,000
common stock, value authorized during DST offering	$ 500,000
Number Of Stockholders			22,571	22,571
Investment Owned, Balance, Shares | shares			2,521,801	2,521,801
Investment Owned, at Fair Value			$ 37,524	$ 37,524
Proceeds from Issuance or Sale of Equity				$ 88,925
Sale of Stock, Percentage of Ownership after Transaction | Rate				97.00%
Other Ownership Interest
Organization (Textual) [Abstract]
Sale of Stock, Percentage of Ownership after Transaction | Rate				3.00%
Consolidated properties [Member]
Organization (Textual) [Abstract]
Number of properties owned			128	128
Number of states			26	26
Class A Shares [Member]
Organization (Textual) [Abstract]
Common Stock, Shares, Outstanding | shares			108,205,677	108,205,677	100,038,362
Class M Shares [Member]
Organization (Textual) [Abstract]
Common Stock, Shares, Outstanding | shares			24,298,368	24,298,368	36,458,191
Class A-I Shares [Member]
Organization (Textual) [Abstract]
Common Stock, Shares, Outstanding | shares			6,106,688	6,106,688	9,356,309
Class M-I Shares [Member]
Organization (Textual) [Abstract]
Common Stock, Shares, Outstanding | shares			86,818,680	86,818,680	52,676,693
Class D Shares [Member]
Organization (Textual) [Abstract]
common stock, value authorized during private offering		$ 350,000
Common Stock, Shares, Outstanding | shares			6,041,611	6,041,611	7,513,281
FOO [Member]
Organization (Textual) [Abstract]
Common Stock, Value, Outstanding			$ 457,226	$ 457,226
Private Placement [Member]
Organization (Textual) [Abstract]
Common Stock, Value, Outstanding			98,188	98,188
DST Program [Member]
Organization (Textual) [Abstract]
Common Stock, Value, Outstanding			586,420	586,420
Public and private offerings
Organization (Textual) [Abstract]
Common Stock, Value, Outstanding			$ 4,640,080	$ 4,640,080

XML

Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) Rate	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) Rate	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Summary of Significant Accounting Policies [Line Items]
Other Revenue	$ 2,489	$ 3,508	$ 4,705	$ 5,358
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Accumulated amortization of Deferred expenses	9,175		9,175		$ 8,436
Finite-Lived Intangible Assets, Accumulated Amortization	108,740		108,740		102,842
Finite-Lived intangible liability, Accumulated Amortization	16,455		16,455		15,481
Unrealized Gain (Loss) on Investments			32,412
Derivative Asset	523		523		2,580
Net Cash Provided by (Used in) Investing Activities			(333,678)	(281,555)
Redeemable Noncontrolling Interest, Equity, Carrying Amount	8,536		8,536		0
Redeemable Noncontrolling Interest, Equity, Other, Carrying Amount	2,890		2,890
NYC Retail Portfolio [Member]
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Unrealized Gain (Loss) on Investments	1,304	$ (1,118)	(143)	$ (36)
Level two [Member]
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Mortgage notes payable, fair value	$ 127,254		$ 127,254		$ 3,794
Interest Rate Swap [Member]
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Derivative, Number of Instruments Held	2		2
Derivative, Notional Amount	$ 90,000		$ 90,000
us-gaap_NewAccountingPronouncementMember [Domain]
Summary of Significant Accounting Policies [Line Items]
Operating Lease, Right-of-Use Asset	2,084		2,084
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
SBG Ground Lease	$ 2,246		$ 2,246
JLLIPT [Member]
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Consolidation of variable interest entities, ownership percentage | Rate	100.00%		100.00%

XML

Property Table 1 - Property listing (Details) $ in Thousands	Jun. 30, 2022 USD ($) ft²	Jun. 28, 2022 USD ($) ft²	Jun. 08, 2022 USD ($) ft²	Jun. 01, 2022 USD ($) ft²	May 31, 2022 USD ($) ft²	Apr. 29, 2022 USD ($) ft²	Apr. 08, 2022 USD ($) ft²	Mar. 30, 2022 USD ($)
Jefferson Lake Howell | Apartments Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs								$ 154,100
Northeast Atlanta Distribution Center | Industrial Segment [Member]
Business Acquisition [Line Items]
Area of Real Estate Property | ft²							459,000
Business Acquisition, Transaction Costs							$ 54,100
Cedar Medical Center at Flagstaff | Office Segment [Member]
Business Acquisition [Line Items]
Area of Real Estate Property | ft²						26,000
Business Acquisition, Transaction Costs						$ 17,200
Patterson Place | Retail Segment [Member]
Business Acquisition [Line Items]
Area of Real Estate Property | ft²					25,000,000
Business Acquisition, Transaction Costs					$ 14,500
Silverado Square | Retail Segment [Member]
Business Acquisition [Line Items]
Area of Real Estate Property | ft²				48,000,000
Business Acquisition, Transaction Costs				$ 24,400
Southeast Phoenix Distribution Center Phase II | Industrial Segment [Member]
Business Acquisition [Line Items]
Area of Real Estate Property | ft²			245,000,000
Business Acquisition, Transaction Costs			$ 62,400
North Boston Medical Center | Office Segment [Member]
Business Acquisition [Line Items]
Area of Real Estate Property | ft²		30,000
Business Acquisition, Transaction Costs		$ 22,500
North Charlotte Medical Center | Office Segment [Member]
Business Acquisition [Line Items]
Area of Real Estate Property | ft²		25,000
Business Acquisition, Transaction Costs		$ 12,500
Woodlawn Point Shopping Center | Retail Segment [Member]
Business Acquisition [Line Items]
Area of Real Estate Property | ft²	98,000
Business Acquisition, Transaction Costs	$ 35,000

XML

Property Table 2 Schedule of Purchase Price Allocations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Land	$ 641,784	$ 598,564
Buildings and equipment	$ 3,339,899	$ 3,010,359
Minimum [Member]
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Assets, Remaining Amortization Period	6 months
Property, Plant and Equipment, Other Types [Member]
Property, Plant and Equipment [Line Items]
Land	$ 43,755
Buildings and equipment	326,811
Finite-Lived Intangible Asset, Acquired-in-Place Leases	29,875
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross	1,415
Off-market Lease, Unfavorable	(7,468)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$ 394,388

XML

Property (Details) $ in Thousands	Jan. 24, 2022 USD ($) ft²	Jan. 06, 2022 USD ($) ft²
4001 North Norfleet Road
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Real Estate Property | ft²		702,000
Proceeds from Sale of Property Held-for-sale		$ 60,375
Gain (Loss) on Sale of Investments		$ 34,186
The Edge at Lafayette
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Real Estate Property | ft²	207,000
Proceeds from Sale of Property Held-for-sale	$ 16,500
Gain (Loss) on Sale of Investments	$ 13

XML

Unconsolidated Real Estate Affiliates (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) ft²	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) ft²	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Aug. 05, 2021 USD ($) Rate	Dec. 08, 2015 USD ($)
Real Estate Properties [Line Items]
Equity Method Investments	$ 216,266		$ 216,266		$ 217,044
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	385,317		385,317		352,905
Unrealized Gain (Loss) on Investments			32,412
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES
Total revenues	79,791	$ 56,046	156,962	$ 108,627
Operating income			106,900	93,292
Interest Expense	34,055	10,288	51,907	19,550
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss)	(24,072)	(3,777)	13,861	26,328
Payments to Acquire Interest in Subsidiaries and Affiliates			138	797
Mortgage notes and other debt payable, net	1,740,259		1,740,259		1,817,664
Chicago Parking Garage [Member]
Real Estate Properties [Line Items]
Equity Method Investments	13,608		13,608		13,992
Pioneer Tower [Member]
Real Estate Properties [Line Items]
Equity Method Investments	102,318		102,318		103,529
The Tremont [Member]
Real Estate Properties [Line Items]
Equity Method Investments	21,332		21,332		21,345
The Huntington [Member]
Real Estate Properties [Line Items]
Equity Method Investments	10,420		10,420		10,773
Unconsolidated Real Estate Affiliates [Member]
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES
Total revenues	7,884	5,276	15,581	10,402
Operating Expenses	6,049	5,736	12,401	11,437
Operating income	1,835	(460)	3,180	(1,035)
Interest Expense	409	834	(1,009)	1,680
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss)	$ 1,426	(1,294)	$ 4,189	(2,715)
NYC Retail Portfolio [Member]
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	1,940,000		1,940,000
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	$ 84,731		$ 84,731		84,874		$ 85,600
Real Estate Property Ownership Percentage							14.00%
Unrealized Gain (Loss) on Investments	1,304	(1,118)	(143)	(36)
Madison NYC Core Retail Partners, L.P. [Member]
Real Estate Properties [Line Items]
Unrealized Gain (Loss) on Investments	23,957	(4,039)	90,801	(132)
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES
Total revenues	21,481	$ 1,040	41,276	$ 1,076
Siena Suwanee Town Center
Real Estate Properties [Line Items]
Equity Method Investments	30,483		30,483		30,685
SFR Portfolio [Member]
Real Estate Properties [Line Items]
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	300,586		300,586		268,031	$ 205,000
Unrealized Gain (Loss) on Investments	7,200		32,555
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES
Proceeds from Equity Method Investment, Distribution	2,840		5,194
Mortgage notes and other debt payable, net						$ 760,000
Debt, Weighted Average Interest Rate | Rate						2.10%
Kingston at McLean
Real Estate Properties [Line Items]
Equity Method Investments	$ 38,105		$ 38,105		$ 36,720
NYC Retail Portfolio [Member]
Real Estate Properties [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners							49.00%
Madison NYC Core Retail Partners, L.P. [Member]
Real Estate Properties [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners							28.00%
GVI RH JV Investor LLC
Real Estate Properties [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners						47.00%

XML

Unconsolidated Real Estate Affiliates Fair Value Option Investment Table (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Fair Value, Option, Quantitative Disclosures [Line Items]
Revenues	$ 79,791	$ 56,046	$ 156,962	$ 108,627
Unrealized Gain (Loss) on Investments			(32,412)
Net (loss) income	24,807	3,826	(14,511)	(26,456)
Payments to Acquire Interest in Subsidiaries and Affiliates			138	797
Cash and Cash Equivalents	88,394	175,691	88,394	175,691	$ 70,273
Assets	4,766,692		4,766,692		4,402,246
Liabilities	2,639,166		2,639,166		2,558,130
Liabilities and Equity	4,766,692		4,766,692		4,402,246
Madison NYC Core Retail Partners, L.P. [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Revenues	21,481	1,040	41,276	1,076
Net Investment Income	8,636	525	16,320	32
Unrealized Gain (Loss) on Investments	(23,957)	4,039	(90,801)	132
Net (loss) income	32,593	(3,514)	107,121	(100)
NYC Retail Portfolio [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Unrealized Gain (Loss) on Investments	(1,304)	$ 1,118	143	$ 36
Investments, Fair Value Disclosure	1,768,443		1,768,443		1,666,923
Cash and Cash Equivalents	18,030		18,030		19,650
Other Assets	52,148		52,148		55,562
Assets	1,838,621		1,838,621		1,742,135
Liabilities	827,186		827,186		823,503
Partners' Capital	1,011,435		1,011,435		918,632
Liabilities and Equity	$ 1,838,621		$ 1,838,621		$ 1,742,135

XML

Table 1 - Mortgage Notes and Other Debt Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Summary of mortgage notes payable
Notes Payable	$ 1,746,546	$ 1,819,620
Debt Issuance Costs, Net	(6,287)	(1,956)
Mortgage notes and other debt payable, net	1,740,259	1,817,664
Revolving Credit Facility [Member]
Summary of mortgage notes payable
Revolving Line of Credit	$ 220,000	300,000
Debt Instrument, Interest Rate, Stated Percentage	3.14%
Term Loan [Member]
Summary of mortgage notes payable
Revolving Line of Credit	$ 250,000
Long-term Line of Credit	$ 250,000	235,000
Derivative, Fixed Interest Rate	1.30%
Bridge Loan
Summary of mortgage notes payable
Debt Instrument, Interest Rate, Stated Percentage	3.39%
Bridge Loan	$ 100
Notes Payable to Banks [Member]
Summary of mortgage notes payable
Notes Payable	$ 1,276,546	1,184,620
Minimum [Member]
Summary of mortgage notes payable
Debt Instrument, Interest Rate, Stated Percentage	1.76%
Minimum [Member] | Term Loan [Member]
Summary of mortgage notes payable
Debt Instrument, Interest Rate, Stated Percentage	2.99%
Maximum [Member]
Summary of mortgage notes payable
Debt Instrument, Interest Rate, Stated Percentage	5.30%
Maximum [Member] | Term Loan [Member]
Summary of mortgage notes payable
Debt Instrument, Interest Rate, Stated Percentage	3.48%
Bridge Loan
Summary of mortgage notes payable
Bridge Loan	$ 0	$ 100,000

XML

Table 2 - Summary of Aggregate Principle (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Long-term Debt, Fiscal Year Maturity [Abstract]
Thereafter	$ 907,483
Total	1,746,546	$ 1,819,620
Long-Term Debt, Maturity, Year One	3,937
Long-Term Debt, Maturity, Year Two	89,890
Long-Term Debt, Maturity, Year Three	24,917
Long-Term Debt, Maturity, Year Four	412,296
Long-Term Debt, Maturity, Year Five	$ 308,023

XML

Mortgage Notes and Other Debt Payable Text Detail (Details Textual) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Mar. 01, 2022	May 24, 2021
Debt Instrument [Line Items]
Notes Payable	$ 1,746,546	$ 1,819,620
Line of Credit Facility, Maximum Borrowing Capacity				$ 1,000,000
Revolving Line of Credit, Maximum Borrowing Capacity				600,000
Term Loan, Maximum Borrowing Capacity				$ 400,000
Amortization of Debt Issuance Costs	9,658	8,024
Mortgage notes and other debt payable, net	$ 1,740,259	1,817,664
Reserve at Venice
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate			2.98%
Mortgage notes and other debt payable, net			$ 55,800
Friendship Distribution Center
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate			3.25%
Mortgage notes and other debt payable, net			$ 40,000
Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.30%
Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.00%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.14%
Revolving Line of Credit	$ 220,000	300,000
Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate	1.25%
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)	3.48%
Derivative, Fixed Interest Rate	1.95%
Revolving Credit Facility [Member] | IPT Long-Term Line of Credit [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date Range, End	Apr. 28, 2025
Term Loan [Member]
Debt Instrument [Line Items]
Revolving Line of Credit	$ 250,000
Long-term Line of Credit	$ 250,000	$ 235,000
Derivative, Fixed Interest Rate	1.30%
Bridge Loan
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.39%
Bridge Loan	$ 100
Bridge Loan | Minimum [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate	145.00%
Bridge Loan | Maximum [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate	215.00%
Swap [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.08%

XML

Common Stock Common Stock (Details Text) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Equity, Class of Treasury Stock [Line Items]
Stock Repurchased During Period, Shares	(4,785,616)			(6,964,644)
Sale of Stock, Consideration Received on Transaction			$ 435,004
stockrepurchaselimit			5.00%
Repurchase of shares	$ (26,604)	$ (37,341)	$ (67,736)	$ (82,135)
Common Stock (Textual) [Abstract]
Stock Issued During Period, Shares, Dividend Reinvestment Plan			2,463,259	2,348,551
Stock Issued During Period, Value, Dividend Reinvestment Plan			$ 36,143	$ 27,998
Weighted Average Number of Outstanding Shares Basic and Diluted	226,026,683	181,126,712	219,104,242	177,963,466
Organization And Offering Expenses Reimbursement period			36 months
Calculation Of Reimbursed Offering Expenses As Specified Percentage Of Gross Proceeds			15.00%
Reimbursement of Organization and Offering Expenses			$ 2,289		$ 2,113
Proceeds from Issuance of Common Stock			$ 526,240	$ 341,487
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units	7,037,257
Stock Issued During Period, Value, Conversion of Units	$ 88,925
Class A Shares [Member]
Equity, Class of Treasury Stock [Line Items]
Common Stock, Shares, Outstanding	108,205,677		108,205,677		100,038,362
Stock Issued During Period, Shares, New Issues			11,212,818
Stock Repurchased During Period, Shares			(1,321,930)
Conversion of Stock, Shares Issued			(1,723,573)
Common Stock (Textual) [Abstract]
Proceeds from Issuance of Common Stock			$ 162,739
Class M Shares [Member]
Equity, Class of Treasury Stock [Line Items]
Common Stock, Shares, Outstanding	24,298,368		24,298,368		36,458,191
Stock Issued During Period, Shares, New Issues			3,416,648
Stock Repurchased During Period, Shares			(434,161)
Conversion of Stock, Shares Issued			(15,142,310)
Common Stock (Textual) [Abstract]
Proceeds from Issuance of Common Stock			$ 49,330
Class A-I Shares [Member]
Equity, Class of Treasury Stock [Line Items]
Common Stock, Shares, Outstanding	6,106,688		6,106,688		9,356,309
Stock Issued During Period, Shares, New Issues			341,760
Stock Repurchased During Period, Shares			(100,839)
Conversion of Stock, Shares Issued			(3,490,542)
Common Stock (Textual) [Abstract]
Proceeds from Issuance of Common Stock			$ 5,069
Class M-I Shares [Member]
Equity, Class of Treasury Stock [Line Items]
Common Stock, Shares, Outstanding	86,818,680		86,818,680		52,676,693
Stock Issued During Period, Shares, New Issues			15,243,692
Stock Repurchased During Period, Shares			(1,457,016)
Conversion of Stock, Shares Issued			20,355,311
Common Stock (Textual) [Abstract]
Proceeds from Issuance of Common Stock			$ 217,866
Class D Shares [Member]
Equity, Class of Treasury Stock [Line Items]
Common Stock, Shares, Outstanding	6,041,611		6,041,611		7,513,281
Stock Issued During Period, Shares, New Issues			0
Stock Repurchased During Period, Shares			(1,471,670)
Conversion of Stock, Shares Issued			0

XML

Common Stock Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Noninterest Expense Related to Performance Fees				$ 13,074
Class A Shares [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income, before performance fee	$ (8,254)	$ (1,904)	$ 13,695	$ 13,398
Noninterest Expense Related to Performance Fees	2,809		6,603
Net Income (Loss) Available to Common Stockholders, Basic	$ (11,063)		$ 7,092
Earnings Per Share, Basic	$ (0.10)	$ (0.02)	$ 0.07	$ 0.15
Weighted Average Number of Shares Outstanding, Basic	105,872,896	91,360,963	104,194,117	90,565,959
Class M Shares [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income, before performance fee	$ (1,909)	$ (729)	$ 4,019	$ 5,187
Noninterest Expense Related to Performance Fees	688		2,151
Net Income (Loss) Available to Common Stockholders, Basic	$ (2,597)		$ 1,868
Earnings Per Share, Basic	$ (0.11)	$ (0.02)	$ 0.06	$ 0.15
Weighted Average Number of Shares Outstanding, Basic	24,483,836	34,932,190	30,580,443	35,054,212
Class A-I Shares [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income, before performance fee	$ (479)	$ (201)	$ 1,016	$ 1,424
Noninterest Expense Related to Performance Fees	174		528
Net Income (Loss) Available to Common Stockholders, Basic	$ (653)		$ 488
Earnings Per Share, Basic	$ (0.11)	$ (0.02)	$ 0.06	$ 0.15
Weighted Average Number of Shares Outstanding, Basic	6,145,006	9,625,797	7,732,870	9,631,765
Class M-I Shares [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income, before performance fee	$ (6,509)	$ (786)	$ 9,248	$ 5,332
Noninterest Expense Related to Performance Fees	2,398		4,768
Net Income (Loss) Available to Common Stockholders, Basic	$ (8,907)		$ 4,480
Earnings Per Share, Basic	$ (0.11)	$ (0.02)	$ 0.06	$ 0.15
Weighted Average Number of Shares Outstanding, Basic	83,483,334	37,694,481	70,368,193	36,031,214
Class D Shares [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income, before performance fee	$ (471)	$ (157)	$ 819	$ 987
Noninterest Expense Related to Performance Fees	172		408
Net Income (Loss) Available to Common Stockholders, Basic	$ (643)		$ 411
Earnings Per Share, Basic	$ (0.11)	$ (0.02)	$ 0.07	$ 0.15
Weighted Average Number of Shares Outstanding, Basic	6,041,611	7,513,281	6,228,619	6,680,316

XML

DST Program (Details) - USD ($) $ in Thousands	Oct. 16, 2019	Jun. 30, 2022	Jun. 30, 2021
Variable Interest Entity [Line Items]
common stock, value authorized during DST offering	$ 500,000
DST Program [Member]
Variable Interest Entity [Line Items]
common stock, value authorized during DST offering	$ 1,000,000
DST Program [Member] | Master Lease
Variable Interest Entity [Line Items]
Lessee, Operating Lease, Liability, Undiscounted Excess Amount		$ 8,394	$ 3,341
DST Program [Member] | Certain Properties
Variable Interest Entity [Line Items]
Lessee, Operating Lease, Liability, Undiscounted Excess Amount		19,279
DST Program [Member]
Variable Interest Entity [Line Items]
Common Stock, Value, Outstanding		586,420
DST Program [Member]
Variable Interest Entity [Line Items]
Deferred Costs		$ 1,309

XML

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related Party Transactions (Textual) [Abstract]
Advisory Fees	$ 17,180	$ 6,749	$ 35,038	$ 13,074
Manager and advisory fees payable					$ 36,711
Related Party Property Management Services Expense Paid	468	240	987	479
Payments for Brokerage Fees	0	209		371
Payments of Stock Issuance Costs			8,189	8,098
DST Investor Servicing Fees			629	305
Accrued Offering Costs	166,783		166,783		137,776
Reimbursement of Organization and Offering Expenses			2,289		2,113
DST Advisor Fees			402	183
Selling commission, Dealer Manager Fee, Distribution Fee [Member]
Related Party Transactions (Textual) [Abstract]
Payments of Stock Issuance Costs	4,100	2,938	7,861	5,552
Accrued Offering Costs	164,494		$ 164,494		135,663
Common Stock [Member]
Related Party Transactions (Textual) [Abstract]
DST Program Selling Commissions			5.00%
DST Program Dealer Manager Fee			1.00%
DST Program Placement Fees			1.00%
DST Program [Member]
Related Party Transactions (Textual) [Abstract]
Payments of Stock Issuance Costs	2,228	1,715	$ 2,353	2,742
DST Investor Servicing Fees	342	178
DST Advisor Fees	218	107
Fixed fee [Member]
Related Party Transactions (Textual) [Abstract]
Management and Advisory Fee Percentage on Net Asset Value			1.25%
Fixed portions of management and advisory fees	10,730	6,749	$ 20,104	13,074
Manager and advisory fees payable	3,569		$ 3,569		$ 2,998
Hurdle Rate [Member]
Related Party Transactions (Textual) [Abstract]
Management and Advisory Fee Percentage on Net Asset Value			7.00%
performance fee [Member]
Related Party Transactions (Textual) [Abstract]
Management and Advisory Fee Percentage on Net Asset Value			10.00%
Fixed portions of management and advisory fees	6,450		$ 14,935
Manager and advisory fees payable	$ 14,935	$ 0	$ 14,935	$ 0

XML

Commitments and Contingencies (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
South Beach Parking Garage [Member]
Other Commitments [Line Items]
Payments for Rent	$ 112

XML

Rentals Under Operating Leases Rentals Under Operating Leases (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Property Subject to or Available for Operating Lease [Line Items]
Operating Leases, Future Minimum Payments Receivable, Current	$ 134,572
Operating Leases, Future Minimum Payments Receivable, in Two Years	194,368
Operating Leases, Future Minimum Payments Receivable, in Three Years	158,719
Operating Leases, Future Minimum Payments Receivable, in Four Years	136,678
Operating Leases, Future Minimum Payments Receivable, in Five Years	120,009
Lessee, Operating Lease, Liability, to be Paid, after Year Five	431,095
Operating Leases, Future Minimum Payments Receivable	$ 1,175,441

XML

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Assets	$ 4,766,692		$ 4,766,692		$ 4,402,246
Payments for Capital Improvements			10,302	$ 8,753
Operating Lease, Lease Income	77,302	$ 52,538	152,257	103,269
Other Revenue	2,489	3,508	4,705	5,358
Total revenues	79,791	56,046	156,962	108,627
Real estate taxes	11,313	8,205	22,624	16,291
Property operating	13,999	10,194	28,002	20,105
Total operating expenses	79,609	47,172	157,526	93,292
Property general and administrative	(797)	(184)	(1,494)	(476)
Noninterest Expense Related to Performance Fees				13,074
Advisory Fees	17,180	6,749	35,038	13,074
Company Level Expenses	2,997	990	4,071	2,183
Depreciation, Depletion and Amortization, Nonproduction	33,323	21,218	66,297	41,163
Operating income			106,900	93,292
Interest Expense	(34,055)	(10,288)	(51,907)	(19,550)
(Loss) income from unconsolidated real estate affiliates and fund investments	12,770	(2,412)	41,795	(2,751)
Gain (Loss) on Extinguishment of Debt	0	0	31,492	33,422
Other Nonoperating Income (Expense)	(24,989)	(12,700)	15,075	11,121
Income (loss) from continuing operations	(24,807)	(3,826)	14,511	26,456
Apartments Segment [Member]
Segment Reporting Information [Line Items]
Assets	1,425,083		1,425,083		1,301,454
Payments for Capital Improvements	1,706	1,907	2,828	2,616
Operating Lease, Lease Income	27,872	16,934	52,933	32,783
Other Revenue	1,213	2,119	2,420	2,878
Total revenues	29,085	19,053	55,353	35,661
Real estate taxes	4,147	3,065	8,402	6,176
Property operating	7,737	5,103	14,950	9,933
Total operating expenses	11,884	8,168	23,352	16,109
Industrial Segment [Member]
Segment Reporting Information [Line Items]
Assets	1,434,578		1,434,578		1,352,580
Payments for Capital Improvements	3,151	5,906	3,151	8,881
Operating Lease, Lease Income	25,461	15,979	50,348	31,205
Other Revenue	27	57	69	62
Total revenues	25,488	16,036	50,417	31,267
Real estate taxes	4,247	2,518	8,354	4,978
Property operating	1,913	1,142	4,197	2,496
Total operating expenses	6,160	3,660	12,551	7,474
Office Segment [Member]
Segment Reporting Information [Line Items]
Assets	528,668		528,668		479,306
Payments for Capital Improvements	1,972	903	2,978	1,337
Operating Lease, Lease Income	11,213	7,425	22,544	14,997
Other Revenue	468	443	762	815
Total revenues	11,681	7,868	23,306	15,812
Real estate taxes	1,161	861	2,325	1,628
Property operating	2,278	1,569	4,452	3,056
Total operating expenses	3,439	2,430	6,777	4,684
Retail Segment [Member]
Segment Reporting Information [Line Items]
Assets	635,511		635,511		564,565
Payments for Capital Improvements	1,365	964	1,682	1,476
Operating Lease, Lease Income	12,690	12,138	26,305	24,191
Other Revenue	191	93	263	176
Total revenues	12,881	12,231	26,568	24,367
Real estate taxes	1,690	1,639	3,361	3,272
Property operating	1,888	2,197	4,012	4,243
Total operating expenses	3,578	3,836	7,373	7,515
Other Segments [Member]
Segment Reporting Information [Line Items]
Assets	23,719		23,719		23,412
Payments for Capital Improvements	11	0	11	16
Operating Lease, Lease Income	66	62	127	93
Other Revenue	590	796	1,191	1,427
Total revenues	656	858	1,318	1,520
Real estate taxes	68	122	182	237
Property operating	183	183	391	377
Total operating expenses	251	305	573	614
Corporate [Member]
Segment Reporting Information [Line Items]
Assets	719,133		719,133		680,929
Corporate and Other
Segment Reporting Information [Line Items]
Assets	4,047,559	3,721,317	4,047,559	3,721,317	$ 3,721,317
Payments for Capital Improvements	8,205	9,680	10,650	14,326
Operating Lease, Lease Income	77,302	52,538	152,257	103,269
Other Revenue	2,489	3,508	4,705	5,358
Total revenues	79,791		156,962	108,627
Real estate taxes	11,313	8,205	22,624	16,291
Property operating	13,999	10,194	28,002	20,105
Total operating expenses	$ 25,312	18,399	$ 50,626	$ 36,396
Other Nonoperating Income (Expense)		$ (12,700)

XML

Investments, Debt and Equity Securities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Equity Securities, FV-NI	$ 40,841		$ 40,273
Equity Securities, FV-NI, Accumulated Unrealized Gain	154		3,161
Equity Securities, FV-NI, Accumulated Unrealized Loss	(4,016)		(228)
Equity Securities, FV-NI, Accumulated Net Unrealized Gain (Loss)	(3,862)		2,933
Equity Securities, FV-NI, Current	36,979		$ 43,206
Marketable Securities [Line Items]
Proceeds from Sale and Maturity of Marketable Securities	9,649	$ 0
Equity Securities, FV-NI, Realized Gain	294
Equity Securities, FV-NI, Realized Loss	$ 398

XML

Subsequent Events (Details Textual) $ / shares in Units, $ in Thousands		3 Months Ended			6 Months Ended
	Jul. 08, 2022 shares	Sep. 30, 2022 $ / shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) $ / shares	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2021 USD ($) $ / shares	Jul. 29, 2022 USD ($) ft²	Jul. 21, 2022 USD ($) ft²	Jul. 15, 2022 USD ($)	Apr. 08, 2022 USD ($) ft²	May 24, 2021 USD ($)
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared | $ / shares			$ 0.140	$ 0.135	$ 0.280	$ 0.270
Line of Credit Facility, Maximum Borrowing Capacity											$ 1,000,000
Revolving Line of Credit, Maximum Borrowing Capacity											600,000
Term Loan, Maximum Borrowing Capacity											$ 400,000
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | shares			7,037,257
Payments of Stock Issuance Costs					$ 8,189	$ 8,098
DST Program [Member]
Subsequent Event [Line Items]
Payments of Stock Issuance Costs			$ 2,228	$ 1,715	$ 2,353	$ 2,742
Term Loan [Member]
Subsequent Event [Line Items]
Derivative, Fixed Interest Rate			1.30%		1.30%
Revolving Credit Facility [Member] | IPT Long-Term Line of Credit [Member]
Subsequent Event [Line Items]
Debt Instrument, Maturity Date Range, End					Apr. 28, 2025
Maximum [Member]
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate					2.00%
Maximum [Member] | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Derivative, Fixed Interest Rate			1.95%		1.95%
Minimum [Member]
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.30%
Minimum [Member] | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Derivative, Fixed Interest Rate			1.25%		1.25%
Northeast Atlanta Distribution Center | Industrial Segment [Member]
Subsequent Event [Line Items]
Area of Real Estate Property | ft²										459,000
Business Acquisition, Transaction Costs										$ 54,100
Subsequent Event [Member]
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared | $ / shares		$ 0.14
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | shares	2,575,832
Subsequent Event [Member] | Grand Rapids Medical Center
Subsequent Event [Line Items]
Area of Real Estate Property | ft²								25,000
Business Acquisition, Transaction Costs								$ 9,300
Subsequent Event [Member] | Oak Street Lofts
Subsequent Event [Line Items]
Business Acquisition, Transaction Costs									$ 81,500
Subsequent Event [Member] | Glendale Medical Center
Subsequent Event [Line Items]
Area of Real Estate Property | ft²							20,000
Business Acquisition, Transaction Costs							$ 18,200

XML

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 101,434,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 121,482,000