RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2022

Related Party Transactions [Abstract]

Summary of Fees and Expenses Incurred by Company

The table below summarizes the fees and expenses incurred by the Company 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 the Company’s 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)	$	7,032	$	3,932	$	11,671	$	7,627	$	—	$	—
Ongoing distribution fees (1)(2)		6,852		3,373		12,508		6,613		2,337		1,779
Advisory fee—fixed component	$	16,641	$	5,525		30,257		9,460		5,699		3,864
Performance participation allocation		39,146		11,842		122,446		16,022		122,446		81,185
Other expense reimbursements (3)(4)		3,504		3,092		6,724		6,265		3,138		707
Property accounting fee (5)		638		223		1,200		418		228		166
DST Program selling commissions, dealer manager fees and distribution fees (1)		2,695		227		4,207		227		435		190
Other DST Program related costs (4)		3,383		908		5,399		908		133		61
Development fees (6)		1,568		324		2,383		714		574		78
Total	$	81,459	$	29,446	$	196,795	$	48,254	$	134,990	$	88,030

(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, the Company accrues for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable were approximately $89.6 million and $85.4 million as of June 30, 2022 and December 31, 2021, respectively.

(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 below after footnote 6, allocated rent paid to both third parties and affiliates of the 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 the Company or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain limited circumstances, the Company 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.

(6) Development fees are included in the total development project costs of the respective properties and are capitalized in construction in progress, which is included in net investment in real estate properties on the Company’s condensed consolidated balance sheets. Amounts also include the Company’s proportionate share of development acquisition fees relating to the BTC Partnerships, which are included in investment in unconsolidated joint venture partnership(s) on the Company’s condensed consolidated balance sheets.