EQUITY (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Summary of Changes for Each Class of Common Stock

The following table describes the changes in each class of common shares during the periods presented below:

	Class T	Class S	Class D	Class I	Class E	Total
(in thousands)	Shares	Shares	Shares	Shares	Shares	Shares
FOR THE THREE MONTHS ENDED JUNE 30, 2021
Balance as of March 31, 2021	10,369	26,443	4,899	46,169	59,412	147,292
Issuance of common stock:
Primary shares	1,378	2,719	640	1,680	—	6,417
Distribution reinvestment plan	61	147	29	277	230	744
Share-based compensation	—	—	—	—	—	—
Redemptions of common stock	(56)	(351)	(59)	(441)	(1,525)	(2,432)
Conversions	(60)	—	—	60	—	—
Balance as of June 30, 2021	11,692	28,958	5,509	47,745	58,117	152,021
FOR THE THREE MONTHS ENDED JUNE 30, 2022
Balance as of March 31, 2022	19,007	40,489	7,662	59,433	55,451	182,042
Issuance of common stock:
Primary shares	2,634	5,663	388	5,165	—	13,850
Distribution reinvestment plan	100	200	38	305	186	829
Share-based compensation	—	—	—	—	—	—
Redemptions of common stock	(30)	(189)	(141)	(201)	(1,059)	(1,620)
Conversions	(39)	—	—	39	—	—
Balance as of June 30, 2022	21,672	46,163	7,947	64,741	54,578	195,101
FOR THE SIX MONTHS ENDED JUNE 30, 2021
Balance as of December 31, 2020	9,831	23,516	4,098	44,723	60,873	143,041
Issuance of common stock:
Primary shares	1,916	5,628	1,456	3,181	—	12,181
Distribution reinvestment plan	119	282	54	542	470	1,467
Share-based compensation	—	—	—	8	—	8
Redemptions of common stock	(99)	(468)	(99)	(784)	(3,226)	(4,676)
Conversions	(75)	—	—	75	—	—
Balance as of June 30, 2021	11,692	28,958	5,509	47,745	58,117	152,021
FOR THE SIX MONTHS ENDED JUNE 30, 2022
Balance as of December 31, 2021	16,425	35,757	6,749	54,406	56,328	169,665
Issuance of common stock:
Primary shares	5,189	10,324	1,493	10,183	—	27,189
Distribution reinvestment plan	192	393	75	607	388	1,655
Share-based compensation	—	—	—	—	—	—
Redemptions of common stock	(33)	(311)	(370)	(556)	(2,138)	(3,408)
Conversions	(101)	—	—	101	—	—
Balance as of June 30, 2022	21,672	46,163	7,947	64,741	54,578	195,101

Summary of Distribution Activity

The following table summarizes our distribution activity (including distributions to noncontrolling interests and distributions reinvested in shares of our common stock) for the periods below:

	Amount
			Common Stock
	Declared per		Distributions		Other Cash		Reinvested in		Distribution		Gross
(in thousands, except per share data)	Common Share (1)		Paid in Cash		Distributions (2)		Shares		Fees (3)		Distributions (4)
2022
March 31	$	0.09375	$	8,837	$	3,018	$	6,876	$	1,030	$	19,761
June 30		0.09375		9,299		3,157		7,362		1,259		21,077
Total	$	0.18750	$	18,136	$	6,175	$	14,238	$	2,289	$	40,838
2021
March 31	$	0.09375	$	7,562	$	1,424	$	5,526	$	586	$	15,098
June 30		0.09375		7,696		1,611		5,723		655		15,685
September 30		0.09375		7,984		1,854		5,985		759		16,582
December 31		0.09375		8,265		2,446		6,361		885		17,957
Total	$	0.37500	$	31,507	$	7,335	$	23,595	$	2,885	$	65,322

(1) Amount reflects the total gross quarterly distribution rate authorized by our board of directors per Class T share, per Class S share, per Class D share, per Class I share, and per Class E share of common stock. Distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T shares, Class S shares and Class D shares of common stock are reduced by the respective distribution fees that are payable with respect to Class T shares, Class S shares and Class D shares.

(2) Consists of distribution fees paid to Ares Wealth Management Solutions, LLC (the “Dealer Manager”) with respect to OP Units and distributions paid to holders of OP Units and other noncontrolling interest holders.

(3) Distribution fees are paid monthly to the Dealer Manager, with respect to Class T shares, Class S shares and Class D shares issued in the primary portion of our public offerings only. All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers.

(4) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares, Class S shares and Class D shares issued in the primary portion of our public offerings.

Redemptions and Repurchases Activity

Below is a summary of redemptions and repurchases pursuant to our share redemption program for the six months ended June 30, 2022 and 2021. Our board of directors may modify or suspend our current share redemption programs if it deems such action to be in the best interest of our stockholders.

	For the Six Months Ended June 30,
(in thousands, except for per share data)	2022			2021
Number of shares requested for redemption or repurchase		3,408			4,676
Number of shares redeemed or repurchased		3,408			4,676
% of shares requested that were redeemed or repurchased		100.0	%		100.0	%
Aggregate dollar amount of shares redeemed or repurchased	$	28,500		$	35,380
Average redemption or repurchase price per share	$	8.37		$	7.57