RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2022

Schedule Fees and Expenses to the Advisor and Its Affiliates

The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services the Dealer Manager provided in connection with our public offerings and any related amounts payable:



	For the Three Months Ended June 30,				For the Six Months Ended June 30,				Payable as of
(in thousands)	2022		2021		2022		2021		June 30, 2022		December 31, 2021
Selling commissions and dealer manager fees (1)	$	1,556	$	615	$	2,866	$	1,021	$	—	$	—
Ongoing distribution fees (1)(2)		1,270		673		2,329		1,276		547		394
Advisory fees—fixed component		8,227		5,085		15,370		9,909		2,817		2,094
Performance participation allocation		6,186		2,246		18,379		3,995		18,379		15,327
Other expense reimbursements—Advisor (3)(4)		3,206		2,792		5,346		5,833		7,908		1,443
Other expense reimbursements—Dealer Manager		143		84		170		142		170		—
Property accounting fee (5)		303		—		303		—		303		—
DST Program selling commissions, dealer manager and distribution fees (1)		5,660		1,921		13,184		3,316		268		219
Other DST Program related costs—Advisor (4)		3,478		1,249		8,400		2,268		143		87
Total	$	30,029	$	14,665	$	66,347	$	27,760	$	30,535	$	19,564

(1)	All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers.

(2)

The distribution fees are payable monthly in arrears. Additionally, we accrue for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable of approximately $46.0 million and $34.1 million as of June 30, 2022 and December 31, 2021, respectively, are included in other liabilities on the consolidated balance sheets.

(3)

Other expense reimbursements include certain expenses incurred for organization and offering, acquisition and general administrative services provided to us under the advisory agreement, including, but not limited to, certain expenses described after this footnote, allocated rent paid to both third parties and affiliates of our Advisor, equipment, utilities, insurance, travel and entertainment.

(4)	Includes costs reimbursed to the Advisor related to the DST Program.

(5)

The cost of the property management fee, including the property accounting fee, is generally borne by the tenant or tenants at each real property, either via a direct reimbursement to us or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain circumstances, we may pay for a portion of the property management fee, including the property accounting fee, without reimbursement from the tenant or tenants at a real property.